ALI ALABA INTERNATIONAL LTD V STERLING BANK PLC

Issue:

The respondent, as plaintiff at the trial High Court, filed an action against the appellants (defendants) for recovery of the sum of Thirty two million, six hundred and forty-four thousand, nine hundred and thirty two naira, twenty kobo (N32,644,932.20k) which was a sum arising from credit facilities granted to the appellants. The appellants admitted owing the respondent the sum of twenty nine million, eight hundred and seventy five thousand naira, thirty-two kobo only (N29,872,075:32k) with accrued interest. Based on that admission by the appellants/defendants, the trial Court entered judgment against the appellants in favour of the respondent/plaintiff. Prior to the said judgment, the trial Court made an order of mareva injunction freezing all assets of the appellants. The trial Court also ordered the 1st appellant herein, to procure a bank guarantee in the outstanding sum, pending the final determination of the substantive suit. The Court also ordered the sealing of the 1st appellant's premises at No.48, Alaba Rago Market along Badagry Express way, Lagos pending the time the substantive suit was finally determined. Dissatisfied with the judgment of the trial Court, the appellants appealed to the Court below. After entering their appeal, the appellants became lackadaisical and in-diligent by not filing their brief of argument to prosecute their appeal which they filed on 19th November, 1999. Thereupon, the Court below invoked the provisions of Order 6 Rule 10 of the Court of Appeal Rules 1981 and dismissed the appellants' appeal. Then on 16th December, 2005, the appellants filed an application at the Court below for relisting of the appeal which was earlier dismissed on 10/5/2005 and also applied for extension of time within which to file their brief of argument. Those applications were later withdrawn by the appellants on 18/8/2006 and struck out by the lower Court upon the withdrawal by the appellants/applicants of the said motion. The appellant later briefed a new counsel who filed an application dated 23rd April, 2007 seeking an order for extension of time to appeal against the decision of Court of Appeal dated 10th May, 2005 dismissing the appellants' appeal and also seeking extension of time to file their Notice of appeal. The application was graciously granted by the Court below, hence the appellant on 13th December, 2007 filed their Notice of appeal.