NDIC
V.
UBN PLC. & ANOR
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…