Facts:

The 1st Respondent claimed that by a letter written to WEMA BANK PLC, the 1st Appellant applied for a grant of Equipment lease for the Advancement of its Company’s Logistics Business. Wema Bank Plc made an offer of credit facility in the sum of N19,800,000.00 which offer the 1st Appellant accepted. The facility was secured with a legal mortgage on the landed property described as a duplex situate and lying at Plot 5, Bolaji Ogunkoya Layout (also known as 12, Odesina Street, Gbekuba Village, Ido Local Government Area, Ibadan, Oyo State covered by a Deed of Assignment registered as No. 56 at page 56 in volume 3493 at the Land Registry, Ibadan, Oyo State, jointly owned by the 1st, 2nd & 3rd Appellants as well as the personal guarantee of the 2nd Appellant as Chairman/Chief Executive of the 1st Appellant. The 1st Respondent claimed the loan was disbursed but when it became due for payment the Appellants failed to liquidate the debt. Having become a non-performing loan, the 1st Respondent purchased it from WEMA BANK PLC and issued a demand notice to the 1st Appellant who failed to settle the outstanding sum.

The appellants case was that they are not denying however, they have fully liquidated the loan sum. The trial court delivered judgment in favour of the 1st respondent and granted the alternative reliefs prayed for. Dissatisfied with the decision of the trial court, the appellants appealed to the Court of Appeal.