CaseLaw
Okonkwo V. CCB (2003) CLR 2(b) (SC)
Judgement delivered on February 28th 2003
Brief
Facts
The Plaintiff (mortgagor) had in 1981 mortgaged his building known as No. 13 3 Aba-Owerri Road, Aba to the 1st Defendant (Mortgagee) by virtue of a Deed of Mortgage (Exhibit B in the proceedings) as security for a loan of N60, 000.00. The loan was repayable within twelve (12) months. The Plaintiff defaulted in complying with the terms of Exhibit B and did not repay the loan for more than six years after the debt became due. Upon continued default by the Plaintiff the 1st Defendant/Bank sent relevant notices and Statements of Account to the Plaintiff as evidenced by Exhibits G, H, H.1 and H.2 in the proceedings. When the 1st Defendant first wanted to sell the house in 1982, it was stopped by the payment of N21,000.00 by the Plaintiff. Then on 30th January, 1988, the Plaintiff saw a publication in the Nigerian Statesman Newspaper whereby the 2nd Defendant (auctioneer) had advertised the mortgaged property for sale on behalf of the 1stDefendant/Bank. The auction sale was scheduled to take place on Monday 1st February, 1998 at 8.00 a.m. The Plaintiff said he was able to raise the sum of N96,000.00 from friends which he took to the 1st Defendant in payment of the mortgage debt so as to stop the auction sale but without success. This was denied. His contention also that there was no auction sale because there was no notice to that effect was equally denied. The 1st Defendant said in exercise of its power of sale under Exhibit B, it gave notice of the intended sale by conspicuously pasting notices on the building and other public places in addition to the publication in the newspaper (Exhibit A). That several people attended the auction sale including the Plaintiff, his brother and agent who bidded for the property. The 3rd Defendant who also attended the public auction bidded. She was the highest bidder, and the property was duly sold to her and a deed of assignment executed in her favour as per Exhibit K.
At the conclusion of hearing, counsel on both sides addressed the Court and in a considered judgment, the learned trial Judge dismissed Plaintiff's claims.
Aggrieved by the judgment of the trial Court, the Plaintiff appealed to the Court of Appeal holden at Port-Harcourt. In a unanimous judgment, the appeal was dismissed. The Plaintiff has now further appealed to this Court from the decision of the Court of Appeal.