UZO I. NDUKWE-ANYANWU, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of the Cross River State High Court sitting in Ogoja delivered on 10th May, 2010.
Briefly, the facts of this case is that, the Respondent as Plaintiff in the Court below claimed that the Appellant as defendant is a Commercial Bank. The Respondent maintained a savings account with the Appellant. The Respondent deposed in her affidavit that she transferred N2m from her savings account to a fixed deposit called a Commercial Paper. The fixed deposit was for 180 days with interest at 13%.
On maturity the Respondent demanded for the principal sum and the accrued interest but none was paid. After several demands the Respondent filed a suit under the Undefended List procedure and claimed the following:-
1. N2,128,219.19 (Two Million, One Hundred and Twenty Eight Thousand, Two Hundred and Nineteen Naira, Eighteen Kobo) being principal sum kept with the bank and accrued interest as at 24/9/…