AMINA ADAMU AUGIE, J.C.A. (Delivering the Leading Judgment): The Appellant was a customer of Trade Bank Plc. at its Ikeja Branch, and he enjoyed various short term facilities from the Bank, which he promptly repaid.
On 17/5/2001, he was granted an "overdraft facility'' in the sum of N2 million to "import some fairly used Mercedes trucks and generators from Europe" and the expiry date was 21/7/2001. He failed to repay the facility as at that date, and after several letters of demand from the Bank, he forwarded N500, 000.00 as part repayment of his indebtedness to it. The Bank then renewed the N2m facility for 180 days from 8/8/2002 to 3/2/2003 for recovery purposes only.
Subsequently, by a letter dated 13/7/2003, the Bank conveyed waiver of 50% of the cumulative interest to enable him pay N3, 084, 737.94 as full and final settlement of his debt. He applied for a further extension of repayment time from 90 days to 180 day, and the Bank gave him up to 12/12/2006 to pay. However, despite …