Facts:

The Appellants were customers of the defunct Intercontinental Bank Plc. Sometime in April, 2011 the Respondent purchased the loan facility granted the Appellants. At the time of the said purchase the combined debt of the Appellants stood at N185,178,274.17 (One Hundred and Eighty Five Million, One Hundred and Seventy Eight Thousand and Two Hundred and Seventy Four Naira). The said sum of N185,178,274.17 was renegotiated and settled to N121,000,000.00

The Appellants failed to liquidate the debt and the Respondent wrote demanding for the payment of the former principal and accrued interests. Aggrieved, the Respondent filed an action at the trial Court on 19th February, 2016. At the end of trial, the trial Court entered judgment in favour of the Respondent.

Dissatisfied by the decision of the trial Court, the Appellant appealed to the Court of Appeal.