Description

The 1^st Appellant (the 1^st Defendant at the court below) obtained multiple loan and share margin facilities from Oceanic Bank International Plc and Intercontinental Bank Plc. The loan is approximately N100 million. The facilities were secured by shares of various companies valued at over N100 million, and cash deposits of N10 million with Oceanic Capital Limited. The 2^nd Appellant (the 2^nd Defendant at the court below) personally guaranteed the loans. The facilities matured between 2008 and 2009, but the Appellants failed to repay as agreed. By December 2010, the indebtedness to Oceanic Bank stood at N46,116,042.46, and Intercontinental Bank at N46,054,669.95 with a total of N92,170,712.41.