TRUE GRADE ENGR. LTD
V.
LEAD BANK PLC

UWA JCA(Delivering the Lead Judgment): This appeal arose out of a judgment entered in favour of the respondent (plaintiff in the lower court) on the 3rd day of May, 2005 wherein the learned trial Judge of the High Court of the Federal Capital Territory (FCT),Abuja, (hereafter referred to as the trial court) gave judgment in favour of the respondent against the appellants (defendants in the lower court) herein, in the sum of N60,947,330.69 (sixty million,nine hundred and forty-seventhousand, threehundred and thirty naira, sixty-nine kobo only) as debt due to the defendants/ appellants under the undefended list procedure, interest on the said sum at the rate of 30% per annum from the 30th of August, 2004 until the date of judgment and interest on the judgment sum at the rate of 8% per annum until the judgment debt is fully liquidated. The appellants dissatisfied with the judgment, filed a notice of appeal dated the 5th day of May, 2005, with five grounds of appeal therein out of w…