Facts
Sometime in 2007, the 2nd Appellant approached the Respondent for a bank guarantee in the form of bond for the benefit of SOCACIC (W.A) Ltd. The 1st Appellant’s Certificate of Occupancy Number — BI/G/2962 was deposited with the Respondent as security for the bond. However, owing to change in government policy, the purpose for the bond could not materialise; thus, at the expiration of the tenure of the bond, the Appellants wrote to the Respondent demanding a return of the Certificate of Occupancy but the Respondent refused. The continued retention of the document caused the Appellants a lot of hardship and economic loss; thus, the Appellants instituted an action against the Respondent by Writ of Summons challenging the Respondent’s continued retention of the original title document of the property used in securing a performance bond facility granted to the 1st Appellant. They sought the following reliefs, inter alia – An Order of the Honourable Court directing the
Respondent to return the document to them; and an Order commanding the Defendant to pay the sum of N100,000,000.00 (One Hundred Million Naira) only as exemplary damages for unlawful detention of the Certificate of Occupancy Number – BI/G/2962 property of the Claimants from 2008 till date.
At the trial, the Appellants averred and led evidence to show that the Certificate of Occupancy is the title deed of a property they intend to construct an international hotel on, and also the only means for them to raise funds to build the hotel. In response, the Respondent claimed it did not release the title document because the Appellants did not return the original bond for cancellation. The 2nd Appellant testified as the sole witness and tendered documents which were admitted in evidence and marked as Exhibits A- A7. They established that the original bond had been returned to the Bank. The Respondent equally called a sole witness who testified on its behalf. At the end of the proceeding, the trial court entered judgement against the Respondent,
holding it liable for damages in the sum of N30,000,000.00 (thirty million Naira) for retaining the Certificate of Occupancy since 2007 for no reason, and N100,000 (one hundred thousand Naira) daily if the Respondent fail to release the Certificate of Occupancy within seven days of the judgement.
