F.F. TABAI, J.S.C (Delivering the Leading Judgment): This action was commenced at the Onitsha Judicial Division of the High Court of Anambra State on the 6/8/98, when the Writ of Summons was issued. The appellants herein were the plaintiffs. The respondent herein was the defendant. The six-paragraph claim runs thus:-
Claim
The plaintiffs are customers of the defendant Merchant Bank which carries on merchant banking business in big cities of Nigeria including Onitsha.
2. By confirmation notice given to the plaintiffs by the defendant, the defendant is indebted to the plaintiffs to the tune of ₦2,385,716.75 (Two Million, Three Hundred and Eighty Five Thousand Seven Hundred and Sixteen Naira, Seventy Five kobo).
3. The defendant merchant bank has failed to pay interest as agreed or at all.
4. The interest rate which is fixed at the rate of 15% per annum is usually withheld by the defendant and was only paid twice in recent years.
5. Despite repeated demands by the plaintiffs for the def…