Firm directors appeal against GTB debt
recovery judgment
Firm directors appeal against GTB debt recovery judgment
The directors of an Ogun State-based
steel rolling company, BSS Steel Rolling
Mill Limited, have appealed the
judgment of a Federal High Court in
Lagos which barred them from accessing
the funds standing to the company’s
credit in various banks until a debt of
N346, 798,405.95 is fully repaid to
Guaranty Trust Bank (GTB).
Justice Ibrahim Buba, who entered
judgment in favour of GTB in a debt
recovery suit on October 23, 2015, also
restrained the directors from obstructing
Mr. Norrison Quakers (SAN) in the
discharge of his duty as the receiver/
manager appointed by GTB over the
assets of BSS Steel Rolling Mill Limited.
But displeased with Buba’s judgment, the
directors of BSS have gone before the
Lagos Division of the Court of Appeal
seeking to upturn the decision.
In the two-ground notice of appeal, the
directors, through their counsel, C.O.I.
Joseph (SAN), contended that Buba erred
in law when he refused to declare the
suit before him as an abuse of court
processes in the face of a suit numbered
LD/06/2012 still pending before a Lagos
State High Court.
The appellants argued that the suit which
Buba adjudicated upon “pre-assumes
that counter-claims before the High
Court of Lagos State had been decided in
favour of the respondents when it has
not.”
The appellants also contended that Buba
erred in law when he assumed
jurisdiction over the case and went on to
deliver judgment rather than decline
jurisdiction and dismiss the suit.
“The learned trial judge, in granting the
reliefs herein (which are declaratory in
nature) usurped the role of the Lagos
State High Court in determining an
alleged indebtedness of
N346,798,405.96k, despite the
admonition of the Supreme Court in
N.I.M. Bank Ltd V. Union Bank Ltd
(2004) 4 SC (Pt.1) 143 at 156-158, which
was made available to his lordship”, the
appellants stated.
“The assumption of jurisdiction by the
learned trial judge and the granting of
the reliefs herein have occasioned a
miscarriage of justice on the appellant
when the High Court of Lagos State has
yet to determine who, between the 1st
plaintiff and the 3rd plaintiff, is owing
the other and by how much,” the
appellants argued.
Meanwhile, they have also filed an
application for stay of execution of
Justice Buba’s judgment pending the
determination of their appeal.
steel rolling company, BSS Steel Rolling
Mill Limited, have appealed the
judgment of a Federal High Court in
Lagos which barred them from accessing
the funds standing to the company’s
credit in various banks until a debt of
N346, 798,405.95 is fully repaid to
Guaranty Trust Bank (GTB).
Justice Ibrahim Buba, who entered
judgment in favour of GTB in a debt
recovery suit on October 23, 2015, also
restrained the directors from obstructing
Mr. Norrison Quakers (SAN) in the
discharge of his duty as the receiver/
manager appointed by GTB over the
assets of BSS Steel Rolling Mill Limited.
But displeased with Buba’s judgment, the
directors of BSS have gone before the
Lagos Division of the Court of Appeal
seeking to upturn the decision.
In the two-ground notice of appeal, the
directors, through their counsel, C.O.I.
Joseph (SAN), contended that Buba erred
in law when he refused to declare the
suit before him as an abuse of court
processes in the face of a suit numbered
LD/06/2012 still pending before a Lagos
State High Court.
The appellants argued that the suit which
Buba adjudicated upon “pre-assumes
that counter-claims before the High
Court of Lagos State had been decided in
favour of the respondents when it has
not.”
The appellants also contended that Buba
erred in law when he assumed
jurisdiction over the case and went on to
deliver judgment rather than decline
jurisdiction and dismiss the suit.
“The learned trial judge, in granting the
reliefs herein (which are declaratory in
nature) usurped the role of the Lagos
State High Court in determining an
alleged indebtedness of
N346,798,405.96k, despite the
admonition of the Supreme Court in
N.I.M. Bank Ltd V. Union Bank Ltd
(2004) 4 SC (Pt.1) 143 at 156-158, which
was made available to his lordship”, the
appellants stated.
“The assumption of jurisdiction by the
learned trial judge and the granting of
the reliefs herein have occasioned a
miscarriage of justice on the appellant
when the High Court of Lagos State has
yet to determine who, between the 1st
plaintiff and the 3rd plaintiff, is owing
the other and by how much,” the
appellants argued.
Meanwhile, they have also filed an
application for stay of execution of
Justice Buba’s judgment pending the
determination of their appeal.
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