EJEMBI EKO, J.S.C. (Delivering the Leading Judgment): On 16th May, 2006, the Court of Appeal, Lagos Division (the lower Court) affirmed the decision of the Lagos State High Court (the trial Court) delivered on 18th July, 1997. The decision of the trial Court was largely on facts.
The Respondent was the Plaintiff at the trial Court; while the Appellant was the Defendant. Between the Appellant and the Respondent: the fact is indubitable that on 29th January, 1985, on the application of the Appellant for term loan/overdraft of N180,000.00, the Respondent granted him the said term loan/overdraft of N180,000.00. The Appellant obtained the said term loan/overdraft of N180,000.00 for "the processing and development of" his film business. The Appellant, despite repeated demands for repayment of the loan plus the accrued interest thereon, failed to repay the loan capital and the interest thereon to the Respondent. On 6th December, 1994 the Respondent therefore took out, against the Appellant a …