Facts:

The Respondent, a customer of the Appellant Bank with loan account No. 0030015642617 (multiple Facilities Account – MFA) brought an action against the Appellant wherein it alleged wrongful, irregular and unethical manner by which its MF Account was operated by the Appellant Bank and claimed the sum of ₦3,441,529,445,17K (Three Billion, Four Hundred and Forty-One Million, Five Hundred and Twenty-Nine Thousand Four Hundred and Forty-Five Naira, Seventeen Kobo only) being the total sum of the alleged unauthorized wrongful charges, deductions and interests. In response, the Appellant denied the claim of the Respondent Plaintiff. The Appellant claimed that it did nothing wrongful, irregular or contrary to the banking practice and regulations, particularly in the manner it operated the said Respondent’s Account. At the conclusion of the trial, the trial Court granted the reliefs sought by the Respondent and dismissed the Appellant’s counterclaim. The Appellants became aggrieved by the decision of the trial Court and therefore appealed to the Court of Appeal (lower court).

At the lower Court, the Appellant’s appeal was heard, determined and allowed in part. The lower Court set aside the award of the sum of ₦3,412,796.23 (Three Billion, Four Hundred and Twelve Million, Seven Hundred and Ninety-Six Thousand, Nine Hundred and Ninety-Six Naira Twenty-Three Kobo) claimed as excess interest and Commission on turn over (COT) charges from the account of the Respondent.

Further dissatisfied, the Appellant appealed to the Supreme Court. The Respondent also dissatisfied with the decision of the lower court cross-appealed to the Supreme Court.