CHINWE EUGENIA IYIZOBA, J.C.A. (Delivering the Leading Judgment): This appeal is against the judgment of the High Court of Lagos State in suit No. ID/1591/2000 delivered on 6/7/06?by Akande J. in which judgment was entered in favour of the Claimants now Respondents.
This suit arose from a banker/customer relationship over an account originally maintained personally by the 2nd Respondent with the 1st Appellant. The account was later restructured and taken over by 1st Respondent upon its incorporation as a limited liability company. An import finance facility was granted to the 1st Respondent in the sum of 50 Million Naira in 1998 for the importation of frozen fish with a 10 Million Naira overdraft facility. The facility was supposedly granted on the personal guarantee of the 2nd Respondent and a mortgage on two of her landed properties. The guarantee was undated and the mortgage was in place long before the incorporation of the 1st Respondent for the loans granted to the 2nd Respondent …