FABIYI JSC (Delivering the Lead Judgment): This is an appeal against A the judgment of the Court of Appeal, Benin Division delivered on 6 June 2006 wherein the judgment of the High Court of Justice, Auchi, Edo State delivered on 1 August 2003, was affirmed.
At the on-set, the appellant as plaintiff filed an action against the respondent in suit No. HAU/72/95 wherein, it claimed, inter alia , as follows:
“(1) A declaration that the Deed of Floating Debenture executed between the plaintiff and the defendant dated 25 November 1996 and registered as Instrument No. 25 at page 25 in Volume 714 of the Lands Registry in the office at Benin-City, do not allow the defendant to unilaterally alter the status of the debt from loan to overdraft thus attracting higher interest.
(2) A declaration that the defendant’s computation of interest on the facilities granted to the plaintiff, is arbitrary and without legal basis.
Injunction restraining the defendant, its servant and/or agents from carrying …