AKAAHS JCA (Delivering the Lead Judgment): The dispute leading A to this appeal arose in the main from a loan agreement entered into between the 1st respondent who was the plaintiff (Adalma Tankers) and the 2nd appellant who was the defendant (Mercantile Bank). The 1st respondent obtained a loan from the 2nd appellant in 1979 for the purchase of a ship named Adalma Tankers. Following the loan granted by the 2nd appellant to the 1st respondent, the 2nd appellant as a banker, opened a loan account No. 1671 in the name of the 1st respondent for the management of the loan. The loan granted to the 1st respondent by the 2nd appellant was the money used in opening the said account No. 1671. The 1st respondent did not pay a kobo into the said account. Further credit advances there granted by the 2nd appellant to the 1st respondent which made up the entire money in the account. In furtherance of the loan granted, the 1st respondent and 2nd appellant entered into a mortgage and covenant agree…
C.B.N.
V.
A.T.B.S. LTD
(2009) JELR 53835 (CA)
Court of Appeal 19 May 2009 Nigeria
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Case Details
Suit Number:CA/C/93/2000
Judges:KUMAI B. AKAAHS JCA (Presided and Read the Lead Judgment) JEAN OMOKRI JCA THERESA N. ORJI-ABADUA JCA
Counsel:Ime Eshiet - for the 1st Appellant.
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Okon Efut (with him, Bassey Aikpo) - for the 2nd and 3rd Appellants.
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C. Anujulu - for the 4th Appellant.
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Chief G. A. Udousoro - for the Respondents.
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