<p>EDOZIE, J.S.C. (Delivering the Leading Judgment): In the High Court of Lagos State, in suit No. LD/1389/94, the respondent as plaintiff by its writ of summons and statement of claim, claimed against the appellant as defendant the following reliefs:- </p><p> &quot;(a) The sum of N12, 303,145.19 (Twelve million, three hundred and three thousand, one hundred and forty-five Naira, nineteen kobo), being the outstanding debit balance on the defendant&#x27;s account No. 5049400/820 with the plaintiff as at 31st of December, 1993, in respect of various credit facilities (banker&#x27;s acceptance, revolving credit and overdraft) granted by the plaintiff to the defendant between December, 1987 and February, 1989.</p><p> (b) Interest on the said sum at the rate of 21% per annum from the 1st of January, 1994 until the whole amount outstanding is fully liquidated.&quot;</p><p> In reaction, the defendant filed a statement of defence and counter-claim wherein it denied the plaintiffs claims and by paragraphs 2 - 4 of the counter-claim, the…</p>