NNAMANI J.S.C. In this Suit which commenced in the High Court of Lagos State as Suit No. LD/404/80, the plaintiff (i.e. respondent herein) brought a claim against the defendants (appellants herein) in the following terms:
"1. Specific performance of an agreement between the parties and evidenced in letters dated 10th January 1976, 28th January, 1976, and 2nd February, 1976, whereby the defendants promised to execute legal mortgage of the defendants' properties lying and situate at (a) Herbert Macaulay Street, Yaba, Lagos (b) Adekunle Fajuyi Street, Ibadan (c) Ijebu-Bye Pass, Oke Ado, Ibadan (d) 21 Barracks Road, Calabar and (e) Mile 3 Abe/Port Harcourt Road, Aba; in favour of the plaintiff to secure various overdrafts amounting to over N2,000,000 made, to the defendants in Lagos between 1976 and 1978.
2. The sum of N2,135,092.57k (Two Million One Hundred and Thirty Five Thousand Ninety Two Naira and Fifty Seven Kobo) being balance due to the plaintiff for overdrafts granted by the pla…