The Lagos Division of the Court of Appeal, in a landmark decision, yesterday, upturned a 2013 judgment of the Federal High Court, in a matter between RCN Networks Ltd and Guaranty Trust Bank PLC.
The Federal High Court ruling had previously resulted in the “unlawful foreclosure” by GTB PLC of a 30 billion Naira 44-room mansion owned by AlhajiAgboolaAbiola, one of the sons of the late winner of the June 12 1993 presidential election, Bashorun M.K.O Abiola.
In a unanimous judgment in the suit with number CA/L/888/2014, the court held that the trial court had ignored glaring discrepancies on the execution page of a tripartite legal mortgage registered by the bank at the Land Registry of Lagos State against the said property.
The court found that the said discrepancies made the tripartite legal mortgage document so deficient that it was incapable of conferring on the said bank, any legal rights to foreclose on the property.
The court further found that discrepancies on the document included the fact that it was unsigned by alleged mortgagor, AlhajiAbiola.
In addition, the court further discovered that the footer therein contained handwritten alterations not present on other pages of the document, which the Appellant had alleged in the case was indicative of the fact that the document had actually been forged by the bank.
Consequently, and after establishing the facts of the case, the court discharged all legal charges levied on the property by GTBank in favour of the Appellant.
The Appellant was represented by Dr. Charles Adeogun-Phillips, SAN, while the respondent was represented by Mr. Norrison Quakers, SAN.