JOHN INYANG OKORO, J.S.C. (Delivering the Lead Judgment): This is an appeal against the judgment of the Court of Appeal, holden at Port-Harcourt, delivered on 17th January, 2025 wherein the lower Court, by a unanimous decision, struck out suit NO.FHC/R/CS/23/2022 instituted by these Appellants and consequently set aside the judgment of the trial Court delivered on 7th December, 2022 in the matter.
The Appellants, as Plaintiffs, commenced this action before the Federal High Court, sitting at Port-Harcourt vide an originating summons filed on 4th February, 2022 wherein they jointly sought the determination of the following questions:
(1) Whether having regard to Section 34, 35, and 48 of the Asset Management Corporation of Nigeria Act, 2010 (as amended), and clauses 3, 4 and 5 of the Third Party Legal Mortgage executed by the 1st Defendant (as guarantor of the overdraft facility granted to the 3rd Plaintiff) in favour of defunct Fountain Trust Bank Plc (now Heritage Bank Plc) and regist…