OGEBE, J.C.A. (Delivering the Leading Judgment): By a writ of summons in Suit No. K/427/93 dated 23rd August, 1993 the respondent as plaintiff claimed against the appellant as debt the sum of N24, 014.104.05k before Kano High Court. The debt was alleged to have arisen from certain banking transactions between the parties.
The appellant also made a counter-claim and in its statement of defence the appellant sought a declaration that it was only indebted to the respondent in the sum of N11, 814,940.87 and no more. Based on this and upon a motion on notice by the respondent, part judgment was entered for the amount admitted in favour of the respondent. Later it was discovered that the majority shareholders of the appellant company who were of Lebanese origin had fled the country. Consequently, the Nigerian minority shareholders took over control of the company and instructed their solicitor to introduce a fresh action to set aside the part-judgment given against the appellant on the grou…