AKPABIO, JCA (Delivering the Lead Judgment): This is an appeal against a judgment of Ahanonu, J., of Enugu State High court of Nigeria , holden at Enugu in suit No. E/229/99 placed on the UNDEFENDED LIST delivered on 7/12/99, wherein he gave judgment in favour of the plaintiff in the sum of N771,000.00 with costs of N5,000.00.
In the suit of the plaintiff placed on the undefended list the plaintiff’s claim against the three defendants jointly and severally was that he granted a loan of N400,000.00 (four hundred thousand naira) to the 1st and 2nd defendants for the expansion of their petroleum business along Port Harcourt Aba Road. By an agreement dated 23rd March, 1995, the 1st and 2nd defendants agreed to pay N40,000.00 (Forty thousand Naira) quarterly as interest. The 3rd defendant signed the said agreement as a Guarantor or surety. By 16th December, 1998 when the 2nd defendant was reported dead , the defendants had paid N319,000.00 of the principal sum of N400,000.00 leaving a bal…