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/655B/2017 coram Tom Shaibu Yakubu, Abimbola Osarugue Obaseki-Adejumo and Jamilu Yamamma Tukur, JCA 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 Wl,085,859,446.14 (One Billion, Eighty-Five Million, Eight Hundred and Fifty-Nine Thousand, Four Hundred and Forty-Six Naira, Fourteen Koba) being debt originally owed to Union Bank Plc but bought over by the 1st Respondent as bad debt. In their joint statement of defence which was amended on 19th August, 2016, the 2nd - 4th Respondents contended that the said sum was a loan facility obtained from Union Bank Plc with the approval of the …