AMAIZU JCA (Delivering the Lead Judgment): This is an appeal against - the judgment of Akintan J., of the Ondo High Court, sitting at Ado-Ekiti Judicial Division. The judgment was delivered on 12th December, 1989, and the ruling of Bamisile J., of the Ado-Ekiti High Court, sitting at Ado-Ekiti Judicial Division. The ruling was delivered on 16th October, 2001.
It is necessary to state the facts of this appeal in full in order to appreciate the conclusion I will eventually reach.
The plaintiff in the court below is a licensed banker. It has branches all over the country, includingAdo-Ekiti. The defendant isone of its numerous customers. Sometime in 1984, the defendant applied for a loan of N150,000.00 , with which to finance an industrial bakery at Ado-Ekiti. The plaintiff, after considering the application, approved a loan of N130,000.00 for the defendant. By a letter dated 22nd February, 1985, the defendant confirmed that the said sum would be sufficient for this purpose. It is the ca…