ISA AYO SALAMI, J.C.A. (Delivering the Leading Judgment): The plaintiff, a banker, in Suit No. 1/633/89 brought an action against the defendant, one of its customers claiming the sum of N29,574.89 being overdraft advanced to the customer in 1981 as well as accrued interest thereon. The current account number 504403 showed a debit balance of N29,574.89 as at 31st day of July, 1989. The overdraft made to the defendant was with interest at the rate of 18% per annum in accordance with Central Bank Regulation. The plaintiff pleaded that the defendant failed to repay the advance in spite of repeated demands.
The defendant did not only file a statement of defence in his defence but he also counter-claimed. The defendant admitted being a customer of the bank with a current account but denied that the debt was as a result of an overdraft. Rather, he contended he was granted a loan of N10,000.00 in September, 1981 attracting an interest rate of 10% orally agreed upon by himself and the Manager …