(1973) JELR 45865 (SC)    

Supreme Court  ·  SC.123/1971 ·  16 Mar 1973 ·  Nigeria
Other Citations
(1973) All N.L.R 146 Akinola v. Faseun (1973) 3 S.C. 1
TASLIM OLAWALE ELIAS Justice of The Supreme Court of Nigeria ATANDA FATAYI-WILLIAMS Justice of The Supreme Court of Nigeria DAN IBEKWE Justice of The Supreme Court of Nigeria
Core Terms Beta
exhibit h
exhibit g
learned trial judge
western state court of appeal
limitation law
3rd defendant
money lenders law
money-lenders law
laws of the western state of nigeria
letter of demand
suit no. caw
acknowledgment of a debt
admit liability
amendment of the statement of defence
appellate court
court of law
date of the 3rd defendant
debt due
favour of the plaintiff
finding of the learned trial judge
future date
intendment of the statue
judgment of the akure high court
judgment of the western state court of appeal
leading judgment
mr. fawehinmi
mr. gani fawehinmi
national bank of nigeria ltd. s.c.
recovery of the amount due
registered moneylender
rhetorical question
said case
statute of frauds
sufficient memo
sum of 1,600pounds
t. o. elias
trial court
trial judge
valid acknowledgment of the debt
view of the finding of fact
western state of nigeria

T. O. ELIAS, C.J.N (Delivering the Leading Judgment): This appeal is against the judgment of the Western State Court of Appeal in Suit No. CAW/11/68 delivered on September 17, 1969, in which the court confirmed the judgment of the Akure High Court and held that in order to be effective, an acknowledgment of a debt by a borrower must, under Section 30 of the Money-lenders Law, (Cap. 78) of the Western State of Nigeria, state the amount due and give an undertaking by the debtor to pay that amount and that the plaintiff/appellant's claim must be dismissed for failure to prove that both conditions had been met in this case.

The facts in this case are straightforward. On April 2, 1962, the plaintiff, a registered moneylender, lent to the defendants jointly and severally the sum of 1,600pounds as principal with interest at 45% per annum.

When the defendants failed to pay, the plaintiff wrote to the defendants a letter of demand (Exhibit G) dated March 1,1963, and the 3rd defendant also wrot…

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