Respondents gave an overdraft facility to the 1st appellant in the sum of approximately N129 million. The said loan was personally guaranteed by the 2nd appellant.

Upon the appellants defaulting in repayment, respondent instituted an action against them at the High Court claiming the sum of N39, 053,312.89 as balance on the principal sum borrowed. The matter was placed on the undefended list.

Appellants filed a memorandum of appearance but at the end, the trial court entered judgment in favour of the respondent in the sum of N29 million which it found the appellants had admitted in an uncertified affidavit in another matter before the High Court. Appellants appealed to the Court of Appeal whilst also filing an application for a stay of execution of the judgment which was refused.

Appellants then filed another application for stay at the Court of Appeal and Respondent countered it. The stay was refused

Aggrieved, appellants appealed to the Supreme Court.