UNITED BANK FOR AFRICA PLC V. ALIMS NIGERIA LIMITED

SAKA ADEYEMI IBIYEYE, J.C.A. (Delivering the Leading Judgment): In the High Court of Justice of Edo State sitting in the Auchi Judicial Division presided over by Okunega, J., in Suit No. HAU/72/95 the plaintiff who is at present the respondent in this appeal in paragraph 18 of its Statement of Claim sought the following reliefs:

"1. A declaration that the Deed of Floating Debenture executed between the plaintiff and the defendant dated 27th day of March, 1987 and Legal Mortgage dated the 25th day of November, 1986 and registered as Instrument No, 25 at page 25 in Volume 714 of the Lands Registry in the office at Benin City do not allow the defendant to unilaterally alter the status of the debt from loan to overdraft thus attracting higher interest.

2, A declaration that the defendant's computation of interest on the facilities granted to the plaintiff is arbitrary and without any legal basis.

3. Injunction restraining the defendant, its servants and/or agents from carrying out its thr…