Ratio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio Decidendi



AWOJUGBAGBE LIGHT INDUSTRIES LTD
V.
CHINUKWE & ANOR

(1995) JELR 45365 (SC)    

Supreme Court  ·  SC.243/1992 ·  7 Apr 1995 ·  Nigeria
 · 
Other Citations
Awojugbagbe Light Ind. Ltd. v. Chinukwe Pages (1995) 5 NWLR (Pt.390)409
CORAM
MOHAMMED BELLO Justice of The Supreme Court of Nigeria IDRIS LEGBO KUTIGI Justice of The Supreme Court of Nigeria MICHAEL EKUNDAYO OGUNDARE Justice of The Supreme Court of Nigeria EMMANUEL OBIOMA OGWUEGBU Justice of The Supreme Court of Nigeria SYLVESTER UMARU ONU Justice of The Supreme Court of Nigeria YEKINI OLAYIWOLA ADIO Justice of The Supreme Court of Nigeria ANTHONY IKECHUKWU IGUH Justice of The Supreme Court of Nigeria

Ratio Decidendi

Core Terms Beta
mortgage deed
consent
section
appeal
consent of the governor
land use act
2nd respondent
date
exhibit e
court of appeal
mortgage agreement
execution of the mortgage deed
holder of a statutory right of occupancy
amici curiae
learned appeal judges
mortgage transactions
trial judge
conveyancing law of oyo state
evidence of the assignment
mortgaged deed
provisions of the land use act
said instrument
written agreement
2nd defendant mortgagee
case of each party
creation of a legal mortgage
date of execution of the mortgage deed
decision of the trial court
documentary evidence
draft mortgage deed
draft of the mortgage deed
equitable mortgage
exhibit b
exhibit b1
fact of the case
following findings
following question
forcible entry of the 1st defendant
governor of oyo state
high court of oyo state
important question of law
intentions of the parties
keys of the mortgaged premises
leading judgment
legal mortgage
mr. adelekun of counsel
respect of the issue of the validity
time of the delivery
validity of a loan
virtue of the provisions of the land use act

BELLO, CJN (Delivering the Leading Judgment): This appeal raises very important question of law, particularly to bankers, on the validity of a loan and mortgage agreement when the morgagee performed his obligation under the agreement by lending to the mortgagor the sum of N215,000.00 and the mortgagor charged by way of first legal mortgage his property, No. 60-64 Ijebu Road, Ibadan, as security for the loan before the Governor of Oyo State gave his consent for the mortgage under Section 22 of the Land Use Act. The section provides:

"22(i) It shall not be lawful for the holder of a statutory right of occupancy granted by the Governor to alienate his right of occupancy or any part thereof by assignment, mortgage, transfer of possession, sublease or otherwise howsoever without the consent of the Governor first had and obtained:

Provided that the consent of the Governor:-

(a) shall not be required to the creation of a legal mortgage over a statutory right of occupancy in favour of a per…

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