ONALAJA, J.C.A. (Delivering the Leading Judgment): The Plaintiff an incorporated company registered in Nigeria is now referred to in this judgment as the respondent, instituted an action in the Federal High Court against the two defendants who are henceforth referred to in this judgment as the 1st and 2nd appellants respectively. The 1st appellant registered and incorporated in Nigeria carries on the business of banking under the Banking Act throughout the Federal Republic of Nigeria with a branch in Lagos. The respondent as a customer of the 1st appellant was granted banking facility for the sum of N10,000,000.00 (Ten
million naira) as a result of which a deed of debenture on the fixed and floating assets of the respondent was made in favour of the 1st appellant in pursuant to Article 95 of the Articles of Association and clause 3(39) of the Memorandum of Association of the respondents, passed by a resolution of the Directors of the Respondent on the 20th day of March 1991, which debe…