Facts:

The Progress Bank of Nigeria Ltd, before it became distressed and liquidated was a banker to the 1st respondent. The Nigeria Deposit Insurance Corporation (N.D.I.C), the appellant, is the successor to the Progress Bank Nigeria Ltd now in liquidation. Sometime in 1990, the Progress Bank Ltd, filed a suit before the Kano State High Court in an attempt to recover credit facilities when it was validly operating as a bank against the 1st respondent and obtained judgment in its favour in the sum of N542,508.920 (five hundred and forty-two million, five hundred and eight thousand, nine hundred and twenty naira) with interest.