ONYEKACHI AJA OTISI, JCA (Delivering the Leading Judgment): This is an appeal against the ruling of the High Court of Lagos State in ID/448/2001, Coram Oshodi, J., delivered on April 30, 2003 wherein the trial Court refused to set aside the judgment entered against the Appellants in favour of the Respondent upon an application for summary judgment pursuant to Order 11 Rules 1 and 2 of the High Court of Lagos State (Civil Procedure) Rules, 1994.
The facts leading to this appeal are, in summary, as follows: The Respondent by writ of summons accompanied by its Statement of Claim, pages 1-4 of the Record of Appeal, commenced action against the Appellants seeking the following relief:
WHEREOF, the plaintiff claims the sum of N1,456,399.60 (One million, Four hundred and Fifty-Six thousand, Three hundred and Ninety-Nine Naira, Sixty kobo only) being principal plus accrued interest for a short term facility granted the 1st Defendant on the 1st of September, 1997, together with interest at 21% p…