JOHN INYANG OKORO, JSC, (Delivering the Leading Judgement): This appeal is against the judgment of the Court of Appeal, Holden at Lagos in Appeal NO.CA/L/655/2017 coram Tom Shaibu Yakubu, Abimbola Osarugue Obaseki-Adejumo and Jamilu Yamamma Tukur, JJCA, which said judgment was delivered on 29th March, 2019.
A summary of the facts which have led to the appeal are that the 1st Respondent commenced suit NO.FHC/L/CS/1346/2015 against the 2nd - 4th Respondents under the special claim Form Pursuant to Section 53 of the AMCON Act, for the recovery of the sum of N1,085,859,446.14 One Billion, Eighty-Five Million, Eight Hundred and Fifty-Nine Thousand, Four Hundred and Forty-Six Naira, Fourteen Kobo) being debt originally owed to Union Bank Plc but bought over by the 1st Respondent as bad debt. In their joint statement of defence, the 2nd - 4th Respondents contended that the said sum was a loan facility obtained from Union Bank Plc with the approval of the Federal Ministry of Education and the …