An Australian Court has become the first in the world to find a ratings agency liable for AAA ratings on junk derivatives, paving the way for many new possible claims in the United States and elsewhere.
The Nigerian Bar Association joined the rest of the world over the weekend, to mark the International Anti-Corruption Day.
The late Honourable (Mr) Justice Kayode Eso J.S.C sat on the nation’s apex court for 12 eventful years. In the many decisions to which the revered Law Lord was party, his contributions were a delight to read; they remain brilliant expositions of law and jurisprudence and teach us the progressive ends to which the law should and can serve in shaping a society. His erudite judgments reported in the Law Reports and his many writings offer ample resources to examine the activist judicial mind. The cases accentuate most acutely the revered Law Lord’s great learning and reasoning, clarity of thought and scholarly depth.
The Late Mr. Richards Olojede (the 1st Appellant’s husband and the 2nd Appellant’s father) mortgaged his property situated at Olojede Close, of Ikere Road, Ado-Ekiti to the 2nd Respondent. Mr Richards Olojede did not redeem the mortgage before his death and the 2nd Respondent sold the property to the 1st Respondent.
COURT OF APPEAL (LAGOS DIVISION)
(AUGIE; JAURO; PEMU, JJ.CA)
Lead judgment per Pemu JCA
The Appellant and the Respondent agreed for the Appellant (an insurance company) to provide insurance cover to the Respondent. The Respondent only paid part of the premium due and the Appellant sued for the sum of N7,357,585.15 (Seven Million Three Hundred and Fifty Seven Thousand Five Hundred and Eighty Five Naira, Fifteen Kobo) due from the Respondent as well as interest at the rate of 21% per annum.
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