NDIC
V.
UBN PLC. & ANOR

(2015) JELR 45779 (CA)    

Court of Appeal  ·  CA/L/444/2013 ·  12 Feb 2015 ·  Nigeria
CORAM
AMINA ADAMU AUGIE Justice of The Court of Appeal of Nigeria SAMUEL CHUKWUDUMEBI OSEJI Justice of The Court of Appeal of Nigeria ABIMBOLA OSARUGUE OBASEKI-ADEJUMO Justice of The Court of Appeal of Nigeria
Core Terms Beta
abuse of court process
fortune towers
suits
suit no. fhc
party
adeyemo alakija street
federal high court
1st respondent
victoria island
fib plc
defendant
deed of legal mortgage
2nd defendants
lagos state high court
order of injunction
order of the court
plaintiffs property
final determination of this suit
fortune international bank plc
subject matter of this suit
ndic v. fib plc
said fortune towers
trite law
union bank plc
circumstances of this case
commercial bank
date of this notice
determination of the substantive suit
following facts
following reliefs
germane issue
ikeja high court of lagos state
land certificate no.14
minimum capital requirement of n25
narrow issue
necessary party
notice of appeal
order of a.r. mohammed
palpable abuse of court process
plaintiffs n250,000,000.00 treasury bill
refusal of the defendant
said fib plc
statutory power of sale
subject matter of this action
subject of a number of litigations
suit no
suit no.fhc
various courts

AMINA ADAMU AUGIE, J.C.A. (Delivering the Leading Judgment): This Appeal turns on a very narrow issue - the abuse of Court process, and it is hinged on a dispute over the property known as Fortune Towers situated at No. 27/29 Adeyemo Alakija Street, Victoria Island, Lagos, which originally belonged to Fortune International Bank Plc. [FIB Plc], before it became the subject of a number of litigations in various Courts. The said FIB Plc., a licensed commercial bank, maintained a banking relationship with Union Bank Plc., the 1st Respondent in this Appeal, and in the course of their relationship, the 1st Respondent granted overdraft facilities to FIB, which were later secured with a Deed of Legal Mortgage; the said Fortune Towers was pledged as collateral in the legal Mortgage.

On 16/1/2006, the Central Bank of Nigeria revoked the License of FIB Plc. for failing to meet up with the minimum capital requirement of N25 Billion for commercial banks. An Interim Management Committee [IMC] was a…

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