CASE TITLE: GTI ASSET MANAGEMENT & TRUST LTD v. OYO STATE GOVERNMENT & ANOR (2022) LPELR-58765(CA)
JUDGMENT DATE: 2ND SEPTEMBER, 2022
PRACTICE AREA: PRACTICE AND PROCEDURE
LEAD JUDGMENT: MOORE ASEIMO ABRAHAM ADUMEIN, J.C.A.
SUMMARY OF JUDGMENT:
INTRODUCTION:
This appeal borders on Summary Judgment Procedure.
FACTS:
This is an appeal against the decision of the High Court of Oyo State, holden at Ibadan.
The respondents were the claimants in Suit No. I/508/2020 which they commenced by a writ of summons in the High Court of Oyo State, holden at Ibadan. In paragraph 20 of their statement of claim, the respondents sought the following relief:
(a) An Order of the Court granting judgment against the Defendant in the sum of N1, 277,847,756.44 (One Billion, Two Hundred and Seventy-Seven Million, Eight Hundred and Forty-Seven Thousand, Seven Hundred and Fifty-Six Naira, Forty Four Kobo) being monetary value of outstanding Investment Portfolio Assets belonging to the 1st Claimant in the custody and under the management of the Defendant as at 31st December, 2018.
(b) Cost of this suit in the sum of N100 Million in favour of the Claimants against the Defendant”.
The appellant, as the defendant, entered a conditional appearance and filed a statement of defence and counterclaim.
On the 15th day of June, 2020 the respondents filed a motion on notice wherein they sought the following orders:
”(1) AN ORDER of this Honorable Court granting summary judgment against the Respondent in favour of the Applicants in the sum of N1,277,847,756.44 (One Billion, Two Hundred and Seventy-Seven Million, Eight Hundred and Forty-Seven Thousand, Seven Hundred and Fifty-Six Naira, Forty Four Kobo) being liquidated money demand on the Investment Portfolio Assets belonging to the 1st Applicant under the management of the Respondent as at 31st day December, 2018 by virtue of Asset Management Agreement dated 4th April, 2018 which agreement has now terminated and which sum the Respondent has admitted.
(2) AN ORDER of this Honorable Court granting the sum of N100 Million (One Million Naira) against the Respondent in favour of the Applicants as cost of this suit”.
In response to the motion for summary judgment, the appellant filed a counter affidavit of 31 paragraphs, supported with a written address. After hearing the respondents’ motion for summary judgment, the trial Court delivered a reserved judgment on the 14th day of October, 2020 whereby the application was granted. This appeal is against that judgment.
ISSUES FOR DETERMINATION:
The Court determined the appeal based on the following issues for determination:
“1. Whether or not the respondents’ claim qualified as a liquidated money demand?
2. Whether or not the trial Court erred in awarding the sum of N100, 000.00 as costs in favour of the respondents in its summary judgment?
3. Whether or not the trial Court misdirected itself in holding that exhibit “B” did not amount to a forceful termination or a pre-duration liquidation of the investment within the contemplation clause 4 of the exhibit “A”?
4. Whether or not the dismissal of the appellant’s counterclaim by the trial Court was without jurisdiction and in breach of the appellant’s right to fair hearing?”
DECISION/HELD:
In the final analysis, the Court dismissed the appeal. The judgment of the trial Court was affirmed.
RATIOS:
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