Facts:

The 1st respondent, who was a customer of the now defunct Allied Bank of Nigeria Plc, had with the said bank several accounts and was the beneficiary of credit facilities and or loans from the bank. By the 31st of January 1999, the 1st respondent was indebted to the bank in the sum of 3284,108,459.49 (Two hundred and eighty four million, one hundred and eight thousand, four hundred and fifty nine naira, forty nine kobo). Following the revocation of the license by the Central Bank, the Nigeria Deposit Insurance Corporation, (the appellant) was appointed as the liquidator of the bank. Pursuant to the appointment, the appellant then filed an application for the recovery of the debt against the respondent under the provisions 35 of the Failed Banks (Recovery of Debts) and Financial Malpractice Decree No. 18 of 1994 and by Decree No. 62 of 1999, Decree No. 18 of 1994 was amended, by substituting the Federal High Court for the Failed Banks Tribunal. The suit was therefore accordingly taken before the Federal High Court, Lagos.