Facts:

The claimants are customers of the defendant. In 2011, the claimants were awarded a contract for drilling boreholes for the Ogun-Osun River Basin Authority. In order to execute the contract, the claimants approached the defendant for a facility of N5,040,000.00 (Five Million, Forty Thousand Naira). The defendant granted the facility and the claimants secured it by deposit of the original copy of deed of assignment in respect of a certain property at Ikorodu, Lagos State. The claimants accessed the facility and after the completion of the project repaid the loan.

However, the defendant failed to return the title deeds to the claimants after the facility was repaid. The claimants wrote several letters of demand to the defendant asking it to return the title deeds. The defendant replied stating that it was investigating the matter. The claimants were awarded another contract and they approached the defendant for another facility. The defendant asked the claimant for collateral and when the claimants presented the same property, the defendant requested for the original title deeds which they were yet to return to the claimants. As a result, the claimants could not drawdown on the facility.

The claimants approached other banks but could not secure any facility to execute the project. The claimants filed a suit at the High Court of Lagos State against the defendant. Among several reliefs, an order directing the defendant to release to the claimants the original title of the property. The claimant also sought an order of perpetual injunction restraining the defendant, its servants or agents, from using the title deeds for any purpose without the prior consent of the claimants. The claimants further sought anticipated profit of N8,981,354,63 (Eight Million, Nine Hundred and Eighty One Thousand, Three Hundred and Fifty Four Naira, Sixty Three Kobo) from the project it could not execute as a result of its inability to access any facility to execute the project including damages of N2,000,000.00 (Two Million Naira) for the wrongful detention of their title deeds.