BENDEL INSURANCE COMPANY PLC
V.
B.C.M. FINANCE & SECURITIES NIGERIA LTD

(1997) JELR 45436 (CA)    

Court of Appeal  ·  CA/K/231/94 ·  23 Jan 1997 ·  Nigeria
 · 
Other Citations
Bendel Ins. Co. Plc. v. B.C.M. Finance (1997) 8 NWLR (Pt.518)
Bendel Ins. Co. Plc. v. B.C.M. Finance (1997) 8 NWLR (Pt. 518) 597
CORAM
UMARU ABDULLAHI Justice of The Court of Appeal of Nigeria MAHMUD MOHAMMED Justice of The Court of Appeal of Nigeria IBRAHIM TANKO MUHAMMAD Justice of The Court of Appeal of Nigeria
Core Terms Beta
appellant
respondent
learned trial judge
lower court
2nd defendant
3rd defendants
1st defendant
default interest
principal sum
learned counsel
defendants
issue of interest
kaduna state high court
date of judgment
present case
trial
5th issue
decision of the trial court
documentary evidence
guarantor of the loan
joint statement of defence
repayment of the loan
ruling of the lower court
support of the plaintiff
application of the provisions of section
briefs of argument
clear idea
course of the trial
course of whose evidence
credit bond no nbcb
discretion of the learned trial judge
end of the trial
facts of the case
favour of the plaintiff n720,000.00k
judgment sum
leading judgment
like term
main ground
money n550,000.00
provision of short term loan facility
record of trial court
refusal of the learned trial judge
rules of this court
yahaya j. of the kaduna high court

MOHAMMED, J.C.A. (Delivering the Leading Judgment): The respondent in this appeal as the plaintiff took out a writ of summons and claimed against three defendants jointly and severally including the appellant in the Kaduna State High Court the following reliefs:

1. "(a) Money which became due and payable on or about 1-9-91 by the 1st, 2nd and 3rd defendants jointly and severally to the plaintiff being money N550,000.00 lent by the plaintiff to the 1st defendant on or about 13-6-91 and interest there on secured by the credit Bond No NBCB 12469 of 6-6-91 executed by 2nd defendant as surety, obligor or guarantor of the Loan in favour of the plaintiff N720,000.00k.

(b) Default interest at 5% of the principal sum (N550,000.00) per week (i.e. N27,000.00 per week) from 11-9-91 to 5-11-91... N220,000.00.

2. Default interest at 5% of the principal sum (N550,000.00) per week (i.e. N27,000.00 per week) from 6-11-91 until the date of judgment.

3. Interest at the rate of 10% of the judgment sum pe…

There's more. Sign in to continue reading.

judy.legal is the comprehensive database of case law and legislation from Ghana, Kenya and Nigeria. Gain seamless access to over 20,000 cases, recent judgments, statutes, and rules of court.

Get started   Login