EDC STOCKBROKERS LTD (PLAINTIFF) vs. CIG MICROFINANCE LIMITED & ORS. (DEFENDANTS) IGS FINANCIAL SERVICES (CLAIMANAT)

This is an interpleader proceeding initiated by the Claimant. The Court on the 13th February, 2019 ordered the Claimant and the Execution Creditor to file their respective affidavits of interest in the property attached to enable the Court determine the issue summarily. The Claimant has filed its affidavit since 28th February, 2019. The Execution Creditor has failed to file its affidavit of interest. I have examined the affidavit of interest filed by the Claimant herein. Perusing the documents attached to the affidavit of interest filed by the Claimant, it is clear that the Claimant has a secured interest in the nature of a mortgage over the property attached by the Execution Creditor. Counsel for Execution Creditor informs the Court that he concedes that the Claimant has a secured interest over the property attached. It is my view that the interest of the Claimant supersedes that of the Execution Creditor in terms of priorities. It is therefore ordered that the attached prop...