HELEN MORONKEJI OGUNWUMIJU, J.C.A (Delivering the Leading Judgment): This is an interlocutory appeal against the ruling of Hon. Justice K.A. Jose of the High Court of Lagos State delivered on the 28th day of March, 2011. The facts which led to this appeal are as follows:
The Appellant being the claimant at the trial filed a claim for debt or liquidated money demand in the following terms.
(a) The sum of N426, 718,222.57 (Four Hundred and Twenty six Million Seen Hundred and Eighteen Thousand Two Hundred and Twenty two Naira Fifty Seven Kobo) from the Defendants jointly and severally being the sum outstanding as at 31st December 2009 in respect of the overdraft facilities granted by the claimants to the 1st defendant and guaranteed by the 2nd defendant.
(b) Interest on the above stated sum at the rate 25% per annum until judgment and 7% per annum thereafter.
(c) cost of the action.
The Respondents herein being Defendants at the trial court filed their statement of defence. The Responden…