CHIOMA EGONDU NWOSU-IHEME, J.C.A. (Delivering the Leading Judgment): The Appellants were the Defendants at the Court below in a suit filed by the Respondent as Claimant under a matter on the Undefended List. Judgment was entered against the Appellants in favour of the Respondent by Michael Edem, J, of the Ugep Division of the Cross River State High Court in suit No. HUG/2/2013 on the 7th day of February, 2013. Aggrieved by that decision, the Appellant has appealed against that judgment.
SUMMARY OF FACTS: The Appellants and the Respondent were friends and in the course of their friendship, the 1st Appellant sought for a loan and the 2nd Appellant offered to stand as a surety.
By an Agreement dated the 19th of July, 2012, the 1st Appellant procured the sum of N2,400,000.00 (Two Million, Four Hundred Thousand Naira). The 1st Appellant used his Eleven bedroom house situate at Hausa community Quarters, Ugep as a collateral for the said loan. The said Agreement was Exhibit K.
The 1st Appellant…