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:-
"(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's account No. 5049400/820 with the plaintiff as at 31st of December, 1993, in respect of various credit facilities (banker's acceptance, revolving credit and overdraft) granted by the plaintiff to the defendant between December, 1987 and February, 1989.
(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."
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…