SANUSI, J.C.A.(Delivering the Leading Judgment): This is an appeal against the ruling of A.A. Alabi J., of the Lagos Division of Lagos State High Court granting the Respondent's application seeking an order that the Appellant herein give security for costs in the sum of ?50,000.00 (Fifty Thousand Pounds Sterling).
The Appellant, a public liability company sued the Respondent at the lower court by a writ of summons accompanied by a Statement of Claim for the sum of ?97,528.55 or its equivalent in naira plus accruable interest on the loan facility granted the Respondent which the latter failed to settle. On being served with the writ and statement of claim the Respondent filed statement of defence along with a counter-claim to the tune of ?280.000.00 for damages arising out of what he called fraudulent, reckless and hasty sale of his flat in the United Kingdom. It is sequel to the counter-claim that the Respondent applied for an order for security for costs. The trial court after taking…