CLARA BATA OGUNBIYI, J.S.C. (Delivering the Leading Judgment): This is an appeal lodged against a judgment of the Lagos Division of the Court of Appeal, (henceforth, "the Court below"). The said Court, on 3rd May, 2006, dismissed the appeal of the Appellant herein (Defendant in the High Court), against a judgment of the High Court of Lagos State entered in favour of the Respondent (as Plaintiff therein) under Order II of the High Court of Lagos State (Civil Procedure) Rules, 1994. The said judgment of the High Court of Lagos State is in the sum of N1,375,000 (One Million, Three Hundred and Seventy-Five Thousand Naira) with interest thereon at the rate of 21% per annum from 13th October, 1995 until judgment and, thereafter, at the rate of 5% until the judgment debt is liquidated.
STATEMENT OF FACTS
By a specially endorsed Writ of Summons and a Statement of Claim dated and filed on 28th May, 1999, the Respondent herein claimed against the Appellant, the sum of #1,500,000 (One Million, Fiv…