Judgment
ADAMU JAURO, J.S.C. (Delivering the Leading Judgment): This appeal is against the judgment of the Court of Appeal, Lagos Judicial Division, which dismissed the Appellant’s appeal against the judgment of the High Court of Lagos State delivered on 4th March, 2014. The Court below affirmed the declaratory reliefs amongst other reliefs made in favour of the Respondent in respect of a property known as No.5, Fashola Street, Idi-Iroko Village, Off Ikorodu Road, Lagos.
BRIEF STATEMENT OF FACTS The property, the subject matter of the suit, then known as Plot 15, Fashola Layout, Idi-Iroko Village, Lagos was owned by one Late Brigadier General Sunday Ajibade Adenihun (Rtd) who acquired title to the property in 1975 by virtue of a Deed of Conveyance dated 29th May, 1975 and registered as No. 83 at Page 83 in Vol. 1503 at the Lands Registry, Ikeja, Lagos. The said Late Brigadier Adenihun subsequently developed the property into two detached houses.
In the year 1998, the Appellant, then known as Standard Trust Bank granted a loan facility to Late Brigadier Adenihun (Rtd) for which he pledged the property as security. The Deed of Legal Mortgage is dated 10th November, 2000 and registered on December, 2000 as No.59 at Page 59 in Vol. 2049 of the Register of Deeds kept at the Lagos State Lands Registry, Ikeja, Lagos. Consequent upon the failure of the Late Brigadier Adenihun (Rtd) to repay the loan facility granted to him, the Appellant auctioned a part of the property containing one of the detached houses.
However, when the proceeds were not enough to liquidate the lingering indebtedness, the Appellant sought to auction the other portion of the property which at that material time was occupied by the Respondent.
The attempt to auction the said property was resisted by Respondent who claimed that the property sought to be auctioned had been sold to his principals by Late Brigadier Adenihun (Rtd.) via a Deed of Assignment dated 18th November, 1992 and which a Lagos State Certificate of Occupancy No 48/48/1996AH dated 10th July, 1996 was issued to them. The Respondent claimed that his principals have enjoyed undisturbed possession of the property in dispute exercising direct act of ownership with regards to same since 1992, till dispute arose between the parties.
