OLUDADE OLADAPO OBADINA, J.C.A.: (Delivering the Leading Judgment): This is an appeal against the judgment of the Kaduna State High court delivered on the 23rd of January, 1995 in favour of the respondent in suit No.KDH/15/95.
In the writ of summons issued on the undefended list, the respondent as plaintiff claimed against the defendant, now the appellants for the following reliefs:-
"(1) The sum total of N5, 357,780.82 (Five Million, Three Hundred and fifty-seven Thousand, Seven Hundred and Eighty Naira, Eighty Two Kobo) being the outstanding and unpaid debt owed by the 1st defendant to the plaintiff as at the 30th day of November, 1994, arising out of the simple contract premised on the Commercial paper Investment deposit placement made by the plaintiff with the 1st defendant on the 7th day of May, 1993 in the sum of N5,000.000 (Five Million Naira) at the interest rate of 45% per annum for a period of 90 days, which matured on the 5th day of August, 1993 the re-payment of which dep…