Facts:

The 1st Respondent by a Writ of Summons and Statement of Claim at the High Court of Lagos State (the lower court) sought a declaration that it was not indebted to the Appellant and also sought from the lower court an order of injunction restraining the Appellant by itself, its agents and privies, from selling, disposing of, or dealing with its property at Alagbado Town, Alimosho, Lagos, belonging to its Managing Director, Mr. Oluwatosin Ogunleye Alale, the 2nd Respondent in this appeal. In response, the Appellant filed a Statement of Defence and Counterclaim. In the Counterclaim, it counter-claimed against the Respondents in the sum of ₦16,736,809.33 being the total indebtedness of the Respondents to it as at 30th August, 2011 on account of the overdraft facility granted to the 1st Respondent. It further counter-claimed for interest on the said sum at the rate of 21% per annum from the 16th of December, 2011 till the date of judgment and thereafter at the rate of 10% per annum till the date of liquidation of the judgment sum. However, the Respondents abandoned their case at the lower Court and same was struck out by the lower Court. The lower Court then proceeded to consider the Counterclaim of the Appellant, and thus dismissed the Appellant’s counterclaim in its entirety and awarded a cost of ₦500,000.00 against it.
Aggrieved by the decision of the lower court, the Appellant appealed to the Court of Appeal.