HABEEB ADEWALE OLUMUYIWA ABIRU, JSC (Delivering the Leading Judgment): This appeal is against the judgment of the Court of Appeal sitting in the Ilorin Division and delivered on the 4th of April, 2004 in Appeal No CA/IL/50/2001.
The matter leading up to this appeal was commenced by the Respondent, as plaintiff, against the Appellant, as defendant, in the High Court of Kwara State. The case of the Respondent, a private limited liability company carrying on the business of mixed farming, that is, rearing of cattle and other animals and crop farming, was that it approached the Appellant for a loan to assist its business. The Appellant approved a loan of N1,161,818.00 for the Respondent and out of which the sum of N1,018,616.05 was released to the Respondent in tranches with the first tranche coming on the 16th of August, 1988. The money was used by the Respondent to purchase forty hundred and forty-six cows for rearing and for other farming activities and the Respondent approached and was…