Ratio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio Decidendi


(2014) JELR 40225 (CA)    

Court of Appeal  ·  CA/L/894/2012 ·  28 Feb 2014 ·  Nigeria
SIDI DAUDA BAGE Justice of The Court of Appeal of Nigeria RITA NOSAKHARE PEMU Justice of The Court of Appeal of Nigeria CHINWE EUGENIA IYIZOBA Justice of The Court of Appeal of Nigeria

Ratio Decidendi

Core Terms Beta
2nd respondent
promissory note
federal high court
learned trial judge
lower court
2nd appellant
trial court
1st appellant
1st respondent
mr. aju
record of appeal
financial institutions
banking transaction
personal guarantee of the 2nd appellant
principal sum
cause of action
mr. onoja
interest of the loan
interest rate
letter agreement
2nd march
appellants argument
award of interest
circumstances of the case
counter claim
date of final addresses of the parties
executive officer of the 1st appellant
export-import bank of the united states
promissory notes
above issues
agreed fee
first type of guarantee
following reasons
fullest extent
interlocutory decisions of the trial court
judgment of archibong j. of the federal high court
leading judgment
learned counsel
loan documentation
lower court suo motu
material times of the transaction
mr olumide aju
types of guarantees
us export-import bank

CHINWE EUGENIA IYIZOBA, JCA (Delivering the Leading Judgment): This appeal is against the judgment of Archibong J. of the Federal High Court, Lagos Division in Suit No. FHC/L/CS/113/2005 delivered on the 15th day of November, 2012. The facts leading to the suit and the appeal may be summarized thus: Sometime in 2003, the 1st Appellant sought and obtained a loan from the 1st Respondent for the purchase of biscuits manufacturing equipment in the sum of $2,207,600.00 (Two Million Two Hundred and Seven Thousand Six Hundred U.S, Dollars). Two types of guarantees with different consequence were provided to secure the loan. The first type of guarantee was the personal guarantee of the 2nd Appellant who is a Managing Director/Chief Executive Officer of the 1st Appellant. The loan documentation included a Promissory Note and a Letter Agreement both dated 2nd March 2004 (Pages 16 - 25 of the Record of appeal). The second type of guarantee was a form of insurance provided to the 1st Appellant by…

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