BUKARI VRS NASIRU & ANOTHER (A2/75/23) [2024] GHADC 95 (26 March 2024)

BUKARI VRS NASIRU & ANOTHER (A2/75/23) [2024] GHADC 95 (26 March 2024)

Plaintiff is entitled to recover the loan amounts at the prevailing bank rate, not the contractual rates, as the agreed interest and penal rates are unlawful under Act 1052. The 2nd defendant is not a proper party as he did not sign collateral documents.

Citation
BUKARI VRS NASIRU & ANOTHER (A2/75/23) [2024] GHADC 95 (26 March 2024)
Parties
Plaintiff: Moro Bukari; 1st Defendant: Yakubu Nasiru; 2nd Defendant: Abdulai Sulemana
Court
ghadc
Jurisdiction
Ghana
Judgment Date
26 March 2024
Procedural Posture
Commercial Contract / Final Judgment
Outcome
judgment for plaintiff in part
Legal Topics
Loan Recovery, Interest Rate Regulation, Collateral Validity, Party Joinder
Source Language
eng
Contract Law Banking and Finance Loan Recovery Interest Rate Regulation Collateral Validity Party Joinder

Case Brief

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Parties

Moro Bukari

Plaintiff

Yakubu Nasiru

1st Defendant

Abdulai Sulemana

2nd Defendant

Procedural Posture

Commercial Contract / Final Judgment

Legal Issues

  1. 1 Whether the plaintiff is entitled to recover the outstanding loan amounts and interest
  2. 2 Whether the contractual interest and penal rates are lawful under Act 1052
  3. 3 Whether the 2nd defendant is a proper party to the action

Ratio Decidendi

Plaintiff is entitled to recover the loan amounts at the prevailing bank rate, not the contractual rates, as the agreed interest and penal rates are unlawful under Act 1052. The 2nd defendant is not a proper party as he did not sign collateral documents.

Court Disposition

judgment for plaintiff in part

Orders

  • Recovery of loan number 00470 at prevailing bank rate from 14th October, 2022 till final payment, less GHS10,000.00 paid
  • Recovery of loan number 00471 at prevailing bank rate from 14th October, 2022 till final payment