R.C. AGBO, J.C.A. (Delivering the Leading Judgment) This is an appeal against the judgment of the High Court of Lagos State in Suit No. LD/439/2003, a judgment obtained under the summary judgment procedure of the High Court of Lagos State. The claimant in its writ of summons had claimed of the appellants as follows:
"1. The plaintiff claims against the defendants jointly and severally the sum of N73,534,488.00 (Seventy Three Million, Five Hundred and Thirty Four Thousand, Four Hundred and Eighty-Eight Naira) being the indebtedness of the 1st defendant guaranteed by the 2nd and 3rd defendants as at 21st January, 2003 on the Back to Back Letter of Credit and Warehousing finance facility per its offer letter of 20th February, 2001.
2. The plaintiff claims interest on the above amount at the rate of 21% per annum until the total debt is fully liquidated."
This was the claim as at 28th February, 2003 when the suit was filed. On 17th March, 2003 the plaintiff filed a summons for judgment be…