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MUKHTAR JCA (Delivering the Lead Judgment): In the High Court of Justice, Benue State, the plaintiff, who is now the respondent took out a writ of summons as follows: “The plaintiff as a registered banker claims from the defendants jointly and severally the sum of N34,690,000.00 (thirty-four million, six hundred and ninety thousand naira only) being the total sum lent to the defendants together with interest by way of loan and overdraft, which said sum the defendants have failed, neglected or refused to pay despite repeated demands”.
As a customer of the plaintiff/respondent, the 1st defendant, now the 1st appellant approached the plaintiff for a loan, after incorporating the 2nd defendant, a limited liability company. A tripartite loan agreement was entered by all three parties. The plaintiff continued to honour all cheques of the 2nd defendant, and the overdrawn accounts of the 2nd defendant in Ibi were sometimes transferred to the Makurdi branch. The defendants never disputed the…