BELGORE, J.S.C. (Delivering the Leading Judgment): On the 16th day of October, 1989, I allowed this appeal and reserved to today my reasons for so doing. I now give my reasons.
The appellants were defendants at the Federal High Court, Port Harcourt, to a suit by the respondent company, Chika Brothers Ltd., claiming as follows:
(1) A declaration that the plaintiff is not and has never been a shareholder of the 1st defendant.
(2) A declaration that the said sum of N58,200.00 was and still is a loan and is a debt owing from the defendants to the plaintiff.
(3) The sum of N49,600.00 due and payable by the defendants to the plaintiff being the balance still outstanding and owing from the defendants to the plaintiffs to the 1st defendant at the request of the 1st defendant and the 2nd defendant.
(4) Interest on the said N49,600.00 at the rate of 4% per annum until the judgment debt is paid.
In paragraph 3 of the respondent's statement of claim, it was averred as follows:
"The second defenda…