Facts:

Mr. Ige was the Managing Director of the 1st appellant which had sued NBCI, the respondent, in the trial court. He had sued as the 2nd plaintiff and is now the 2nd appellant. The 1st appellant company was engaged in the business of automobile service and repairs and in 1987 entered an investment and mortgage Agreement where, the Bank agreed to provide a loan of N1,620,000.00 (One million six hundred and twenty thousand naira) or its equivalent in foreign currency to finance an automobile Servicing Workshop Project. The loan amounting to £226,000.00 (two hundred and twenty-six thousand pounds sterling), was to be paid in international currency for the purpose of opening a letter of credit in favour of any company nominated by the appellants to import the machinery required by the appellants.

The appellants nominated a supplier based in London to supply the machinery. Midland Bank was the confirming bank. The proforma showed that an amendment of the sum was needed to total £245,860.32 (two hundred and forty-five thousand eight hundred and sixty pounds thirty-two pence).