(2003) JELR 44816 (CA)    

Court of Appeal  ·  CA/B/213/98 ·  7 Feb 2003 ·  Nigeria
Other Citations
A.I.B. Ltd. v. Lee & Tee Ind. Ltd. (2003) 7 NWLR (Pt. 819)366
RAPHAEL OLUFEMI ROWLAND Justice of The Court of Appeal of Nigeria KUMAI BAYANG AKAAHS Justice of The Court of Appeal of Nigeria AMINA ADAMU AUGIE Justice of The Court of Appeal of Nigeria
Core Terms Beta
learned trial judge
exhibit b
exhibit c
mortgaged property
mortgage deed
benin city
terms of settlement
defendant bank
1st plaintiff
2nd plaintiff
legal mortgage
suit no. w
balance of n430,182.77
exhibit a
ruling of eruaga
chief b. b. e. idigbe
high court
original charge
original legal charge
original mortgage
own part
senior counsel
circumstances of the case
following securities
mortgage debt
requirements of the companies decree
respect of the original loan
title deeds
account of j. e. ziregbe
appellant appear
contentions of the parties
continued mortgage of the 2nd defendant
customers of the defendant bank
deed of mortgage
end of the trial
f f
judgment of dorubo narebor
leading judgment
mr. t. j. o. okpoko
new grant
proceeds of the sale of the flour
relevant provisions of the land use decree
required standards
said balance
sum of n2.7
total sum of n3,130,182.77
weight of evidence

AMINA ADAMU AUGIE, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of Dorubo Narebor, J. in suit No. W/220/90, delivered on the 19th of September, 1996. The appellant was the defendant before the High Court in Warri and the respondents, the plaintiffs and they will hereinafter, be referred to by the same description.

The plaintiffs are customers of the defendant bank. On the 29th of October, 1987, the defendant granted the 1st plaintiff a loan of 2.9 Million Naira to purchase flour. The 2nd plaintiff was the surety and his property was used as security by a Deed of Mortgage registered as No. 23 at page 23 Vol. 739. The plaintiffs did not pay the proceeds of the sale of the flour into the 1st plaintiff's account with the defendant bank as agreed upon, rather they diverted the proceeds into the account of J. E. Ziregbe (Nig.) Limited at the New Nigeria Bank.

The defendant then sued the plaintiffs and two other persons to recover a total sum of N3,130,18…

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