HAMMA AKAWU BARKA, JCA (Delivering the Leading Judgment): The story originating the instant appeal, started on a happy note. The appellants, who are the customers of the respondent, and desirous of completing the building/ construction of the ultra modern five Star Hotel in Calabar Town, approached the financial outfit, seeking for a loan facility to the tune of N20,000,000.00 (Twenty Million Naira only) repayable in 30 months with interest standing at 27%. Appellant also took a further loan of five million naira as overdraft also payable in 12 months totalling N25,000,000.00 which the respondents graciously granted.
To secure the loan granted, 1st appellant offered her property lying and situate at 160 Murtala Muhammed Highway Calabar with Certificate of Occupancy No. CA/2142/83 dated the 22nd day of September, 1983, whereof a legal mortgage was created in favour of the respondent, as guarantee. The further guarantee of the second appellant Charles Ogar was equally undertaken. Respond…