MUKHTAR JSC (Delivering the Lead Judgment): In an action instituted in the High Court, Lagos State, the respondent who was then the plaintiff claimed against the appellants jointly and severally the following reliefs:
(i) “The sum of N553,013.69k (five hundred and fifty-three thousand, thirteen naira, sixty-nine kobo) being the principal sum interest outstanding on the amount placed in the 1st defendant’s high yield certificate as at 31 December 1993, which sum the defendant has refused and/or neglected to pay despite repeated demands.
(ii) Interest on the said sum of N553,013.69k (five hundred and fifty-three thousand, thirteen naira, sixty-nine kobo) at the rate of 21% per annum from 1 January 1994, until the whole amount is totally liquidated.”
Briefly, the plaintiff’s case is that it is a limited liability company, while the 1st defendant is a finance company and the 2nd defendant is its managing director, who executed a personal guarantee in favour of the plaintiff on its investm…