IBIYEYE JCA (Delivering the Lead Judgment): In the High Court of Justice of Edo State sittingin the Auchi Judicial Division presided over by Okunega J in suit No. HAU/72/95, the plaintiff, who is at present the respondent in this appeal, in paragraph 18 of its statement of claim sought the following reliefs: “1. A declaration that the Deed of FloatingDebenture executed between the plaintiff andthe defendant,dated 27 March 1987, and legalmortgage datedthe 25November 1986,and registered as Instrument No. 25 at page 25 in Volume 714 of the Land Registry in the office at Benin City, do not allowthe defendant to unilaterally alter the status of the debt from loanto overdraft thus attracting higher interest.
Adeclaration that the defendant’s computation of interest on the facilities granted to the plaintiff is arbitrary and without any legal basis.
Injunction restrainingthe defendant,its servantsand/or agentsfrom carrying out its threat to enforce its rights in the deed of floating debentur…