I. T. MUHAMMAD, J.S.C.: (Delivering the Leading Judgment): The claim of the appellant herein, who was the plaintiff at the Lagos State High Court of Justice, holden at Ikeja (trial court), as per the specially indorsed writ is for:
"the sum of N553,316.08 (five hundred and fifty-three thousand, three hundred and sixteen naira eighty kobo) with interest at the rate of 35% per annum from the 24th of February, 1992 till judgment in this case and thereafter at the same rate of interest until the total debt is finally and fully settled."
Paragraph 13 of the plaintiff's statement of claim repeated the above claim. In its statement of defence the defendant pleaded not liable to the sum claimed as same had been paid and not liable also to any interest whatsoever. In its judgment in default of defence by the defendant, the trial court entered judgment in the said sum including the 35% interest as claimed by the plaintiff. Dissatisfied with that decision, the defendant/respondent appealed to t…