NIGERIA MERCHANT BANK PLC
V.
AIYEDUN INVESTMENT LTD.

(1997) JELR 45443 (CA)    

Court of Appeal  ·  CA/L/288/94 ·  29 Sep 1997 ·  Nigeria
 · 
Other Citations
N.M.B. Plc. v. Aiyedun Invest. Ltd. (1998) 2 NWLR (Pt.537)
N.M.B. Plc. v. Aiyedun Invest. Ltd. (1998) 2 NWLR (Pt. 537) 221
CORAM
SAMSON ODEMWINGIE UWAIFO Justice of The Court of Appeal of Nigeria EMMANUEL OLAYINKA AYOOLA Justice of The Court of Appeal of Nigeria IGNATIUS CHUKWUDI PATS-ACHOLONU Justice of The Court of Appeal of Nigeria
Core Terms Beta
interest
plaintiff
defendant
deposit account
appeal
special damages
statement of defence
agreement of the parties
present case
question of interest
support of the claim
accrued interest
alfredo enterprises
ample evidence
award of interest
award of the sum of n3
background facts
basis of his case
compensatory nature of the award
contractual interest
date of the breach
decision of the lagos high court
demands of fair hearing
due date
expert witness
forefront of the argument of counsel
general banking law
general idea
house of lords case of riches v
joint venture agreement
leading judgment
learned trial judge
main complaints of the defendant
n1,000,000 refund of money
nigeria merchant bank
part of the answer
part of the plaintiff
plaintiff s deposit account
pleading question
point of view
quantum of such claim
reason of the breach
rescission of the agreed rate of interest
result of any loss
said sum
sum of n4,426,075.00
terms of such agreement
total amount
uncontroverted evidence of the plaintiff

AYOOLA, J.C.A. (Delivering the Leading Judgment): This is an appeal from the decision of the Lagos High Court (Alabi, J.) giving judgment for the plaintiff in the sum of N4,426,075.00, being as to N1,000,000 refund of money deposited with the defendant by the plaintiff and, as to the balance, interest on the said sum.

The defendant who is the appellant in this appeal is referred to as the 'defendant', while the respondent who was the plaintiff at the trial is referred to as the 'plaintiff in this judgment. This appeal is limited to the award of the sum of N3, 426,075 as special damages. The main complaints of the defendant on this appeal are that there were no averments in the pleadings in support of the claim for interest as special damages; and that in any event the plaintiff did not establish its claim for special damages as required by law nor had it established a claim for interest and the quantum of such claim.

The background facts as found by the learned trial judge, were as fo…

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