KALGO, J.S.C. (Delivering the Leading Judgment): The action giving rise to this appeal arose as a result of a banker-customer relationship between the parties. The appellant, who was the managing director of a business in the name of Salawal Motor House, maintained a business account with the respondent at its branch in Ilorin, Kwara State. For the purpose of the smooth running of his business, the appellant secured an overdraft facility of N250, 000.00 (Two hundred and fifty thousand naira) from the respondent in 1982.
Subsequent to the grant of the said facility, the appellant provided by way of security for the loan a legal mortgage on his landed property, a 5-storey building, in Ilorin. The facility was fully utilized by the appellant but was unable to repay the amount as agreed by the parties. The respondent thereafter resorted to realising the amount of the facility plus the accrued interest on the mortgaged property and the appellant contested the move and instituted this acti…