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MAKVID TECHNOLOGY SERVICES LIMITED
V.
MACGABLE GLOBAL SERVICES LIMITED

(2023) JELR 112537 (CA)

Court of Appeal 25 May 2023 Nigeria
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- The dispute arose from an investment agreement (Memorandum of Understanding) in which the appellant advanced N9,000,000 to the respondent, with a promise of monthly returns and refund of principal; the appellant alleged breach and sought

Case Details

Suit Number:CA/ABJ/CV/195/2022
Judges:PETER OLABISI IGE, JCA HAMMA AKAWU BARKA, JCA MOHAMMED MUSTAPHA, JCA
Counsel:BENSON IBEZIM, ESQ with AZUBUIKE IKECHUKWU OGBONNA, ESQ. for the APPELLANT. DR. GOSPEL ADAMS, ESQ with JOHN ABAH AUGUSTINE, ESQ for the RESPONDENT.
Location:Abuja

PETER OLABISI IGE, JCA (Delivering the Leading Judgment): This appeal stems out of the decision of the High Court of the Federal Capital Territory, Abuja delivered by HON. JUSTICE MUHAMMAD S. IDRIS on 28th    October 2021 in Suit No. FCT/HC/CV/3485/20.

The Appellant had by Writ of Summons filed on 18th October, 2021 claimed against the Respondent as follows:

"1. An Order of court directing the Defendant to pay the Claimant the sum of N8,400,000.00 (Eight Million, Four Hundred Thousand Naira) only, which is the balance of the principal sum given to the Defendant as a refundable investment.

2. An Order of court directing the Defendant to pay the Claimant the accrued monthly returns on investment on the outstanding  refundable principal  investment from the 10th day of January, 2020 to the 9th day of December, 2020 in the sum of N18,480,000.00 (Eighteen Million, Four Hundred and Eighty Thousand Naira) only, short of the sum of N1,000,000.00 (On Million Naira) only which the Defendant paid t…

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