BODE RHODES-VIVOUR, J.C.A. (Delivering the Leading Judgment): The appellants as plaintiffs sued the respondent as defendant on a Writ of Summons and Statement of Claim for:-
1. A Declaration that the loan agreement for N2.5m between the 1st plaintiff and the defendant is null and void, illegal and/or unenforceable in that the defendant is neither a Licensed Bank nor a Licensed Financial Institution and thereby committed criminal offences under the Central Bank of Nigeria Decree and the Banking and other Financial Institutions Decree 1991.
2. A Declaration that the aftersaid contract being money lending transaction is null and void, illegal and or unenforceable in that the defendant is not a Licensed money lender and thereby committed criminal offences and cannot take securities for the said loan under the money lenders Laws of Lagos State.
3. A Declaration that the Deed of Mortgage dated 20th February, 1997 and registered as No: 81/81/91, 2nd plaintiff as Guarantor in furtherance of t…