JIMI OLUKAYODE BADA, JCA (Delivering the Leading Judgment) This is an Appeal against the Judgment of the High Court of the Federal Capital Territory Abuja in Suit No: FCT/HC/CV/755/2001- Senator (Dr) Alex Usman Kadiri v. Societe Generale Bank Nigeria Ltd.
Briefly, the facts of the case are that the 1st Respondent was the owner of two bungalows on Plot No: 2617, Maitama, Abuja and same was covered by a Certificate of Occupancy No: FCT/ABU/BN/264. He applied and obtained a loan from the 2nd Respondent. As security for the loan, he mortgaged one of the bungalows by depositing the Certificate of Occupancy in respect of the Plot with the 2nd Respondent. Being unable to repay the loan and the accrued interests, and in exercise of its powers under the Mortgage Agreement, the 2nd Respondent on the orders of the High Court of Justice Abuja, auctioned the mortgaged bungalow to the Appellant in 1998.
In 2001, the 1st Respondent commenced this suit as Plaintiff against the 2nd Respondent as Defen…