The trial court had entered Judgment for the plaintiff against defendant in the sum of N102, 416.54 being outstanding balance on the loan/overdraft facilities including interest and bank charges granted to the defendant plus interest at 15% up to date of judgement, and thereafter at the rate 3% p.a. He also dismissed defendant's counter-claim for specific performance of the contract or for the sum of N771, 940. 00 being damages for breach of contract. The defendant being dissatisfied with that judgment has now appealed to this court.

The plaintiff, who will hereafter be referred to as the respondent worded his claim against the defendant (hereafter to be referred to as appellant) as follows at paragraphs 4 and 8 of his "Amended Statement of Claim and Defence to counter-claim".

It was then averred that after enjoying the facilities the defendant failed, refused or neglected to repay any part of the money, in spite of repeated demands. At the trial relevant statements of account and other documents were tendered to show how the loan of N50,000.00 granted on 7/5/81 grew to become N102,416.54 as at the time the action was instituted in April, 1987.

In its defence the appellant admitted obtaining the overdraft/loan facility of N50,000.00 from the respondent, but stated further that they had applied for a loan of N150,000.00 for use in buying or setting up a Science Equipment Factory.

However, they were granted only N50,000.00 after much delay that they were forced to obtain additional loan from the African Development Bank, when the price of the Science Equipment had also risen astronomically. Taking into consideration their loss of profit for two years, as well as the increased cost of the Science Equipment, they found it expedient to counter-claim from the respondent the sum of N771,940.00 as damages for breach of contract. After careful consideration of the evidence and law on both sides, the learned trial Judge entered judgment in favour of the respondent and dismissed the appellant's counter-claim as already stated above with N500,000.00 costs.