AKINOLA
V.
FASEUN & ORS
·
T. O. ELIAS, C.J.N (Delivering the Leading Judgment): This appeal is against the judgment of the Western State Court of Appeal in Suit No. CAW/11/68 delivered on September 17, 1969, in which the court confirmed the judgment of the Akure High Court and held that in order to be effective, an acknowledgment of a debt by a borrower must, under Section 30 of the Money-lenders Law, (Cap. 78) of the Western State of Nigeria, state the amount due and give an undertaking by the debtor to pay that amount and that the plaintiff/appellant's claim must be dismissed for failure to prove that both conditions had been met in this case.
The facts in this case are straightforward. On April 2, 1962, the plaintiff, a registered moneylender, lent to the defendants jointly and severally the sum of 1,600pounds as principal with interest at 45% per annum.
When the defendants failed to pay, the plaintiff wrote to the defendants a letter of demand (Exhibit G) dated March 1,1963, and the 3rd defendant also wrot…