Facts:

This is an appeal which emanates from the decision of the High Court of Lagos State, Lagos Division (trial court), coram judice: F. Bankole-Oki, J., in Suit No. LD/2116/2009, delivered on 31st May 2016.

The appellant, an incorporated financial institution in Nigeria, who was the defendant in the trial court, granted overdraft facilities to the first respondent in the sum of N1,500,000.00 and N5,000,000 respectively. The two overdraft facilities were secured by a deposit of the nine share certificates of the second respondent, the alter ego of the first respondent. The respondents subsequently liquidated the overdraft facilities and formally demanded the release of the share certificates, of which only three share certificates were returned to the respondents. The respondents being frustrated by the non-release of the remaining six share certificates by the appellants instituted an action as plaintiffs via a writ of summon against the appellant seeking for pecuniary and non-pecuniary damages as a result of the appellant’s failure to release the remaining six share certificates.

The appellant joined issues with the respondents and denied liability by filing a statement of defence, and in a considered judgment, the trial court granted the respondents’ claim.

Aggrieved by the decision of the trial court, the appellant appealed to the court of appeal.