FADAWU UMARU, J.C.A. (Delivering the Lead Judgment): This is an appeal against the Ruling of the Federal High Court, Abeokuta Judicial Division, Per J. O. Abdulmalik J. (herein referred to as “the trial Court) in Suit No: FHC/AB/CS/129/2021 delivered on the 1st day of December, 2022.
The Respondent commenced the suit and sought to recover the sum of ₦173,823,149.15 (One Hundred and Seventy-Three Million, Eight Hundred and Twenty-Three Thousand, One Hundred and Forty-Nine Naira, Fifteen Kobo), being an outstanding indebtedness arising from a credit facility originally granted by Equitorial Trust Bank Plc. The said debt was acquired by the Respondent pursuant to a Loan Purchase and Limited Servicing Agreement dated 31st day of December 2010 and was designated an eligible bank asset in accordance with the provisions of the AMCON Act.
Following the institution of the action, the Respondent applied for and obtained interim orders of the lower Court on the 28th day October 2021 for the pres…