UZO I. NDUKWE-ANYANWU, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of the High court of Cross River State sitting in Calabar delivered on 7th November, 2010 in suit No HC/166/2006.
Briefly, the facts are that the Respondent took a loan of N1m from Davandy Finance and Securities Ltd Calabar with an interest rate of 5% per month. The respondent continued paying the loan until 2004 he wrote a letter dated 27th July, 2004 requesting for re-negotiation. The re-negotiation ended up in confirming a new interest rate of 3% per annum on the outstanding balance of the loan which was at N671,637.00.
The appellant thereafter took over the transaction. The Respondent continued paying instalmentally a total sum of N711,637.00. The Appellant thereafter sued the Respondent under the Undefended List Procedure. However, the Respondent filed his notice of intention to defend with an affidavit disclosing a defence on the merit.
Consequently, the trial Judge transferre…