KUMAI BAYANG AKAAHS, J.C.A.(Delivering the Leading Judgment): This is an appeal against the judgment of the High Court of Akwa Ibom State, Eket Judicial Division presided over by Udoh J. which found for the Plaintiffs in an action arising from abuse of judicial process and damages resulting from negligence, unlawful seizure and disposal of property during the pendency of an action between the parties and awarded a total of N515,500,000.00 as special and general damages and a further sum of N40,000.00 as costs.
The facts leading to this appeal may be stated as follows:
In 1992, the 1st Respondent applied and obtained a loan facility of N2.9 million from Union Bank of Nigeria, Eket Branch. Out of this amount, the Bank released N1,649,300.00 by direct disbursements to the Nigerian Newsprint Manufacturing Company (NNMC), Oku Iboku, for the procurement of newsprint materials. The loan transaction was reduced into an All Asset Legal Mortgage Debenture dated 28th July, 1992 which was tender…