Facts:

The respondent, a merchant banking institution, as plaintiff in the trial court it instituted a claim against the appellant as defendant seeking the following reliefs:-

(a) The sum of N12,303,145.19 (Twelve million, three hundred and three thousand, one hundred and forty-five naira, nineteen kobo), being the outstanding debit balance on the defendant’s Account No.5049400/820 with the plaintiff as at 31st of December, 1993, in respect of various credit facilities (Banker’s Acceptance, Revolving credit and overdraft) granted by the plaintiff to the defendant between December, 1987 and February, 1989.