Judgment
EMMANUEL AKOMAYE AGIM, J.S.C. (Delivering the Leading Judgment): The Lagos State Development and Property Corporation (LSDPC) owed the 1st respondent a debt arising out of a building contract. The 1st respondent engaged the 2nd respondent as its legal practitioners to recover the said debt. The 2nd respondent as the 1st respondents’ legal practitioners commenced and prosecuted Suit No. 10/2M/82 to recover the said debt.
Upon recovery of the judgment debt after a protracted legal process, the judgment debt with interest was at the request of the 2nd respondent herein on 17-7-2010 paid into its account at United Bank for Africa Plc (UBA) on a fixed deposit at the interest rate of 11% per annum with a standing request to roll it over periodically. After the death of Chief F.R.A Williams SAN, the then Head of the 2nd respondent herein, the appellants herein assumed full control and management of the 2nd respondent and its said UBA account as the signatories to the account.
On 3-2-2005, the appellants and the 2nd respondent paid the sum of N15,534,801.74 to the 1st respondent.
In their pleadings, both sides joined issue on whether any part of the said judgment sum remained unpaid after the said payment of 3-2-2005. The 1st respondent herein as plaintiff contends that the balance of N21,534,801.75 was remaining unpaid and that the appellants herein and 2nd respondent herein as defendants converted the said unpaid balance to their personal use without the authority of the 1st respondent and have refused to pay same even after several demands and reminders.
The appellants and 2nd respondent herein as defendants contend that the 1st respondent was paid its complete entitlements in the suit as agreed during the life time of Chief F.R.A Williams SAN, that they are not owing the 1st respondent any money as it claimed, that Chief Ladi Williams SAN, the first son of Chief F.R.A Williams SAN is the alter ego and the directing mind of the 1st respondent, that at the time the 2nd respondent herein prosecuted the suit and appeals for the recovery of the debt due to the 1st respondent from LSDPC, Chief Ladi Williams was working in the 2nd respondent herein as legal practitioner, that Chief Ladi Williams SAN had on 23-11-2005 entered into an agreement with the appellants and 2nd respondent herein wherein he acknowledged and accepted that he had no claims whatsoever against the 2nd respondent and appellants herein in respect of his severance and voluntary disengagement from the 2nd respondent in respect of any matter, suit or case handled by the firm, that this agreement was comprehensive in respect of all the claims of Chief Ladi Williams SAN, including the claims made in the name of the 1st respondent, that Chief Ladi Williams is actually one and the same with the claimant and that the 2nd respondent had no fiduciary duty or any duty to the 1st respondent.
