Ratio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio Decidendi



AIICO INSURANCE PLC
V.
ADDAX PETROLEUM DEVELOPMENT COMPANY LTD

(2014) JELR 39866 (CA)    

Court of Appeal  ·  CA/L/524/11 ·  18 Jul 2014 ·  Nigeria
CORAM
UZO I. NDUKWE-ANYANWU JCA SAMUEL CHUKWUDUMEBI OSEJI JCA JAMILU YAMMAMA TUKUR JCA

Ratio Decidendi

Core Terms Beta
appellant
respondent
parties
counsel
exhibit d3
national pension commission
trial judge
29th september
directive of the national pension commission
learned trial judge
exhibits c1
lower court
evidence act
finding of the learned trial judge
learned counsel
pure pension policy
aiico managed investment fund
draft of the lead judgment
erroneous appraisal of facts
full trial
investment funds
judgment of the high court of lagos state
letter of 16th june
operation of the pension reform act
pension fund
pure pension policy agreement
repayment proposal
weight of evidence
appellant insuring
appellant vide letter of 15th july
bulk surrender of its total pension fund
circumstances of this case
civil cases
date of judgment
erroneous conclusion
exhibits c4
existence of any fact
facts of this suit
following circumstances
leading judgment
pension fund policy no
provisions of pure pension policy
purported directive
receipts of premium payment
repayment proposal of the respondents investment
s.137 evidence act
termination of the contract
terms of a new contract
terms of the repayment of the terminated policy


UZO I. NDUKWE-ANYANWU, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of the High Court of Lagos State delivered on 14th of December, 2010. The Respondent as claimant filed a writ of summons and Statement of claim against the Appellant as Defendant. The Respondent as claimant claimed against the Appellant as follows: -

(a) The sum of ₦300,143,098.92 (Three Hundred Million, One Hundred and Forty Three Thousand, Ninety Eight Naira, Ninety Two Kobo) being outstanding indebtedness due and owing to the claimant as of the 1st day of April, 2006 from Pension Fund Policy No:7079 and accrued interest there from.
(b) Interest at the rate of 21% per month on the outstanding sum due and owing from the 1st April, 2006 till judgment is delivered.
(c) Interest on the adjudged sum at the rate of 10% per annum from the date of judgment till the judgment debt is satisfied.

The Appellant as Defendant filed its memorandum of appearance and filed its statement of defence.…

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