EJIWUNMI, J.S.C. (Delivering the Leading Judgment): This is an appeal and cross-appeal against the majority judgment of the Lagos Division of the Court of Appeal sitting in Lagos (Coram:- Sulu-Gambari, Kalgo, JJCA, as they were then) delivered on the 11th day of August, 1994. Uwaifo, JCA (as he then was) also on the same date delivered his dissenting judgment.
The appeal arose from the judgment of Adeniji, J. sitting then at the High Court of Lagos State in its Lagos Judicial Division. In that court, the two plaintiffs, appellants/cross-respondents claimed jointly and severally from the defendant/respondent and cross-appellant, the sum of N45, 387,264.42 (forty five million, three hundred and eighty seven thousand, two hundred and sixty four Naira, forty two kobo) being outstanding debt owing to the plaintiffs as a result of the loan granted by the 1st plaintiff to the defendant at his request which debt is now in the sum of US $9,747,914.44 (nine million, seven hundred and forty seve…