Appeal Court Overturns Judgment In $25m Loan Dispute, Validates Foreign Jurisdiction Clause

The Court of Appeal has overturned a Lagos High Court judgment in favour of Panasonic Industries Limited, upholding Afreximbank’s right to recover a $25 million loan in US dollars and endorsing the agreement that disputes should be resolved in English courts.
The appellate court, presided over by Justice Yargata Nimpar, ruled in favour of Afreximbank in a dispute over a receivables-backed loan of up to $25 million granted to Panasonic Industries Limited in 2012, with Sterling Bank Plc acting as the local agent.
The judgment reverses the earlier decision delivered by Justice Olufolake Olufolashade Adewunmi-Oshinon on 25th June, 2024, which had dismissed Afreximbank’s objection and gran...