ACCORD VENTURES LIMITED & ORS.
V.
NDIC

(2005) JELR 44776 (CA)    

Court of Appeal  ·  CA/B/125/2002 ·  3 Feb 2005 ·  Nigeria
CORAM
PATRICK IBE AMAIZU Justice of The Court of Appeal of Nigeria NWALI SYLVESTER NGWUTA Justice of The Court of Appeal of Nigeria UWANI MUSA ABBA-AJI Justice of The Court of Appeal of Nigeria
Core Terms Beta
interest
respondent
appellants
counsel
bank
debt
behalf of a failed bank
closure interest
commercial bank of africa
lower court
1st appellant
award of interest
date of closure of the business
favour of a failed bank
federal high court
law award interest
learned trial judge
outstanding part of the agreed interest rate
said section
accrued sum n1,451,827.16
affairs of commercial bank of africa limited
african newspaper of nigeria ltd.
bank decree
bank recovery of debts
briefs of argument
civil procedure
customers of a failed bank
date of closure
date of closure of a failed bank
defunct failed banks tribunal
dissolution of the failed bank tribunal
fuller reasons
general rule
hearing of the appeal
himma merchants ltd. vs. aliyu
inter alia
issue of jurisdiction
leading judgment
management of a failed bank
n.b.n. ltd. vs. s.c.d. ltd
nnkemeka agu jsc
outstanding balance of the overdraft facilities
own brief of argument
oyefolu vs. durosinmi
rules of the court
sum of n451,821.16
trial period
u. m. abba aji
vulcan gases ltd vs. gfig

NWALI SYLVESTER NGWUTA, J.C.A. (Delivering the Leading Judgment): In a petition dated 19th June, 1997 and filed before the zone 4 of the defunct failed Banks Tribunal the respondent sought to recover from the appellants the sum of N451,821.16 being the outstanding balance of the overdraft facilities granted to the 1st appellant, interest and Bank charges due from the 1st appellant to the 1st appellant's Account No:111012422 with the commercial Bank of Africa, Ikeja, Lagos and interest at the rate of 21% per annum from November, 1994 through trial period to judgment and until the debt is fully paid. Though the appellants were served and they respondended to the processes served on them neither of them nor their counsel appeared at the trial which was taken over and concluded by the Federal High Court, Benin Division, at the dissolution of the failed Bank Tribunal.

The court below entered judgment for the respondent and ordered the appellants to pay to the respondent the accrued sum N1,…

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