STANLEY SHENKO ALAGOA, J.C.A., OFR (Delivering the leading Judgment): This is an appeal against the Judgment of Olateregun J. of the High Court of Justice Abeokuta, Ogun State in Suit No. FHC/AB/CS/3/2007 delivered on the 5th March 2007. In the said Suit the present Respondent as Plaintiff claimed against the Appellants as Defendants as follows -
1. The sum of N53, 499,436.12 being the outstanding balance due to the Plaintiff from the Defendants as at 30th June 2005 arising from the contract finance facility granted the 1st Defendant by the Plaintiff and guaranteed by the 2nd Defendant on the 9th January 2001.
2. Interest on the said sum of N53, 499,436.12 at the agreed rate of 22.5 per cent per annum from the 30th June 2005 until judgment and thereafter at the same rate until final liquidation.
Following an application ex-parte by the then Plaintiff (now Respondent) the case was placed under the undefended list and the 5th March 2007 was fixed by the trial High Court as the return da…