Judgment
ABDULLAHI MAHMUD BAYERO, J.C.A. (Delivering the Leading Judgment): The Lagos Judicial Division of the High Court of Lagos State on the 5th April, 2012 delivered its judgment in the Suit No: LD/1240/2011 (Naaja Standard Resources Company Limited & Ors. vs. Union Bank Plc.), wherein the Court entered judgment in favour of the Respondent/Defendant. The Appellants, who were the Claimants in the lower Court, initiated the suit vide the Writ of Summons and Statement of Claim dated and filed on 5th July, 2011 with the 2nd Claimant’s statement on oath filed alongside.
The reliefs sought from the lower Court as endorsed on the face of the writ and the statement of claim are as follows: 1. An Order of this Honourable Court granting perpetual injunction restraining the Defendant from selling, advertising for sale in any form or manner or canvassing for the sale of the 3rd Claimant’s property situate along Olakunle Soga Street, Oriya Village, Ikorodu, Lagos State with Certificate of Occupancy No: 62/62/20029 dated 10th July, 2002 as third party mortgage is invalid and or irregular. 2.
A DECLARATION that by the letter dated 4th May, 2011, the 3rd party mortgage with the 3rd Claimant with respect to the aforementioned property is null and void. 3. A Mandatory injunction directing the Defendant to refund to the 1st Claimant’s all the monies paid through Union Bank Plc between 6th April, 2010 to 12th April, 2010 representing rates, taxes and dues including legal perfection fees for the 3rd party mortgage with the 3rd Claimant. 4.
An Order of this Honourable Court directing the Defendant to deduct all the payments for taxes, dues and legal perfection of the third party mortgage and also deduction from excess charges on interest rate in the transaction in line with Central Bank of Nigeria’s guidelines and regulations on loans to customers for the period April 2010 – May 2011 and thereby determine the actual sum and interest due to the Defendant. 5. An Order directing the Defendant to release forthwith the original title documents belonging to the 3rd Defendant, Mr.
Ifeanyi Ezeobi with Certificate of Occupancy No. 62/62/20029 situate along Olakunle Soga Street, Oriya Village, Ikorodu, Lagos State. In support of the application is an eleven paragraphs affidavit of urgency filed by the Appellants in the suit, it was deposed to by the 2nd Appellant herein. The Appellants filed a Motion on Notice on 5th July, 2011 wherein they sought for the following reliefs: 1.
