ADEKEYE, JCA (Delivering the Lead Judgment): This is an interlocutory appeal against the ruling of the Federal High Court Ibadan delivered on the 23rd of October 1995. The facts of the case are that the respondent Ambe Board Mills (Nigeria) Ltd., a limited liability company, operated an accountwith the appellant, the Nigerian Industrial Development Bank. The respondent as a client/customer of the appellant applied for and obtained from the appellant a long term loan of N920,000.00 upon terms and conditions including interest at the rate of 101⁄2% per annum and repayment, to cover a period of 7 years including 2 years moratorium at equal half yearly instalments of N92,000.00 - with the first instalment repayment to be made on 1/7/84. The terms were incorporated in a loan and mortgage agreement dated 29/12/ 81. By a supplemental Deed dated 24/2/88 the appellant agreed to lend a further sum of N2,025,000 to the respondent which shall be repaid concurrently with the loan at quarterly …
N. I. D. B. LTD
V.
AMBE BOARD MILLS (NIG.) LTD
(2001) JELR 51180 (CA)
Court of Appeal 27 Nov 2001 Nigeria
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Case Details
Suit Number:CA/I/M.30/96
Judges:DALHATU ADAMU, JCA (Presided) FRANCIS FEDODE TABAI, JCA OLUFUNLOLA OYELOLA ADEKEYE, JCA (Read the Lead Judgment)
Counsel:Chief T. Ezeobi, SAN, (with him, I. O. Osunlakin) - for the Appellant.
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O. J. Bamgbose (with him, A. O. Jegede) - for the Respondent. D
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