Mortgage

The Appellant was the Claimant at the Court below while the Respondent was the Defendant.
The background facts from the record of appeal are that the Appellant a customer of the Respondent applied for an overdraft facility of Three Million Naira (N3,000,000.00) to assist him boost his frozen fish trade. The Respondent eventually approved One Million, Five Hundred Thousand Naira (N1.5m) and it was released to the Appellant by the Respondent. A direct Legal Mortgage Agreement was executed to evidence the transaction. The legal mortgage was created in respect of the Appellants property covered by Certificate of Occupancy dated 20th January, 1995 and registered as 41/41/73 at the Land Registry, Uyo. The relationship of the parties got sour over a period of time as a result of the operation of the overdraft facility and the Appellant filed a suit at the Court below against the Respondent vide a writ of summons filed on 27th June, 2001. The reliefs of the Appellant were expressed as follows:
a. A Declaration that the Plaintiff is not owing the Defendant the sum of N3,826,586.84 (Three Million, Eight Hundred and Twenty Six Thousand, Five Hundred and Eighty Six Naira, Eighty Four Kobo) only as at 25th May, 2001 and/or any other sum.
b. A Declaration that the four transactions wrongly debited to Plaintiffs account which amount to N1,078,065.00 and which the Defendant cannot expound or reverse same from Plaintiff promptly is a deliberate act to falsify the records of the Plaintiff as well as it being wrongful, oppressive, unjustifiable and unethical.
c. A Declaration that Defendants failure to furnish Plaintiff with accurate record/Statement of Account Current Account No. 0140201696500 and failure to account for the balance in the Savings Account No. 0140301849600 belonging to the Plaintiff amounts to a breach of duty owed the Plaintiff by Defendant.
d. A Declaration that the Defendant is owing the Plaintiff the sum of N4,849,814.28 (Four Million, Eight Hundred and Forty Nine Thousand Eight Hundred and Fourteen Naira Twenty Eight Kobo) Only as per the computation from the records of the Plaintiff.
e. A Declaration that the unilateral increase of the agreed interest rate of 18% per annum to 28% and above is unlawful, illegal and against the Central Bank of Nigeria Guidelines which fixed maximum ending rate at 21% between 1997 2002.
f. A Declaration that the Plaintiff is entitled to take custody of his title documents in possession of the Defendant as the Plaintiff has fully paid up the credit facility granted by the Defendant.
g. A Declaration that the publication of the Plaintiffs name and family house/property in the Pioneer Newspaper of 26th June, 2001 and Daily Champion Newspaper of 17th December, 2002 when the Plaintiff did not owe.
h. An Order directing the Defendant to refund the sum of N4,849,814.28 (Four Million, Eight Hundred and Forty Nine Thousand Eight Hundred and Fourteen Naira Twenty Eight Kobo) only to the Plaintiff with interest at the rate of 18% with effect from 24th September, 2001 till date of judgment and thereafter at 10% till full liquidation.
i. N50m general damages for defaming the Plaintiff in the two newspaper publications of 25th June, 2001 and 17th December, 2002 and destroying Plaintiffs business connections integrity and goodwill.
j. An Injunction restraining the Defendant, its servants, agents, privies or whosoever from selling and/or Auctioning the Plaintiffs family house/property lying, being and situate at No. 3 Mungo Park Road, Ikot Ekpene covered by Certificate of Occupancy dated 20th day of January, 1995 and registered as No. 41/41/73 at the Land Registry in Uyo.
k. An Order of perpetual injunction restraining the Defendant its servants, agents, privies or whosoever from enforcing the direct Legal Mortgage dated 13th May, 1997 and Registered as No. 57/57/104

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