A. I. IGUH, JSC (Delivering the Leading Judgment): In the Ilorin Judicial Division of the High Court of Kwara State, the plaintiff instituted an action against the defendant claiming, as subsequently amended, as follows -
"(1) The sum of One Hundred and Fifty-Four Thousand, Three hundred and fifty-seven Naira, Fourteen Kobo (154,357.14k) being the principal Overdraft, plus accumulated interests and other Bank charges as on the 31st day of October, 1986.
(2) Interest at the Bank rate of 15% per annum on the said sum from the 1st day of November, 1986 until 30th day of September, 1987.
(3) Interest at the Current Bank rate of 19% per annum from the 1st day of October, 1987 until the day of judgment.
(4) Interest at the rate of 10% per annum on the judgment debt from the date of judgment till final liquidation thereof."
The suit was originally filed in the undefended list pursuant to the provisions of Order 3 Rules 8-14 of the Kwara State High Court (Civil Procedure) Rules, 1975. Follo…