BODE RHODES-VIVOUR, J.S.C. (Delivering the Leading Judgment): The 3rd Respondent/cross-appellant is one of the Appellant's Bankers. It granted loans amounting to 3.5 Million (Three Million and Five Hundred Thousand Naira) to the Appellant. The loan was secured by a Debenture Deed dated the 27th of November, 1986 in favour of the 3rd respondent. Owing to the appellant's default in repaying the loan with interest, the 3rd respondent/cross-appellant relied on a provision in the Debenture Deed, and appointed the 2nd respondent/cross appellant the Receiver/Manager over the assets of the appellant. In performing his duties the 2nd respondent/cross appellant sold some of the assets of the appellant to the 1st respondent.
Alarmed by the sale of its assets the appellant, as plaintiff took out a Writ of Summons in a Kwara State High Court, Ilorin Division, against the respondents/cross appellants' for:
i. A DECLARATION that the removal, sale, disposal of and/or sharing by the defendant of the (…