Facts:

In 1999, at the request of the Plaintiff, Union Bank of Nigeria, a licenced commercial bank, granted a credit facility in the sum of N300,000,000.00 (Three Hundred Million Naira) to enable the Plaintiff meets its contractual obligations with the Defendants standing as guarantors. The facility was granted for a tenor of 90 days (with a roll over option not exceeding two years). Subsequently, the Plaintiff also requested for additional credit facilities from the Bank which was granted to the Plaintiff.

The Plaintiff accepted the terms and conditions of the term loan and consented to pay interest monthly. The loan was duly accepted, drawn down and fully utilized by the Plaintiff. However, the Plaintiff defaulted in repaying the principal sum with accrued interest which stood at N24,205,048,243.00 (Twenty Four Billion, Two Hundred and Five Million, Forty-Eight Thousand, Two Hundred and Forty-Three Naira.

The Bank made several demands for repayment but to no avail. Upon failure of the Plaintiff and Defendants to meet the obligations of the Bank, the Bank was left with no other lawful option than to invoke its rights under Clause 8 of the Deed of All Assets Debenture dated 10th March, 2000 executed by both parties which empowered the Bank to appoint a Receiver/Manager over the pledged and future Assets of the Plaintiff until its indebtedness to the Bank is fully liquidated. The Bank thereafter appointed OLASUPO SHASORE, SAN as the Receiver/Manager of the Plaintiff by virtue of a Deed of Appointment dated 19th of February, 2020, filed with the commission on 21st of February, 2020 and registered with the commission on 25th of March, 2020.

The Plaintiff acting under the capacity of Receiver/Manager commenced this suit by originating summons against the Defendant seeking for the determination of the Court on some questions regarding his powers and also seeking certain declaratory reliefs.