OGUNTADE, JCA (Delivering the lead Judgment): The respondent was the plaintiff in suit No. LD/3284/95 before the lower court and the appellants the defendants. The plaintiff issued a specially indorsed writ of summons accompanied by a statement of claim pursuant to Order 3 Rule 4 and 5 of the High Court of Lagos State (Civil Procedure) Rules, 1972 claiming as follows:-
“1(a) The sum of N1,000,000.00 (One million Naira) being the principal sum reduced from the plaintiff by the 1st defendant under its Funds Management Scheme on the 25th of February, 1993, the repayment of which was guaranteed by the 2nd defendant.
(b) Interest on the principal sum of N1,000,000.00 (One Million Naira) at the contractual rate of 9% per month from the maturity date, 26th of May, 1993 to the 31st of December, 1993 and thereafter at the rate of 21st per annum until liquidation of the entire sum. ALTERNATIVELY 2. The sum of money mentioned in 1(a) and (b) above being money had and received thereon by the defe…