M.S. MUNTAKA-COOMASSIE, J.S.C (Delivering the Leading Judgment): The respondent, who was the plaintiff at the trial court claimed jointly and severally against the appellants the sum of N486, 780.00k being the debt owed as at 30th July, 1989 arising from the loan facilities granted the defendants/appellants in accordance with Agreements C.P/214 dated 20th December, 1986 and C.P/214-A dated 19th December, 1986 entered into by the plaintiff and defendants at defendants' request.
The facts of this case as agreed by the parties in their respective brief of argument are this. The contract between the parties was contracted in 1987 between the respondent, as lender, and the appellants, as borrowers. The appellants are couple doing business together. The money lent was to attract interest at the rate of 132% per annum. The respondent was not a licensed Money Lender at the time it entered into the transaction nor as at the time it sued to recover what was allegedly owing under the contract. …