NATIONAL INSTITUTE FOR POLICY AND STRATEGIC STUDIES (NIPSS), KURU V. KRAUS THOMPSON ORGANISATION (OF ONE WATER STREET, WHITE PLAINS, 1060 AND BRANCH OFFICE AT ROUTE 100, MILWOOD, NEW YORK 10546) ZENITH BANK PLC (FORMERLY, ZENITH INTERNATIONAL BANK LTD) JOS BRANCH, BEACH ROAD, JOS, PLATEAU STATE FIRST BANK OF NIGERIA PLC MAIN BRANCH, JOS PLATEAU STATE ACCESS BANK PLC (FORMERLY EQUITY BANK OF NIGERIA LTD) JOS BRANCH, MURTALA MOHAMMED WAY, JOS, PLATEAU STATE

OBASEKI-ADEJUMO JCA (Delivering the Lead Judgment): This A is an appeal against part of the ruling of Pedro, J., of the High Court of Lagos State delivered on 7 July 2006. The fact of the case is that on 13 May 1996, the 1st respondent herein as claimant, obtained a default judgment at the lower court against the appellant. On 27 May 1996, the appellant filed a motion on notice asking the court to set aside the said default judgment but the court on 29 November 1996, delivered its ruling , striking out the appellant’s motion. The appellant as defendant appealed against the said ruling of the lower court to this court vide an amended notice of appeal dated 4 December 1998. However, the appellant’s appeal was dismissed on 2 June 1999 for failure to file its brief of argument but the appeal was subsequently relisted on 25 January 2000 vide a ruling of court and the appeal was heard on its merit and judgment delivered in favour of the appellant on 18 January 2001. Meanwhile, the 1st…