“While the cost of the loss of the original title document cannot be quantified, the shares can be valued as they are regularly sold on the stock market.” Nigeria
The judge also ordered that the defendant must pay to the claimant N500, 000 as cost and that it would pay 10 percent interest per annum until the judgment sum is liquidated.
In its defense, while the bank admitted that it has not been able to locate the title document after conducting a thorough search at its head office and at Ogba branch, it denied that it sold the claimants share, saying it only realized the share certificates to off-set the claimant’s outstanding indebtedness to the bank.
The court said the defendant sold the claimant’s shares to off-set a debt, which the claimant had already repaid, following a judgment of a court. “The defendant has asserted that it obtained a certified true copy of the claimant’s title document which is sent to him and also executed a deed of release for him. While it was not a certified true copy that was kept with the defendant, such a copy enjoys a statutory presumption for its genuineness under section 146 of the Evidence Act 2011.
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