By Innocent Anaba
LAGOSâ€”The Court of Appeal sitting in Lagos, has struck out the appeal by First Inland Bank Plc against Aluminium City Limited.
The presiding judge, Justice Raphael Agbo, in his ruling held that the appeal wasÂ incompetent and also awarded the sum of N30,000 against the appellant.
The bank had applied to withdraw the case from the court. In an application, dated 3 December 2009 the bank had said â€œtake notice that the appellant intend and do hereby wholly withdraw their appeal against the respondents in the above mention appeal.â€
It would be recalled that Justice Ibrahim Auta of the Federal High Court sitting in Lagos had granted leave to Aluminium City Limited to advertise the petition filed against the bank in two national newspapers, as well as the official gazette of the Federal Government in accordance with Rule 19 of theÂ Federation as amended.
But the bank soon got an order to stay execution of the lower court order. The order also suspended any execution already achieved against the bank, pending the determination of the appeal.
The judge also ordered the bank to deposit the sum of N12.8million in an interest yielding account with First Bank of Nigeria Plc within one week in the name of the Chief Registrar of the court as a condition for stay.
The substantive matter commenced when Aluminium City Limited said it demanded to no avail, the settlement of an outstanding indebtedness to it from the bank in the sum N12,866,056.95k, adding that the bank had been making some installmental payment to offset the debt which had accrued having finished a job for the bank at the bankâ€™s plaza.
The company added that after a meeting between it and the respondent, it was agreed that the remaining debt would be discharged but after a month it reneged on the agreement vide a letter.