ABDULLAHI, J.C.A. (Delivering the Leading Judgment): This appeal is against the judgment of Kwara State High Court delivered on 11/7/1990. In 1981, the appellant herein granted overdraft facilities of N28,000.00 to the respondent with interest of 11 ½ % per annum, but according to the appellant with aright to review the rate of interest. The transaction between the parties was in writing vide Exhibit 1.
As at December, 1988, the outstanding debt balance on the overdraft account of the respondent was N73,147.33, which the respondent failed to pay despite various demands.
For his part, the respondent conceded that overdraft facilities of N28,000.00 was granted to him and he enjoyed the facilities at the interest rate of 11½ % Per annum by oral agreement between the parties. The respondent denied there was a written agreement, (Exhibit 1.).
He contended that by the oral agreement, the interest rate fixed at 11½ % per annum is fixed and unchangeable. That he did not sign Exhibit 1, which gav…