Facts:

In 2002, at the behest of the 1st appellant, the respondent, a licenced banking institution, granted a lease facility of N425,000,000.00 to it for a period of 180 days. The facility was guaranteed by the 2nd and 3rd appellants. The facility was to enable the 1st appellant finance acquisition of equipment for road construction. The parties executed an equipment lease agreement which served as collateral for the facility. The appellants defaulted in repaying the principal sum in the lease facility with accrued interest and other charges which as at 31st May 2005 stood at N762,611,814.62. The respondent made several demands on them for the repayment but to no avail. Aggrieved, the respondent beseeched the lower court, via a writ of summons seeking certain monetary reliefs.

In reaction, the appellants joined issue with the respondent and denied liability. They alleged that they executed the lease facility documents but no money was disbursed to them. They asserted that the respondent unlawfully appointed a receiver to manage the 2nd appellant and another company affiliated to the 3rd appellant. The 2nd appellant challenged the appointment in court and got judgment. They claimed that despite the judgment, the respondent defamed their names in advertisements it published on national daily. Consequently, they counter-claimed against the respondent

Following the competing claims, the lower court had a full-scale determination of the case. In a considered judgment, delivered on 3rd January, 2012, the lower court granted the respondent’s claims and dismissed the appellants’ counter-claim.

Dissatisfied, the appellants appealed to the Court of Appeal.