NGWUTA JCA: (Delivering the Lead Judgment): This is an appeal against the judgment of the High Court of Justice, Cross River State, Obubra
Judicial Division presided over by Ogar J.
It is a judgment delivered in a suit placed on the undefended list. The appellant through its chairman had approached the respondent for a loan with which to entertain the Cross River State Governor with his entourage on a scheduled visit to the local government area. The respondent provided a short term loan of N1.3m to the appellant through its co-ordinating director Ntufam Omuda Abang. The interest on the loan for the 1st month was N300,000.00 and N100,000.00 per month for subsequent months. The appellant undertook to repay the loan with the accumulated interest as soon as salaries were paid for the month of March 2003. The appellant defaulted in its obligation to repay the loan and interest thereon. The respondent having served on the appellant a notice of intention to recover the loan in court issued …