ONYEKACHI AJA OTISI, JCA (DELIVERING THE LEADING JUDGMENT): This appeal is against the decision of the High Court of Lagos State delivered on April 17, 2014 in Suit No LD/1721/2012 dismissing a preliminary objection filed by the Appellants and granting the Respondent's Motion on Notice for summary Judgment.
The Respondent, as claimant before the Lower Court, commenced action at the High Court of Lagos State by a writ of summons, pages 1-2 of the Record of Appeal, seeking the following reliefs:
(a) Immediate payment of the sum of $4,408,842.68 54, United States of American Dollars (USD) or its naira equivalent at the prevailing exchange rate being the amount due to the Claimant from the Defendants for the loan of $600,000 USD granted by the Claimant to the Defendants at agreed interest rate of 5% per month on 26th June, 2008
(b) Interest on the sum of $4,408,842.68 or its naira equivalent at the rate of 12% until judgment is delivered in the suit thereafter at the rate of 7% until the who…