PROFESSOR JAMES O. OGUNLADE V. FEDERAL MORTGAGE BANK OF NIGERIA LIMITED & ORS.

JOHN AFOLABI FABIYI, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of Kolade, J. delivered on 15th May, 1996 while sitting at the High Court of Justice, Ibadan, Oyo State of Nigeria.

The Appellant had axe to grind with the 1st Respondent over a mortgage loan procured by him. He was propelled to initiate his action at the trial court. In paragraph 54 of the statement of claim, he put up a host of nine (9) claims against the Respondents jointly and severally. The lone issue that was contested before the lower court relates to propriety or otherwise of variation in the rate of interest as charged by the 1st Respondent. The claim concerning same, as contained in paragraph 54(5) of the statement of claim, reads as follows:-

"Declaration that the 1st Defendant is not entitled to calculate interest at a rate over and above 9% agreed upon by the plaintiff and reflected in the Deed of Legal Mortgage."

The appellant testified before the trial court that in 198…