JOSEPH OLUBUNMI KAYODE OYEWOLE, JCA (Delivering the Leading Judgment): This is in respect of an appeal against the judgment of the High Court of the Federal Capital Territory, Abuja Judicial Division, sitting in Abuja, delivered on the 23rd November, 2017 by Y. HALILU, J.
The Appellants took a loan of N40 million from the Respondent to finance the purchase of 12 Toyota Hiace Buses which venture eventually failed. The Respondent took out a writ at the lower court under the Undefended List procedure to recover the outstanding sum on the loan. The Appellants resisted with a Notice of Intention to Defend upon which the action was transferred to the General Cause List. Thereafter, the Respondent filed a statement of claim wherein it claimed thus:
The sum of
N15,743,662.16 (Fifteen Million Seven Hundred and Forty-Three Thousand Six Hundred and Sixty-Two Naira Sixteen Kobo) being the outstanding balance unpaid in the 1st Defendant’s account No. 3650003841401000200 with the Plaintiff Wuse 11 br…