ALI
V.
NDIC

(2014) JELR 40197 (CA)    

Court of Appeal  ·  CA/L/408/2009 ·  14 Feb 2014 ·  Nigeria
CORAM
AMINA ADAMU AUGIE Justice of The Court of Appeal of Nigeria RITA NOSAKHARE PEMU Justice of The Court of Appeal of Nigeria SAMUEL CHUKWUDUMEBI OSEJI Justice of The Court of Appeal of Nigeria
Core Terms Beta
lower court
respondent
rule
case
trial conference
learned trial judge
civil procedure
excess interest
statement of defence
sum of n2
high court of lagos state
pre-trial conference
chief judge
sum of n4
admission of facts
exercise of discretion
high court
honourable court
lagos state high court
quick dispensation of justice
said order
said sum
such admission
trial conferences
10-paragraph affidavit
admission of the sum
clear cut case of illegality
contravention of provisions of order
cumulative interest
customer of trade bank plc
essence of the rule
expiry date
facts of this case
further extension of repayment time
high court civil procedure rules
holding of the pre-trial conference
justice of this case
kalu v. odili
leading judgment
legal practitioners
months period
n2m facility
order of the lower court
pre-trial conference orders
rules of this court
said trade bank plc
time table
trial court

AMINA ADAMU AUGIE, J.C.A. (Delivering the Leading Judgment): The Appellant was a customer of Trade Bank Plc. at its Ikeja Branch, and he enjoyed various short term facilities from the Bank, which he promptly repaid.

On 17/5/2001, he was granted an "overdraft facility'' in the sum of N2 million to "import some fairly used Mercedes trucks and generators from Europe" and the expiry date was 21/7/2001. He failed to repay the facility as at that date, and after several letters of demand from the Bank, he forwarded N500, 000.00 as part repayment of his indebtedness to it. The Bank then renewed the N2m facility for 180 days from 8/8/2002 to 3/2/2003 for recovery purposes only.

Subsequently, by a letter dated 13/7/2003, the Bank conveyed waiver of 50% of the cumulative interest to enable him pay N3, 084, 737.94 as full and final settlement of his debt. He applied for a further extension of repayment time from 90 days to 180 day, and the Bank gave him up to 12/12/2006 to pay. However, despite …

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