JOHN INYANG OKORO, J.C.A. (Delivering the Leading Judgment): The Appellant had sometime in 2002 approached the 2nd Respondent for financial assistance to the tune of N2,500,000.00 to resuscitate his ailing business having earlier collected from him the sum of N242,000.00. Not being able to help him personally again, the 2nd Respondent introduced the Appellant to the 1st Respondent who agreed to assist the Appellant with the sum of N2,200,000.00 instead of the N2,500,000.00 requested. Also, the parties agreed at a monthly interest of 10%. This agreement was thereafter reduced into writing in Exhibit A dated 3rd July, 2002 which was executed by both parties. After the execution of Exhibit A, the sum of N2,200,000.00 was released to the Appellant, who in turn issued a post dated cheque for the sum of N2,200,000.00 to the Respondents payable on the 3rd day of August, 2003. The said cheque was tendered as Exhibit D. The Appellant was able to pay the 10% monthly interest for the months of J…
IBRAHIM
V.
BAKORI & ANOR.
(2009) JELR 33631 (CA)
Court of Appeal 2 Jul 2009 Nigeria
Case
Key Passages 11
Citing Cases 3
BriefBot Summary
- The appellant obtained a loan of N2,200,000.00 from the 1st respondent in 2002, with a written agreement (Exhibit A) stipulating a 10% monthly interest and issued a post-dated cheque for repayment. - The appellant defaulted on interest pa
Case Details
Suit Number:CA/K/292/2006
Judges:BABA ALKALI BA'ABA JCA
JOHN INYANG OKORO JCA
THERESA N. ORJI-ABADUA JCA
Counsel:A.A. Owolabi Esq. For the Appellant;
E.A. Aremo Esq., Y.Y. Kabantiyok Esq. and Ijeoma Chibuke (Mrs.) For the Respondent.
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