ATIBA IYALAMU SAVINGS & LOANS LIMITED V. MR. SIDIKU AJALA SUBERU & ANOR

KUDIRAT MOTONMORI OLATOKUNBO KEKERE-EKUN, JSC (Delivering the Leading Judgment): The 1st respondent herein (plaintiff at the trial Court), as the owner of a business centre known as Amusement International Guest House Ltd., on 10th September 1996, secured a loan of ₦600,000.00 from the appellant. The facility was secured with his landed property situate at No. 11, Adamu Road, Off Taiwo Road, Ilorin, covered by a statutory Right of occupancy No. KW 7052. The parties duly executed a deed of mortgage wherein it was stipulated that the interest on the loan shall be per annum. It was the 1st respondent's contention that not only had he repaid a total sum of ₦826,476.00 to the 1st respondent, he had in fact made an overpayment of ₦179,905.00 between October 1998 and March 1999. He set out in his pleadings the schedule of repayments. It was also the appellant's contention that although the parties originally agreed that the loan would be repaid within one year, it was later agreed that the r…