<p><strong>F.F. TABAI, J.S.C (Delivering the Leading Judgment): </strong>This action was commenced at the Onitsha Judicial Division of the High Court of Anambra State on the 6/8/98, when the Writ of Summons was issued. The appellants herein were the plaintiffs. The respondent herein was the defendant. The six-paragraph claim runs thus:-</p><p> Claim</p><p> The plaintiffs are customers of the defendant Merchant Bank which carries on merchant banking business in big cities of Nigeria including Onitsha.</p><p> 2. By confirmation notice given to the plaintiffs by the defendant, the defendant is indebted to the plaintiffs to the tune of ₦2,385,716.75 (Two Million, Three Hundred and Eighty Five Thousand Seven Hundred and Sixteen Naira, Seventy Five kobo).</p><p> 3. The defendant merchant bank has failed to pay interest as agreed or at all.</p><p> 4. The interest rate which is fixed at the rate of 15% per annum is usually withheld by the defendant and was only paid twice in recent years. </p><p> 5. Despite repeated demands by the plaintiffs for the def…</p>