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African Reinsurance Corp. v. Aim Consultant Ltd
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1 × ₦300
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Wema Bank Plc & 2Ors v. Prince (Dr.) B. A. Onafowokan & 2 Ors
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1 × ₦300
₦300
In Stock
Facts:
From April to July 2007, the appellant granted facilities of N600,000,000.00 (Six Hundred Million Naira) to N400,000,000.00 (Four Hundred Million Naira) and N250,000,000.00 (Two Hundred and Fifty Million Naira) to the respondents. These facilities were secured with shares held by the respondents in different companies. The facilities were for a term of 365 days with an option to rollover. The 2nd respondent applied for a merger of the facilities and the appellant consented.
In order to recover the facilities, the appellant acted upon an email correspondence between it and the respondents in which the latter were alleged to have sanctioned the sale of their Guaranty Trust Bank (GTB) shares. Consequent upon the email correspondence, the appellant sold 28,745,400 (Twenty Eight Million, Seven Hundred and Forty Five Thousand, Four Hundred) units of shares in GTB held by the respondents and realized the sum of N267,775,799,21 (Two Hundred and Sixty Seven Million, Seven Hundred and Seventy Five Thousand, Seven Hundred and Ninety Nine Naira, Twenty One Kobo). However, the respondents alleged that the facilities had been repaid and that the appellant acted without instruction.
The respondents were dissatisfied with the sale of the shares alleging that the appellant sold them below market value resulting in a loss to them. They filed a suit against the appellant at the Federal High Court, Lagos Division for damages for breach of contract and claimed damages for loss of business opportunity. At the end of trial, judgment was given in favour of the respondents and the court awarded them damages to the tune of N2,500,000,000.00 (Two Billion, Five Hundred Million Naira).
The appellant was aggrieved by the decision of the trial court and filed a notice of appeal at the Court of Appeal, Lagos Division. In December 2010, obtained leave of court to amend its notice of appeal. The amended notice of appeal was filed in 2011 incorporating additional grounds of appeal without first seeking and obtaining the leave of court to file same. Time was further enlarged for the appellant to file a clean copy of its brief within7 days. The appellant filed its brief but incorporated additional grounds of appeal without the leave of court first sought and obtained. The Court of Appeal struck out the additional grounds for being filed out of time without leave of court and dismissed the appeal. The appellant was further aggrieved and filed a notice of Appeal at the Supreme Court of Nigeria urging the court to set aside the decisions of the lower courts.
One of the issues for determination is whether the Court of Appeal was not wrong in law for striking out the additional grounds of appeal in the appellant’s amended notice.