Teleology Nig Ltd Appeals N55bn Judgement by FHC

TELEOLOGY NIGERIA LIMITED APPEALS THE JUDGMENT OF THE FEDERAL HIGH COURT GRANTING KEYSTONE BANK LIMITED THE SUM OF N55,726,507,509.67 as principal and interest debts owed by Teleology under a loan facility granted by Bank.

Teleology Nigeria Limited, has filed a Notice of Appeal against the decision of the Federal High Court, Lagos Judicial Division, as contained in the judgment of the Court delivered by His Lordship, the HON. JUSTICE YELLIM S. BOGORO on the 12th day of July, 2024 in SUIT NO: FHC/L/CS/297/2023: KEYSTONE BANK LIMITED VS. TELEOLOGY NIGERIA LIMITED, wherein his Lordship, the Honourable Justice Yellim S. Bogoro had entered Judgment in favour of Keystone Bank Limited  under the undefended List Procedure and proceeded to grant the Bank’s sole relief for “The sum of N55,726,507,509.67 (Fifty-Five Billion, Seven Hundred and Twenty-Six Million, Five Hundred and Seven Thousand, five Hundred and Nine Naira and Sixty-Seven Kobo) being the Outstanding debt from the facilities granted to the Defendant vide the loan facilities commencing with the Offer Letter of 29th November, 2018” as contained in the Writ of Summons and the Affidavit setting forth the grounds upon which the application for hearing of the Suit under the Undefended List Procedure was brought.

The Notice of Appeal was filed on behalf of Teleology Nigeria Limited by the former Attorney-General of the Federation and Minister of Justice, Chief Michael Kaase Aondoakaa, SAN dated 17th day of July, 2024 and filed on the same day is praying the Court of Appeal to set aside the Judgment of the Federal High Court on three Grounds to wit:

i. That the Learned Trial Judge erred in law when he assumed jurisdiction, despite the clear provisions of the Proviso to Section 251 (1) (d) of the Constitution of the Federal Republic of Nigeria 1999 (as altered) to entertain the Respondents Suit No. FHC/L/CS/297/2023 which is a claim arising out of a banker/customer transaction and proceeded albeit without jurisdiction, to enter judgment in favour of the Respondent, therefore rendering the entire proceedings a nullity.

ii. That the Learned Trial Judge denied the Appellant it’s right of fair hearing when he refused to hear, consider and determine before proceeding to judgment, the Appellant’s pending Notice of Preliminary Objection filed on the 2nd day of July, 2024 and Motion on Notice filed on the 2nd day of July, 2024 which Exhibited a defence on the merit that Keystone Bank Limited failed, refused and or neglected to disburse to the Appellant any amount of the loan credit facility in the sum of N26,000,000,000.00 (Twenty-Six Billion) Naira, as contained in the loan Agreement between the Parties and that the case of the said loan credit facility is a subject of a pending investigation before the Economic and Financial Crimes Commission (EFCC).

iii. That Learned Trial Judge erred in law in entering Judgement in favour of the Respondent and granting the relief sought by the Respondent in the Writ of Summons under the undefended list when the Claim of the Respondent is not for a liquidated money demand or liquidated money sum as the total claimed sum is said to include principal and interest and Keystone Bank Limited has no statement of account to show it ever disbursed the loan to the Appellant or to show how the interest accrued. 

The Appellant has also filed before the Federal High Court, a Motion on Notice dated 15th day of July, 2024 but filed on the 17th day of July, 2024 praying the Court to stay the execution of the Judgment delivered on the 12th day of July, 2024 in the said suit FHC/L/CS/297/2023: KEYSTONE BANK LIMITED VS. TELEOLOGY NIGERIA LIMITED pending the hearing and determination of the Appeal by the Court of Appeal.

Both the said Notice of Appeal, the Motion for Stay of Execution as well as Summons for Compilation of the Record of Appeal have been served on the Respondent, Keystone Bank Limited.

Incidentally,9mobile is not a party to the suit and no judgement was ever entered against 9mobile.