Nigerian Agricultural Co-operative and Rural Development Bank Ltd V. David Anebi Ngbede (2004)

LawGlobal-Hub Lead Judgment Report

ADZIRA GANA MSHELIA, J.C.A.

COURT: – Parties have amicably settled. By this application appellant/applicant is seeking for an order entering consent judgment in this appeal pursuant to the terms of settlement executed by parties marked Exhibit E and same attached to the application. A clean copy of the terms of settlement has also been filed. The application is in order and same granted.

I hereby enter consent judgment as per the terms stated in the Terms of Settlement dated 26/10/07 and filed 11/02/13. The said terms are reproduced hereunder as follows:-

TERMS OF SETTLEMENT
“WHEREAS:
1. The respondent herein obtained judgment against the appellant before the Federal High Court, Makurdi Judicial Division, Makurdi, on 14th Day of June, 2005 in suit No: FAC/MK/CS/26/2003 in the total sum of N1. 2m (One Million, Two Hundred Thousand Naira) as follows:-
(a) The sum of N300, 000.00 for malicious publication/defamation.
(b) The sum of N500, 00.00 for wrongful arrest and detention.
(c) N200, 000.00 for malicious prosecution.
(d) N100, 000.00 as general damages
(e) N100, 00.00 as costs of action.

2. Consequent upon the said judgment the official vehicle of the appellant, to not, Peugeot 306 with Registration No FG40 W03 was attached at the instance of the respondent on or about 28/10/05 towards the satisfaction of the judgment sum.

3. Dissatisfied with the said judgment, the appellant filed an appeal to this Honourable Court pursuant to leave granted on the 25th day of April, 2006.

4. Subsequently; the appellant paid the sum of N1.2m vide Gurantee Trust Bank draft No. 01636268 dated February 20, 2007 into an interest yielding account in the name of the Deputy Chief Registrar, Court of Appeal, Jos to abide the outcome of the appeal pursuant to the order of this Honourable Court made on Monday, the 12th day of February, 2007.

5. Thereafter, the respondent made a proposal to the appellant toward amicable settlement of this case out of court,

6. After series of correspondences, both the appellant and the respondent, as well as their respective solicitors have agreed that this matter be settled amicably on terms and conditions hereinafter appearing.

WHEREBY IT IS AGREED AS FOLLOWS:
1. The respondent has agreed to accept payment of N250, 000 made vide Skye Bank Plc draft No. 00718774 of 13/07/2007 by the appellant (the receipt whereof the respondent hereby acknowledge) as full and final settlement of judgment sum in suit No: FHC/MKD/CS/26/2003 that is to say AS ACCORD AND STATISFACTION. The copy of the draft is attached as Exhibit A,

2. That the sum of N1.2m earlier on paid into an interest yielding account in the name of the Deputy Chief Registrar of this Honourable Court vide Guarantee Trust Bank draft No: 01636268 dated February 20, 2007 to abide outcome of the appeal pursuant to the order of this Honourable court made on Monday, the 12th day of February, 2007 be released to the applicant forthwith together with accrued interests thereon,

3. Both the appellant and their respective counsel agree that with the payment of the sum of N250,000 by the appellant to the respondent vide Skye Bank Plc draft No. 00178774 of 13/07/2007 aforesaid, the liability of the appellant to the respondent in respect of judgment sum of N1.2m in Re: suit No. FHC/MKD/CS/26/2003 stands extinguished.

4. The appellant undertakes to discontinue its appeal against the judgment of the Federal High Court in Suit No. FHC/MKD/CS/26/2003 delivered on 14th day of June, 2005.

5. In the alternative to the undertaking in paragraph 4 above, both the appellant and the respondent have agreed that consent judgment be entered in this case by this Honorable Court for the sum of N250,000 as ACCORD AND SATISFACTION of the judgment sum of N1.2m of earlier entered by the lower court in suit No. FHC/MKD/CS/26/2003 or as variation thereof.

6. For full and effectual implementation of the Terms of Settlement, the same shall be executed by the parties and their respective counsel as filed before this Honourable Court.

7. Both the appellant and the respondent shall bear their respective costs of this case.”

A further order is made releasing to the appellant/applicant the judgment sum of 1.2 million Naira earlier paid into an interest yielding account in the name of the Deputy Chief Registrar of this court, together with the accrued interest thereon. This is the judgment of this court.

Other Citations: (2004)LCN/1533(CA)