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GTB PLC
V.
OBOSI MICRO FINANCE BANK LTD

(2018) JELR 39042 (CA)    

Court of Appeal  ·  CA/L/437/2017 ·  2 Mar 2018 ·  Nigeria
CORAM
JOSEPH SHAGBAOR IKYEGH Justice of The Court of Appeal of Nigeria YARGATA BYENCHIT NIMPAR Justice of The Court of Appeal of Nigeria UGOCHUKWU ANTHONY OGAKWU Justice of The Court of Appeal of Nigeria

Ratio Decidendi

Core Terms Beta
court
respondent
appellant
jurisdiction
interest
cross appeal
trial court
issues
central bank of nigeria
lower court
central bank
rate
appeal
prevailing interest rate
leading judgment
prevailing lending rate
loss of goodwill
statement of claim
administrative jurisdiction of the central bank of nigeria
administrative matter
date of payment
date of receipt of refund cheques
grounds of appeal
issue of interest rate
notice of cross appeal
record of appeal
refund of n30,079,673.77
ag cross river v
basic principles
constitutional laws of the nigerian republic
customer base
directive of the central bank of nigeria
financial protection department of the central bank
funds of the claimant
honourable trial court
judgment of the court
judgment of the lagos state high court
notice of appeal
own interest rates
said issue
said prevailing lending rate
underpaid interest
unjustifiable withholding of its finds

YARGATA BYENCHIT NIMPAR, JCA (Delivering the Leading Judgment): This appeal is against the judgment of the Lagos State High Court delivered on the 2nd March, 2017 by HON. JUSTICE W. ANIMAHUN wherein judgment was entered for the claimant. Dissatisfied with the decision, the Appellant filed a Notice of Appeal dated 7/3/2017 setting out 2 grounds of appeal attacking the judgment of the Court below.

The Respondent by a writ of summons sought for the following reliefs:

a) Refund of N30,079,673.77 (Thirty Million, Seventy Nine Thousand, Six Hundred and Seventy Three Naira, Seventy Seven kobo).

b) Interest on (a) above at the rate of 23% from the date of receipt of refund cheques from the defendant being 3/7/2013 till judgment and thereafter at the same rate till liquidation.

c) 100% penalty on N30,079,673.77 being penalty for the Defendant's non- compliance with Article 3.2.4(g), 3.2. 15(xiii) (6) of the Central Bank of Nigeria Monetary Policy Circular No.39.

d) N500,000,000.00 being compensatio…

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