R.C. AGBO, J.C.A (Delivering the Leading Judgment): The respondent was indebted to the appellant. The appellant, aggrieved at the reluctance of the respondent to pay the sums owing, approached the Federal High Court in a winding up proceeding to wind up the respondent. The appellant and respondent negotiated a settlement which was reduced into writing and by consent of both parties made the judgment of the trial court. The terms of this settlement bear reproduction hereunder:
"TERMS OF SETTLEMENT
The parties hereby agree to settle this suit as follows:
1. The parties agree that the sum due and owing to the Petitioner from the respondent is N40,000,000.00 (Forty Million Naira).
2. The respondent shall pay the said sum of N40,000,000.00 (forty million naira) in the manner hereinafter appearing.
(i) N15,000,000.00 (Fifteen Million Naira) shall be paid on the execution of these presents.
(ii) The balance sum of N25,000,000.00 (Twenty-five Million Naira) shall be paid in six equal monthly …