OGUNWUMIJU JCA (Delivering the Lead Judgment): This is an appeal against the two rulings of the Federal high Court sitting at Ilorin delivered on 20 July 2004 and 29 July 2005 respectively by Olayiwola J. The facts that led to this appeal are as follows:
The defendant (1st respondent herein) gave the plaintiff (appellant herein) some banking facilities. In 1987 the 1st defendant appointed the 2nd defendant (2nd respondent herein) as a receiver of the plaintiff on the failure of the latter to liquidate the debt, the volume of which was in dispute. The appellant claimed that in 1996, after series of meetings between the directors of the appellant and officials of the 1st respondent’s bank, it was agreed that the appellant would pay N4,844,307.00 (four million, eight hundred and forty-four thousand, three hundred and seven naira) as full and final settlement of the debt owed the 1st respondent by the appellant. The suit resulting in this appeal was instituted in the Federal High Court, …