TIJJANI ABUBAKAR, J.C.A.(Delivering the Leading Judgment): This Appeal is against the ruling delivered by Onyeabo J, of the High Court of Lagos State on 18th June 2012 entering Judgment on admission against the Defendant. The Claimant before the Lower Court, now Respondent in this appeal, commenced an action against the Appellant as Defendant before the High Court of Lagos State claiming as follows:
a) The sum of N5,120,950.00 (Five Million One Hundred and Twenty Thousand, Nine Hundred and Fifty Naira only) being outstanding debts owed the claimant by the Defendant for the clearance of several consignments on behalf of the defendant.
b) Interest at the rate of 20% per annum on the said sum of N5,120,950.00 (Five Million, One Hundred and Twenty Thousand, Nine Hundred and Fifty Only) from April 2008 until the date of Judgment and thereafter at the rate of 10% per annum until final liquidation of the debt
c) The sum of N200,000.00 (Two Hundred Thousand Naira Only) being the cost of prose…