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STANBIC/IBTC CHARTERED BANK PLC & ANOR
V.
CHIGBO

(2013) JELR 35724 (CA)

Court of Appeal 10 Jun 2013 Nigeria
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- The plaintiff (respondent), as administrator of the estate of late Chief Frank Chigbo, claimed against the defendants (appellants) for recovery of sums invested under an Investment Margin Facility Agreement, plus accrued proceeds and inte

Case Details

Suit Number:CA/A/335/10
Judges:ABUBAKAR DATTI YAHAYA Justice of The Court of Appeal of Nigeria MOORE A. A. ADUMEIN Justice of The Court of Appeal of Nigeria TINUADE AKOMOLAFE-WILSON Justice of The Court of Appeal of Nigeria
Counsel:Dr. S.S. Ameh SAN with O.S Olaiya) For Appellant Festus Awka For Respondent

ABUBAKAR DATTI YAHAYA, J.C.A.(Delivering the Leading Judgment): This is an appeal against the Ruling of the trial High Court of the FCT, Abuja, delivered on the 23rd of March 2009, dismissing the Preliminary Objection to the Jurisdiction of the court, filed on the 2nd of July 2009. The respondent herein, was the plaintiff at the lower court and took out the Writ of Summons on the 12/3/09. In the Statement of Claim, she claimed against the defendants, now appellants, jointly and severally, as follows: -

(i) The sum of N10,000.00 being the sum Chief Frank Chigbo invested in the Investment Margin Facility he entered into with the defendants, which sum was still intact as at September 21, 2007 when he died.

(ii) The sum of N3,154,000.00 (less the defendants' charges on the out standings), being the proceeds accruing to the late Chief Frank Chigbo on the investment as at February 2008 when the letters of administration were presented to the defendants,which proceeds are calculated as follo…

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