THE FEDERAL POLYTECHNIC, OFFA DR. M. O. OLATINWO, THE RECTOR (THE RECTOR, FEDERAL POLYTECHNIC, OFFA) MR. P. S. ENIJM OLA, THE BURSAR (THE BURSARY, FEDERAL POLYTECHNIC, OFFA) MR. M. O. OLATONA, THE REGISTRAR (THE REGISTRAR, FEDERAL POLYTECHNIC, OFFA) V. UNITED BANK FOR AFRICA PLC ACADEMICS STAFF UNION (OF THE FEDERAL POLYTECHNIC, OFFA) MR. OBAFEMI T. OLUTOKUNBO (THE FEDERAL POLYTECHNIC, OFFA) MR. OYEDOKU W. ADEMOLA (THE FEDERAL POLYTECHNIC, OFFA)

OGBUINYA JCA (Delivering the Lead Judgment): This appeal sprouted from the decision of the High Court of Kwara State, Ilorin, presided over by T. S. Umar, J., in suit No. KWS/282/2011, delivered on 9 February 2012, wherein the first respondent’s claims were granted, via an undefended list procedure.

Flowing from the available processes, the facts of the case, which eventually transformed into this appeal are quite brief. On 28 May 2007, the second respondent, an academic union operating under the aegis of the first appellant, made an application to the first respondent for a fixed-term loan of N80,000.000.00 (eighty million naira) to enable it attend to the immediate credit needs of its members. The first respondent bank approved the application and granted the said sum of N80,000.000.00 (eighty million naira) to the second respondent at the interest rate of 17%. The term loan was to be repaid within 24 months, commencing from July 2007 to July 2009, at a monthly payment instalment o…