OSEJI JCA (Delivering the Lead Judgment): This is an appeal against the judgment of the High Court, Onitsha, Anambra State delivered by Hon. Justice P.A.C. Obidigwe on 3 June 2004 in consolidated suit Nos. O/118/90 and O/123/90 wherein he dismissed the claim in suit No. O/123/90 and granted the reliefs as prayed in suit No. O/118/90.
The plaintiff, Ifeanyi Ajugwo, in the lower court in suit No. O/118/90 was substituted for his deceased father, Jerome B.C. Ajugwo. He is now the 1st respondent in this appeal. His father Jerome Ajugwo was a current account customer with the 1st defendant (now the appellant) in her Onitsha branch. One S.B.C. Maduakolam, carrying on business under the name and style of Maduakolam and Company was a friend of respondent’s father. He also had a current account with the appellant. He borrowed money from the appellant and the respondent’s father guaranteed the loan/overdraft and in the process mortgaged his landed property at Plot 8, Block 34, Nupe Settlement,…