Facts:

The claimant Mr. Babafemi was a bank customer of the defendant bank United Bank for Africa. In 1982, he applied for a building/housing loan of N60,000:00 (Sixty thousand Naira) to build his residence. The loan was approved in 1983 but was apparently not disbursed to until November 1984. The claimant alleged that within this period prices of building materials had escalated. This resulted in the facility not being adequate to build the residential property as projected in the feasibility study carried out for the claimant on its building project.

The defendant then made an offer of an additional loan of N45,000:00 (Forty five thousand Naira) which offer was accepted by the claimant by the fulfillment of the conditions stipulated by the claimant. The N60,000:00 (Sixty thousand Naira) matured for full repayment in 1987. The 1st defendant sought to sell the property for failure to repay. An auction notice was pasted on the property.