The plaintiff/respondent instituted an action in the Lagos High Court claiming the plaintiff (i.e. respondent herein) brought a claim against the defendants (appellants herein) in the following terms.
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1
Specific performance of an agreement between the parties and evidenced in letters dated 10/1/76, 28/1/76 and 2/2/76 whereby the defendants promised to executor legal mortgage of the defendants properties lying and situate at (a) 400 Herbert Macaulay street, Yaba Lagos (b) Adekunle Fajuyi Street, Ibadan (c) Ijebu Bye Pass, Oke Ado, Ibadan (d) 21 Barracks Road, Calabar and (e3) Mile 3 Aba/Port Harcourt Road, Aba, in favour of the plaintiff to secure various overdrafts amounting to over N2,000,000 made, to the defendants in Lagos between 1976 and 1978.
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The sum of N2,135,092.57k (Two Million One Hundred and Thirty five ThouS.A.N.d Ninety two Naira and Fifty Seven Kobo) being balance due to the plaintiff for overdrafts granted by the plaintiff to the 1st defendant at the plaintiff’s Mushin and Ebute Metta Branches, in the normal course of their business as bankers to 1st defendant at their request and for bank charges, incidental expenses upon money due from the defendants to the plaintiffs which money the defendants have refused and. or neglected to pay in-spite of repeated demands. Plaintiff also claims interest on the said sum of N2,135,092.57 at the rate of 8% per annum from 1st October, 1979 until final liquidation of the whole debt or part thereof.”
The trial judge found in favour of the plaintiff bank and the defendants appealed to the Federal Court of Appeal which confirmed the High Court’s judgment and dismissed the appeal.
They appealed to the Supreme Court.
