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ONNOGHEN, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of the High Court of Justice of Kwara State in suit NO. KWS/188/91 delivered by Hon. Justice Ahmed Belgore on 21st December, 1999 in favour of the respondent in which he ordered the return of the sum of ₦467,000.00 which was kept as a fixed deposit to the respondent with interest thereon and further awarded general damages of ₦2 million against the appellant.
The facts of the case include the following:
Sometime in August 1988 the respondent as a customer of the appellant opened a fixed deposit account with the sum of ₦467,000.00 at the Ilorin branch of the appellant. It was agreed by the parties that an initial interest of 12.25% per annum would be payable on the deposit and that the monthly interest on the fixed deposit shall be transferred into the respondent's current account every month. The parties also agreed that the initial rate of interest of 12.25% per annum could be renewed upwards a…