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Worldgate Building Society Ltd v. Merril Guaranty Savings & Loans Ltd
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1 × ₦300
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MEKWUNYE v. EMIRATES AIRLINES
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1 × ₦300
₦300
In Stock
Facts:
In 2003, the respondent granted a N20,000,000.00 (Twenty Million Naira) facility to the appellant at an interest rate of 19% per annum. The facility was secured by properties located at Cobham Avenue, Akinsanya Street, Ajao Estate, Isolo, Lagos State and No. 28, Niger Bridge Approach Road Layout, Onitsha, Anambra State. The appellant defaulted in repaying the facility and after repeated demands, the respondent filed a suit against the respondent at the High Court of Lagos State.
The respondent claimed the sum of N29,912,717.76 (Twenty Nine Million, Nine Hundred and Twelve Thousand, Seven Hundred and Seventeen Naira, Seventy Six Kobo) being the principal sum and accrued interest prior to filing the suit in 2006. The respondent also sought an order of the court to sell the properties used in securing the facility. In addition, the respondent filed an application for summary judgment pursuant to the relevant rules of court.
The appellant responded to the suit by filing its defence and a counterclaim wherein it counterclaimed the sum of N30,000,000.00 (Thirty Million Naira) being special damages for the respondent’s failure to release the facility on time causing additional cost for clearing its goods at the ports, additional demurrage and other losses suffered.
After hearing the parties on the respondent’s suit and summary judgment application, the trial judge gave judgment in favour of the respondent in the sum claimed and struck out the counterclaim of the appellant. The appellant was aggrieved and filed a notice of appeal at the Court of Appeal, Lagos Division urging the court to overrule the trial court and set aside the judgment.
One of the issues raised by the appellant is whether the trial court was right in delivering judgment summarily in favour of the respondent without evidence to show how the sum claimed was calculated and arrived at.