A. M. MUKHTAR, J.S.C (Delivering the Leading Judgment): The respondent who was the plaintiff in the High Court of Enugu State applied for issuance of a writ of summons under the undefended list, and the particulars of its claims against the defendants jointly and severally were as follows:-
"(a) The sum of $500,000.00 (Five hundred thousand US Dollars) being the principal sum of the loan due from the first and second/defendants to the plaintiff under a personal guarantee executed by the defendants to secure a loan granted by the plaintiff to Amike Ezzangbo Community Farms Limited under a loan granted by the plaintiff to Amike Ezzangbo Community Farms Limited under a loan agreement dated 18th January, 1990 payment of which sum the first and second defendants have failed, refused and/or neglected to pay despite repeated demands.
(b) Interest on the principal sum of $500,000.00 (Five Hundred Thousand US Dollars) at the agreed rate of 9% (nine percent) per annum from January 22, 1991 till…