B.O. OKAFOR V. AFRICAN CONTINENTAL BANK LTD & ANOR.

A. FATAYI-WILLIAMS, J.S.C. (Delivering the Leading Judgment): In an action commenced as an undefended suit in the High Court, Lagos, on 22nd August, 1972, the African Continental Bank Ltd., as plaintiffs, claimed from Widi Jallo (who carries on business as Widi Jallo and Sons) as defendant the sum of 46, 413.3.6d. (N92,826.36K) being money lent by the plaintiffs as bankers to the defendant at the defendant's request, and the interest due from the defendant to the plaintiffs in respect of the said loan. The plaintiffs also claimed additional interest on the said amount at the rate of 9 per centum per annum compound interest from the 31st day of July, 1972 until judgment and thereafter at the rate of 5 per centum per annum until payment of the said judgment debt.

The defendant was not served with the writ until some time in April, 1973. On 19th April, 1973, he gave notice to the court of his intention to defend the claim. On 7th June, 1973, the defendant filed a Third Party Notice in Co…