ADAMU JCA (Delivering the Lead Judgment): This appeal is against the ruling the Federal High Court sittingin Lagos dated 22April 2002 by G.
K. Olotu J. In the said ruling, the court dismissed the appellant’s application seeking for:
(i) An order striking out the 1st respondent’s claim against the appellant on the ground that the statement of claim discloses no reasonable cause of action and to consequently dismiss the said action against the appellant; and in the alternative; (ii) an order striking out the suit as against the appellant as it is statute-barred. The facts giving rise to the 1st respondent’s action at the trial court were that the 1st respondent (the N.D.I.C.) instituted a suit at the said trial court claimingagainst the appellant and 2nd and 3rd respondents jointly and severally the sum of N218,774,682.95k (two hundred and eighteen million seven hundred and seventy-four thousand, sixhundred and eighty-two naira, ninety-five kobo) being their alleged total indebtedness t…