STANDARD MANUFACTURING COMPANY LIMITED & ANOR V. STERLING BANK PLC

ABIMBOLA OSARUGUE OBASEKI-ADEJUMO, J.C.A. (Delivering the Leading Judgment): This Appeal stems from the judgment delivered by Honourable Justice S.A. Onigbanjo of the High Court of Lagos State on the 20th of April, 2011 in Suit No. ID/436/2007, wherein he dismissed the Appellants' Counter Claim in its entirety and entered judgment in favour of the Respondent in the sum of N12,955,003.02 with interest at the rate of 19% per annum until the final liquidation of the judgment debt. The learned Judge in the alternative, ordered the sale of the 2nd Appellant's property at No. 6, Ogo Oluwa Avenue, Ajuwon, Iju, Agege, Lagos covered by Lagos State Certificate of Occupancy registered as No. 5 at Page 5 in Volume 1955 of the Lagos State Land Registry Office, Alausa, Ikeja.

The Respondent by its Amended Statement of Claim dated 22nd October, 2008 sought the following reliefs:-

(a) The sum of N12,955,003.02 being the debit balance standing against the 1st Defendant's account with the Claimant as …