NWALI SYLVESTER NGWUTA, JSC (Delivering the Leading Judgment): This appeal is against the judgment of the Court of Appeal, Port Harcourt Division, delivered in Appeal No. CA/PH/313/2007 on 25th February, 2010.
Below is a summary of the relevant facts of the case. Appellant borrowed the sum of N1.4 million from the 3rd Respondent, a registered money lender. The loan granted on 15/2/2002 was to be repaid with the accruing interest on 15/3/2010. The loan was secured with a Certificate of Occupancy of the property - No.98, Egede Street, Mile 1, Diobu, Port Harcourt, Rivers State.
Appellant failed to repay the loan and the 3rd Respondent in his attempt to convert the security into cash, claimed that the Certificate of Occupancy was forged. He then wrote a petition to the Police and as a result the appellant was arrested but released on bail by the 1st and 2nd Respondents on his undertaking to repay the loan upon his release on bail. When he failed to honour his pledge to repay the loan, th…