ALAGOA, J.C.A. (Delivering the Leading Judgment): In the High Court of Justice of Oyo State of Nigeria, holden at Saki, the Respondent as plaintiff brought an action under the Undefended List claiming the following reliefs -
1. The sum of Six Hundred and Nineteen Thousand, Four Hundred and Ninety Seven Naira, Thirty Seven Kobo (N619,497 '37) only being outstanding principal sum, interest and bank charges of credit facility as at the 31st May, 2006 granted to the defendant by the plaintiff which had remained unpaid despite repeated demands.
2. Interest at the rate of 21% monthly on the above indebtedness with effect from June 2006 until judgment.
3. Interest at the rate of 10% on the judgment, debt until its liquidation.
By an exparte application dated the 22nd June, 2006 and filed on the 28th June, 2006 the Respondent (then plaintiff) sought for leave to issue the writ of summons in the suit and for an order transferring the suit to the Undefended List and to mark the writ of summons …