EFFECT OF A STATUTE-BARRED CLAIM
The above principle was reaffirmed by the Supreme Court in the very recent case of KEYSTONE BANK LTD. V. EBUH (2026) 13 NWLR (Pt. 2058) 433, where it considered whether a claim for the refund of money paid for shares that were not allotted could be brought more than nine years after the cause of action arose. To proceed, a statute-barred claim has been judicially defined by the Supreme Court in the aforementioned case as: “… a claim that is barred by a statute of limitations; a claim that cannot be brought because the time allowed by law for bringing it has expired…” The above case shall be the framework of this journey on the effect of a statute-barred claim. A simple and brief narration of the facts of this case goes thus: Dr. Vincent O. Ebuh applied for and paid for 30,000,000 shares during a public offer. However, only 4,335,000 shares were allotted to him, leaving 25,665,000 shares unallotted. He subsequently sought a refund of ₦436,305,000, representing the money alle...