ABUBAKAR DATTI YAHAYA, JCA (Delivering the Leading Judgment): This is an appeal against the judgment of the High Court of the FCT, presided over by Hon Justice I. U. Bello (CJ) delivered on the 28th September 2016 in Suit No. FCT/HC/CV/2500/2013.
The case of the plaintiff, now the respondent is that at various times, the defendant, now the appellant, applied for and was granted several loans, including one for ₦20 million, to enable the appellant to purchase a four bedroom (all en-suite), semi-detached duplex house 26, 6921 Road, Gwarimpa II Estate Abuja. All the loans and the entire credit facilities plus accrued interest granted to the respondent (making a total outstanding indebtedness of the appellant to the respondent) were secured by means of a mortgage of the said four bed-room house at Gwarimpa II Estate Abuja. A deed of Legal mortgage was executed. Upon maturity of the credit facilities and the total indebtedness, the appellant failed to liquidate the debt as at when due, desp…