ODUYEMI, JCA (Delivering the Lead Judgment): The facts of the case leading to this appeal are briefly thus -
A company called Tundekola Nigeria Limited, whose Managing
Director and alter ego , one Kolade Ajayi (now deceased) was a customer of the respondent bank. The company sought and obtained credit facilities from the respondent bank. The appellant, brother-in-law to the said Kolade Ajayi, at the instance of the company, entered into a deed of guarantee with the respondent bank for the repayment of the debt secured by the deed of guarantee. The company defaulted in repayment. The Managing Director of the company also died suddenly. When the respondent bank failed to get the company to repay, the respondent bank called for repayment from the appellant/guarantor who also failed to pay. The respondent bank then threatened to enforce the security under the guarantee. The appellant as plaintiff thereupon caused a writ of summons to issue in the High Court of The Federal Capital Territ…