MICHAEL I. ODUAH V. FIRST BANK OF NIGERIA PLC

ADEREMI, JCA (Delivering the Lead Judgment): Per paragraph 15 of its statement of claim, the plaintiff (hereinafter referred to as the respondent) in the court below, High Court of Lagos State claimed against the defendant (hereinafter referred to as the appellant) the sum of N51,378.72K being the amount outstanding on the overdraft granted to the defendant as at January 1992. It also claimed interest on the said sum at the rate of 26% per annum from lst February, 1992 until judgment and thereafter at 6% per annum until liquidation. Sequel to the filing of pleadings and exchange of same between the parties, the defendant/appellant brought an application, praying for the dismissal of the entire suit on the ground, as he contended, that it was statute - barred by virtue of the provision of section 7(1) of the Limitation Act, 1966. After taking arguments of counsel on both sides on 8th June, 1994, the trial Judge (Rhodes - Vivour J.) in a reserved ruling delivered on the 5th of July, 1…