ABBA BELLO MOHAMMED, JCA (Delivering the Leading Judgement): This appeal is against the judgment of the High Court of the Federal Capital Territory, Abuja (the trial court), delivered on 19th March, 2020 by Honourable Justice M. A. Nasir. The judgment is at pages 633 – 663 of the Record of Appeal.
Before the trial court, the 1st and 2nd Respondents as claimants, instituted suit No. FCT/HC/CV/5215/2011 against the 3rd and 4th Respondents. Their case was that the 2nd Respondent applied to the 3rd Respondent for a loan of N30,000,000.00 and the 3rd Respondent approved and disbursed the sum of N25,200,000.00 to the 2nd Respondent. The 1st and 2nd Respondents alleged that the interest rate on the said loan of N25,200,000.00 is unlawful, fraudulent, illegal and against mercantile principles and government policy. They sought inter alia, for an order setting aside the unlawful and arbitrary claim of interest on the amount loaned; an order that the interest rate due to the 3rd Respondent be…