ABBA BELLO MOHAMMED, JCA (Delivering the Leading Judgment): This is an appeal against the judgment of the High Court of the Federal Capital Territory, Abuja (the trial court), delivered by Hon. Justice C. O. Agashieze on the 19th of October, 2022 wherein the trial court entered judgment for the Respondent (Claimant) and ordered the Appellants to pay the sum of N13,160,000.00 (Thirteen a Million, One Hundred and Sixty Thousand Naira) only to the Respondent (Claimant).
At the trial court, the Respondent took out a writ of summons under the undefended list procedure claiming against the Appellants the sum of N13,600,000.00 (Thirteen Million, Six Hundred Thousand Naira), being the loan advanced to the Appellants pursuant to the loan agreement executed by the parties on 31st May, 2021. Upon being served with the originating processes filed by the Respondent, the Appellants filed a notice of intention to defend and relied on the arbitration clause contained in the contract and agued that …