Judgment
HELEN MORONKEJI OGUNWUMIJU, J.S.C. (Delivering the Leading Judgment): This is an appeal against the decision of the Court of Appeal, Calabar Division delivered by Hon. Justice J. Omokri, N. S, Ngwuta and M. A. Owoade (JJCA) on 17th March, 2009. The Court of Appeal set aside the Ruling of the trial Court delivered on the 5th May, 1995 and ordered the vesting of the custody of the property situate at No. 149 Ikot Epene Road Uyo, on the 2nd Respondent.
Dissatisfied with the decision of the Court below, the Appellant (who was the 2nd Respondent at the Court below) has appealed to this Court on two grounds as contained in its 2nd Amended Notice of Appeal dated 13th of September, 2021.
The original Petitioner in this case was the late Okon Udo Utuk. Okon Udo Utuk was the Director/Chief Executive Officer of Utuks Group of Companies consisting of: (1) Utuks Construction & Marketing & Co. Ltd., (2) Utuks Motors Ltd., (3) Utuks Drainage Ltd., (4) Century Transport Ltd.
Upon the demise of Okon Udo Utuk, the trial Court on the 25th September, 1995 substituted him with Ini Okon Udo Utuk, the present 1st Respondent in this appeal and the Appellant at the Court below. The late Okon Udo Utuk had filed a petition for the winding up of Utuks Motors Ltd at the Federal High Court, Calabar on the 11th February, 1993 in Suit No. FHC/CA/M4/93.
Premised on the winding up petition of Okon Udo Utuk, the trial Court appointed the Deputy Chief Registrar of the Federal High Court (now the present 2nd Respondent) as Provisional Liquidator on the 21st October, 1994 for the purpose of taking over and managing the property of Utuks Motors Ltd. pending the determination of the main petition for winding up. One of the properties of Utuks Motors Ltd. which the Provisional Liquidator was to take over and manage was the property at No. 149, Ikot Epene Road, Uyo, Akwa Ibom State.
Prior to that, the above property had been mortgaged to First Bank of Nigeria Plc (“the Bank”) as security for loan obtained by Utuks Motors Ltd. Based on the mortgage deed, the Bank appointed the firm of Adetona & Co. Receiver/Manager to foreclose the mortgaged property and realize the indebtedness of Utuks Motors Ltd. The Receiver/Manager sold the property at No. 149, Ikot Epene Road, Uyo to the Appellant (Dematic Nigeria Ltd) on the 1st January 1993.
