QUALITY COMPUTRONICS SYSTEM LTD & ANOR V. TOKI RAINBOW COMMUNITY BANK LTD

MOHAMMED LADAN TSAMIYA, J.C.A.: (Delivering the Leading Judgment): This is an appeal against the judgment the Rivers State High Court (herein referred to as the trial court) sitting in Port Harcourt Judicial Division, where the plaintiff (herein referred to as the respondent) claims against the defendants (herein referred to as the appellants) as follows, through undefended list.

1. The sum of N1,580,420.73 (ONE MILLION FIVE HUNDRED AND EIGHT THOUSAND, FOUR HUNDRED AND TWENTY NAIRA, SEVENTY-THREE KOBO) being and representing principal and accrued interest element on loan and over-draft facilities as at 31st April 1999 granted by the respondent to the defendants/appellants which is due.

2. 10% per month interest on the stated sum, effective from 1/5/1999 until full and final payment on the liquidation of the said sum.

At the conclusion of the hearing, the trial judge gave judgment in favour of the respondent. Dissatisfied with the judgment of the trial court, the appellants appealed to…