CHIOMA EGONDU NWOSU-IHEME, J.C.A. (Delivering the Leading Judgment): The Appellants were Defendants at the Court below in the suit filed by the Respondents as Claimants under the Undefended List. Judgment was entered against the Appellants in favour of the Respondents by Akon Ikpeme, J of the Calabar Division of the High Court of Cross River State in Suit No. HC/88/2011 on the 24/1/2012. Aggrieved by that decision, the Appellants have filed this appeal against that judgment.
SUMMARY OF FACTS: The Respondents lent to the 1st Appellant the sum of N300,000.00 (Three Hundred Thousand Naira) on the 16th of June, 2009 at 15% monthly interest. The Agreement was signed by both parties, the 2nd Appellant signed as guarantor for the 1st Appellant.
When the loan was due for payment, the Respondents' lawyer wrote a letter to the 1st Appellant demanding the payment of the said loan with the interest on the 17th of February, 2011.
Consequent upon the refusal of the 1st Appellant to pay back the loan, …