AKINTAN, JCA (Delivering the Lead Judgment): This is an appeal from the judgment delivered by Oyetunde, J. sitting at Ibadan High Court in Oyo State on 27th October, 1997 in suit No. HOY/69/93. The present appellants/cross-respondents were the defendants at the lower court while the respondent/cross-appellant was the plaintiff. The plaintiff’s claim before the lower court was for:-
“(i) N1,782,222.78 being the balance of banking facilities and interest thereon granted to the 1st defendant by the plaintiff at its Ilora branch, Oyo State in 1985 and 1987 and jointly and severally guaranteed by the 2nd and 3rd defendants which sum was outstanding at the close of business on the 11th August, 1993; and
(ii) interest on the said sum of N1,782,222.78 at the rate of 39% per annum from the 12th of August, 1993 until judgment is given and thereafter at the rate of 10% per annum until final liquidation of the judgment debt.” The parties filed and exchanged pleadings and the case thereafter went …