M. D. MUHAMMAD, J.C.A. (Delivering the Leading Judgment): The Lagos Division of thy Lagos State High Court on 20th October, 2000, ruled in favour of the respondent in the instant Appeal. It had taken out a writ of summons against the appellants claiming jointly and severally the sum of N9,480,515.229k being outstanding balance of a loan advanced to the 1st appellant.
This amount included a 21% interest per annum on the borrowed sum. 2nd appellant guaranteed the loan. Respondents statement of claim was filed on 3rd July, 1997. The appellants' statement of defence and counter-claim was dated and filed on 10th October, 1997.
The respondent filed a summons for judgment for the claimed sum on 3rd November, 1997, to which the appellants filed a counter-affidavit. Parties have filed and exchanged their written addresses on the summons for judgment. In a considered ruling, dated 20th October, 2000, the court having found that appellants' statement of defence and counter-claim had not disclose…