KUMAI BAYANG AKAAHS, J.C.A. (Delivering the Leading Judgment): The 2nd Defendant/Respondent who is the Managing Director of the 1st defendant/Respondent and sole signatory to the 1st defendant/respondent's account at the Ilesha Branch of Afribank Nigeria Limited (formerly called International Bank for West Africa Limited) applied for overdraft and loan facilities from the Bank. The facilities which were granted at an interest rate of 9% per annum were guaranteed by the 2nd defendant in a letter dated 9th December, 1985 which was received in evidence as Exhibit "P1". The letter reads as follows:-
"INTERNATIONAL BANK FOR
WEST AFRICA LIMITED
ILESHA BRANCH
B, 43 OKE ESA ST.
ILESHA, OYO STATE
9TH December, 1985
Our Ref: IL/TTO/OA/1349/85
The Managing Director,
Moslad Enterprises Ltd,
P.O. Box 1506
Ilesha.
Dear Sir,
RE: BANK FACILITIES
With reference to your recent request, we are pleased to inform you that the Bank is prepared to make available the undermentioned banking facilities subject…