S. U. ONU, J.S.C. (Delivering the Leading Judgment): In the High Court of Lagos State holden at Lagos, summary judgment was entered on 9th December, 1994 against the appellant who was a defendant (per A. Ade Alabi, J.)for N12,303,145.19 plus interest and costs under Order 10 (now Order 11) of the High Court (Civil Procedure) Rules, 1972. Briefly put, the respondent (hereinafter referred to as the plaintiff) claimed-against the appellant (in the rest of this judgment referred to as defendant) the following reliefs:
"(a) The sum of N12,303,145.19 (Twelve Million, Three Hundred and Three Thousand, one hundred and forty Five Naira Nineteen kobo), being outstanding debit balance on the defendant's Account No. 50494001820 with the plaintiff as at 3151 of December, 1993, in respect of various credit facilities (banker's acceptance, revolving credit and overdraft granted by the plaintiff to the defendant between December, 1987 and February, 1989.
(b) Interest on the said sum at the rate of 21% …