ABIOLA & SONS BOTTLING COMPANY NIGERIA LIMITED & ANOR V. FIRST CITY MERCHANT BANK LIMITED & ORS.

IBRAHIM TANKO MUHAMMAD, J.S.C. (Delivering the Leading Judgment): The 1st plaintiff at the Kwara state High court of Justice, holden at Offa [trial court] is a limited liability company carrying on the business of manufacture of and dealers in all kinds of soft drinks. The 2nd plaintiff is also a limited liability company carrying on principally the business of building, civil and electrical contractors, saw-milling industry etc. The 1st defendant is also a limited liability company carrying on the business of banking while the 2nd defendant is a Chartered Accountant. The 3rd defendant, as its name suggests, is a limited liability company incorporated to manufacture or brew 7-Up soft-drinks.

By a deed of debenture [which the plaintiffs termed "purported"], dated 27th November, 1986, between the plaintiffs and the 1st defendant, the sum of N3,500,000 [Three Million, Five Hundred Thousand Naira] was advanced in the form of a term loan overdraft facilities to the 1st plaintiffs to meet …