Facts:

The Appellant, who was a customer of the Respondent at its Ikeja Branch, was granted several facilities at the interest rate of between 21% and 36%, from 11/2/1998 to 13/10/1999. When it discovered that the Bank imposed arbitrary and uncontracted interest rate charges on the said Facilities, without its knowledge, consent or approval, the Appellant engaged the services of Financial Consultants, Corimol Nigeria Ltd., to reconcile its accounts with the Respondent Bank, The Financial Consultants did the reconciliation and presented a report that revealed a number of excess interest charges, excess and illegally charged Commission on Turnover, and unlawful interest charges on excess charges on its two Accounts. Following the series of correspondence and meetings held between both establishments coupled with further review of the account, the Bank admitted to owing the Appellant to the tune of ₦7,209,906.55.

Armed by the above admission, the Appellant wrote several letters to the Respondent demanding payment and/or refund of all monies illegally appropriated from its accounts by the Bank. But the Respondent failed or refused to comply, which pushed the Appellant to file a Suit against the Respondent at the Lagos State High Court, wherein it sought a number of declaratory reliefs, orders, damages, as well as pre-judgment and post-judgment interest. At the conclusion of the pre-trial conference, the pre-trial conference judge entered Judgment for the Appellant in the sum of ₦7,290,966.55, admitted by the Respondent. However, no interest was awarded to the Appellant, which led to the Appellant filing an application and praying the trial Court for the award of pre-judgment and post-judgment interest which was dismissed. Aggrieved by the decision of the trial Court, the Appellant appealed to the Court of Appeal (Lower Court). The Lower Court allowed the appeal in part and granted post-judgment interest in favour of the Appellant.

Further discontented by the decision of the Lower Court, the Appellant appealed to the Supreme Court.