MERILL GUARANTY SAVINGS & LOANS LTD & ANOR
V.
WORLDGATE BUILDING SOCIETY LTD

(2012) JELR 49308 (SC)    

Supreme Court  ·  SC.178/2005 ·  30 Mar 2012 ·  Nigeria
CORAM
ALOMA MARIAM MUKHTAR Justice of The Supreme Court of Nigeria FRANCIS FEDODE TABAI Justice of The Supreme Court of Nigeria SULEIMAN GALADIMA Justice of The Supreme Court of Nigeria NWALI SYLVESTER NGWUTA Justice of The Supreme Court of Nigeria OLUKAYODE ARIWOOLA Justice of The Supreme Court of Nigeria
Core Terms Beta
financial institutions
statement of claim
learned counsel
nwlr part
financial institution
1st defendant
decree no.
individual customer
learned trial judge
times material
constitution of the federal republic of nigeria
limited liability company
exclusive jurisdiction
high court
lagos high court
lagos state
favour of the plaintiff
foreign exchange
above position
banker-customer relationship
briefs of argument
cases of nigerian deposit insurance corporation
clear distinction
cognizance of the provisions of section
court of appeal
customer transactions
existence of other banks
finance company
following facts
following reliefs
further throws light
guarantee trust bank cheque
honourable court lacks jurisdiction
investment of n500,000
lagos state court
leading judgment
lead judgment of the court
lone issue
mere use of the word
nal merchant bank ltd
plaintiffs statement of claim
said sum of n553,013.69
sum of n553,013.69
virtue of the provision of section
virtue of the provisions of the constitution

A. M. MUKHTAR, J.S.C. (Delivering the Leading Judgment): In an action instituted in the High Court, Lagos State, the respondent who was then the plaintiff claimed against the appellants jointly and severally the following reliefs:-

"(i) The sum of N553,013.69 being the principal sum and interest outstanding on the amount placed in the 1st Defendant's high yield certificate as at 31st December, 1993, which sum the Defendant has refused and/or neglected to pay despite repeated demands.

(ii) Interest on the said sum of N553,013.69 at the rate of 21% per annum from 1st January, 1994, until the whole amount is totally liquidated."

Briefly, the plaintiff's case is that it is a limited liability company, while the 1st defendant is a finance company and the 2nd defendant is its Managing Director, who executed a personal guarantee in favour of the plaintiff on its investment of N500,000 on the defendants' merit high yield certificate at an interest rate of 8.5% per month for 90 days to fall du…

There's more. Sign in to continue reading.

judy.legal is the comprehensive database of case law and legislation from Ghana, Kenya and Nigeria. Gain seamless access to over 20,000 cases, recent judgments, statutes, and rules of court.

Get started   Login