Facts:

The Respondent, as Plaintiff at the trial Court, by a writ of summons under the Undefended List Procedure of the Bendel State High Court Rules, 1988, sought against the Appellants, as Defendants, the sum of ₦13,559,497.06 (Thirteen Million, Five Hundred and Fifty-Nine Thousand, Four Hundred and Ninety-Seven Naira, Six Kobo) being the outstanding debit balance in the 1st Defendant’s account with the Plaintiff as at May 2007, which amount was due from a credit facility granted to the 1st Defendant at its request and guaranteed by the 2nd Defendant, but which the Defendants failed, neglected or refused to pay despite repeated demands. The Plaintiff also claimed interest at the rate of 22.5% per annum on the said sum from 1st June 2007 until judgment, and thereafter 10% per annum on the judgment sum until final liquidation.

On 25th June 2008, the trial Court entered judgment in favour of the Respondent, leading the Appellants to appeal against the decision to the lower Court, which equally dismissed the appeal. Further aggrieved by the decision of the Court of Appeal, the Appellants appealed to the Supreme Court.