BELGORE, J.S.C. (Delivering the Leading Judgment): The Agricultural Credit Guarantee Scheme Decree (now in Cap. 13 Laws of the Federation of Nigeria 1990) sets out clearly how the loan under the agricultural scheme was to be administered. The law empowers the minister responsible for the scheme to fix rate of interest from time to time. In the case of default by the borrower/farmer to pay the debt, s. 12 sets out the procedure for demand. But in case of suing to recover the loan, s.15 is very clear; it is the Board of the scheme that must be sued. Though the amendment to the Decree (now Act) in 1993 allows the bank to sue the debtor directly, this case arose before the amendment and at the time the suit was filed the Board was not sued. This is an incompetent action and the court ought not to have welcomed the suit, irrespective of being placed on the undefended cause list. The court is to decide on cases legally placed before it. This appeal therefore succeeds. The appeal is allowed,…
TASHA
V.
UBN PLC.
(2001) JELR 44269 (SC)
Supreme Court 29 Jan 2001 Nigeria
Case
Citing Cases 1
BriefBot Summary
- The case involves the interpretation of the Agricultural Credit Guarantee Scheme Decree (now Act) in Nigeria. - The law sets out the administration of loans under the agricultural scheme, including the power of the minister to fix interes
Case Details
Suit Number:SC.17/1996
Judges:SALIHU MODIBBO ALFA BELGORE Justice of The Supreme Court of Nigeria
EMMANUEL OBIOMA OGWUEGBU Justice of The Supreme Court of Nigeria
SYLVESTER UMARU ONU Justice of The Supreme Court of Nigeria
UMARU ATU KALGO Justice of The Supreme Court of Nigeria
SAMSON ODEMWINGIE UWAIFO Justice of The Supreme Court of Nigeria
Counsel:U. N. Agomoh [Miss.] (with him, D. D. Dimlong) For Appellant
I. S. Yerima [Mrs.] For Respondent
There's more. Sign in to continue reading.
judy.legal is the comprehensive database of case law and legislation from Ghana, Kenya and Nigeria. Gain seamless access to over 77,000 cases, recent judgments, statutes, and rules of court.