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ADEREMI, J.C.A.: (Delivering the Leading Judgment): In the court below, the plaintiff hereinafter referred to as the Respondent) per his amended statement of claim dated 30th January, 1995 claimed the sum of N10,000.000.00 (Ten Million Naira) being general damages for libel in that the defendants (hereinafter referred to as the appellants) falsely and maliciously wrote and published or caused to be written and published of and concerning the respondent and of him in the way of his office as a Federal Government appointed Director of the National Insurance Corporation of Nigeria PLC up to 1993 and at the times material to the cause of action, the Chairman of the Board of Directors of Igbogbo Community Bank of Nigeria Limited, Igbogbo, Lagos State, in the form of a typewritten letter to the Lagos Zonal Director, National Board for Community Banks, who at all material times was one Mr. G. L. Oyanola and to other persons, the following disparaging and defamatory words, to wit:
"Our Chairm…