JOHN AFOLABI FABIYI, J.S.C. (Delivering the Leading Judgment): This is an appeal against the judgment of the Court of Appeal, Benin Division delivered on 6th June, 2006 wherein the judgment of the High Court of Justice, Auchi, Edo State delivered on 1st 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 the 25th day of 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.
(3) Injunction restraining the defendant, …