PATS-ACHOLONU, J.S.C. (Delivering the Leading Judgment): This appeal arose from an action filed by the appellant against the respondent. The parties had entered into an agreement whereby the appellant advanced by way of a commercial paper facility the sum of N120m to the respondent's company for 90 days only subject to an interest payable on the commercial paper. The facility was completely drawn. The security for the facility was a house, property of the respondent situate at 24A Campbell Street, Lagos, and the parties covenanted that the documents shall be deposited with the appellant. At the expiration of 90 days, the money so invested was not paid back and worse still, the respondent caused the sum to be rolled over without the express consent or permission of the appellant. When the appellant made several demands for the repayment of the facility and the interest due, and the respondent refused or failed to pay, the appellant was forced to institute an action in the Federal High …
A.D.H. LTD.
V.
AMALGAMATED TRUSTEES LTD.
(2006) JELR 39799 (SC)
Supreme Court 5 May 2006 Nigeria
Case
Key Passages 6
Citing Cases 32
BriefBot Summary
- The appellant extended a N120 million loan facility to the respondent, secured by property, under a commercial paper arrangement; after default and unsuccessful repayment demands, the appellant filed suit to recover the debt. - The respon
Case Details
Suit Number:SC.289/2002
Judges:IDRIS LEGBO KUTIGI JSC
ALOYSIUS IYORGER KATSINA-ALU JSC
IGNATIUS CHUKWUDI PATS-ACHOLONU JSC
SUNDAY AKINOLA AKINTAN JSC
ALOMA MARIAM MUKHTAR JSC
Counsel:Babalakin, SAN, O. Akoni, SAN, C. J. Agbu, A. S. Oyinloyem K. E. Akanbi, H. Sulaiman [Mrs.], O. Oyewunmi, A. Adekoya [Mrs.] For the Appellant;
Ayo Ajayi For the Respondent.
There's more. Sign in to continue reading.
judy.legal is the comprehensive database of case law and legislation from Ghana, Kenya and Nigeria. Gain seamless access to over 77,000 cases, recent judgments, statutes, and rules of court.