IYIZOBA JCA (Delivering the Lead Judgment): This is an interlocutory appeal against the ruling of the High Court of Lagos State, delivered on 19 October 2010. The respondent herein as claimant instituted an action in the High Court of Lagos State, Lagos Judicial Division against the appellant as defendant on 20 January 2010 claiming as follows: “i. The sum of N1,223,503,001.69 (one billion twohundred and twenty three million, five hundred and three thousand one naira and sixty-nine kobo) being amount outstanding as at 30 November 2009 on the facility the sum of N1,000,000,000.00 (one billion A naira) granted to the appellant’s company.
Interest on the said sum of N1,223,503,001.69 (one billion two hundred and twenty three million, five hundred and three thousand one naira and sixty-nine kobo) at the agreed rate of 17% per annum till judgment is delivered and thereafter a post judgment interest rate of 10% per annum until the final liquidation of the judgment debt by the defendant. The …