Justice Sanusi Kado of the National Industrial Court, Calabar Division has directed Keystone Bank to fulfill the payment of a judgment sum outlined in the decision delivered on 28th July 2022 within 21 days.
The judge on Monday conditionally approved a stay of execution for the judgment delivered in favor of Mr. Anthony Ette.
The judge held that the stay remains in effect pending the hearing and determination of the appeal before the Court of Appeal.
The bank is instructed to remit the funds to the Chief Registrar of the Court, depositing them into an interest-yielding account with a reputable bank.
The Court clarified that the party succeeding in the appeal would claim the money along with the accrued interest at the conclusion of the Appeal.
Background
Parties in the suit includes Mr. Anthony Ette and Keystone Bank Limited. The case relates to a legal dispute centered around a judgment delivered on July 28, 2022, in favor of Mr. Anthony Ette.
According to the facts presented, Keystone Bank Limited formally requested the Court to issue an order halting the enforcement of the judgment favoring Mr. Anthony Ette.
This request was made pending the hearing and determination of the appeal initiated by the judgment debtor at the Court of Appeal.
The legal representative for the Bank expressed concerns about the potential challenges in recovering the judgment sum from Mr. Anthony if the appeal were to succeed.
Consequently, the Bank’s counsel urged the Court to grant the application for a stay of execution to prevent the payment and mitigate the risk associated with a potential successful appeal.
In response, Albert Ben Esq., the learned counsel representing Mr. Anthony, argued in opposition.
He contended that the application for a stay of execution was filed after the commencement of contempt proceedings against the Bank.
Albert Ben asserted that this timing rendered the application incompetent and deemed it an abuse of the court process.
As a result, he urged the court to dismiss the application, emphasizing the importance of upholding the principles of justice.
Following this decision, Keystone Bank sought a stay of execution, expressing concerns about potential difficulties in recovering the payment if the appeal proved successful.
Court’s Decision
Justice Sanusi Kado acknowledged the concerns presented by Keystone Bank. However, he underscored the fundamental principle that the fruits of a judgment should not be denied to the successful party.
The court held that granting a stay of execution, tantamount to temporarily withholding the benefits of the judgment, requires a demonstration of exceptional circumstances.
Despite recognizing the bank’s apprehensions, the Judge conditionally approved a stay of execution, outlining specific directives for Keystone Bank to fulfill the payment within a stipulated timeframe and deposit the funds in an interest-yielding account.
The court maintained that the successful party would be entitled to claim the money, along with accrued interest, at the conclusion of the appeal.
