Facts:

The respondent advanced a facility of N155,433,637.31 (One Hundred and Fifty Five Million, Four Hundred and Thirty Three Thousand, Six Hundred and Thirty Seven Naira, Thirty One Kobo) to the appellants. The facility was secured by the pledge of shares belonging to the appellant. The appellants failed to repay the loan and the respondent filed a suit against them at the High Court of Lagos. The respondent claimed the principal sum of N155,433,637.31 (One Hundred and Fifty Five Million, Four Hundred and Thirty Three Thousand, Six Hundred and Thirty Seven Naira, Thirty One Kobo) and 18% interest of the sum from the 17th of December, 2009 until delivery of judgment and thereafter at the rate of 8% until liquidation of the debt. The appellants filed their defence and incorporated a counterclaim. The defence of the appellants and their counterclaim was predicated on the allegation that the contract between the parties was illegal and that the respondent acted ultra vires when it failed to release their shares held.
At the end of trial, the court gave judgment in favour of the respondent granting all its claims and dismissed the counterclaim of the appellants. The appellants were dissatisfied with the decision of the trial court and consequently filed a notice of appeal at the Court of Appeal, Lagos Division. The issues for determination are whether the trial court was right to have granted the respondent’s claim and whether the trial court was right to have dismissed the appellants’ counterclaim.