ALI ALABA INTERNATIONAL LIMITED & ANOR V. STERLING BANK PLC

AMIRU SANUSI, J.S.C. (Delivering the Leading Judgment): This appeal is against the Ruling of the Lagos division of the Court of Appeal (the lower or Court below) delivered on 10th May, 2005 which dismissed the appellants' appeal against the judgment of the High Court of Lagos State (the trial Court) declaration on the 13th of October, 1999.

FACTS OF THE CASE

The facts of the case culminating into this appeal are simply thus:-

The respondent, as plaintiff at the trial High Court, filed an action against the appellants (defendants) for recovery of the sum of Thirty two million, six hundred and forty-four thousand, nine hundred and thirty two naira, twenty kobo (#32,644,932.20k) which was a sum arising from credit facilities granted to the appellants. The appellants admitted owing the respondent the sum of twenty nine million, eight hundred and seventy five thousand naira, thirty-two kobo only (#29,872,075:32k) with accrued interest. Based on that admission by the appellants/defendants, the…