ACHIKE, J.S.C. (Delivering the Leading Judgment): In the High Court of Lagos, Ikeja Division, the plaintiff, herein respondent instituted this action against the 1st defendant, herein appellant and the 2nd defendant, known as Agricultural and Food Processing Installation Limited. The claim ran as follows:
"i. From the 1st defendant, the sum of N2,062,500 (Two million, sixty two thousand, and five hundred Naira only) being the total value of the First, Second and Third promissory notes of N687,500.00 each, which have been due and presented but dishonoured.
ii. Against the 2nd defendant, the sum of N4,432,085, (Four million, four hundred and thirty-two thousand and eighty-five naira only) being the total value of the remaining promissory notes Nos. 4 to 9 inclusive and the variation on same as at the date of this writ and in accordance with clause 3, Appendix B of the said agreement dated the 28th day of August, 1987, whose breach by the 1st defendant's failure to honour its confirmati…