HUSSEIN MUKHTAR, J.C.A.(Delivering the Leading Judgment): This appeal is brought against the decision of the High Court of Lagos State delivered by S. O. Ojikutu-Oshode, J. on 1st February, 2002 entering judgment under the undefended list procedure against the appellant herein.
Hostilities between the parties originated from a credit facility granted by the appellant to one of its customers known as Interglobal Services limited. The respondent issued a performance guarantee bond in the sum of Seventy Million Naira (N70,000,000) in favour of the appellant guaranteeing repayment of the facility .
When Interglobal Services Ltd defaulted in repayment of the facility, the appellant sued both the company and the respondent in another suit, which is not the subject of this appeal. Subsequently the respondent, who is also a customer to the appellant, sought to withdraw the sum of Two Million, Two Hundred and Sixty Thousand, Three Hundred and Fourteen Naira, Fifty Three Kobo (N2,260,314.53) fr…