Facts:

This is an appeal emanating from the decision of the High Court of Lagos State.

Sometimes in March 2003, the 1st respondent/cross-appellant obtained certain credit facilities from the appellant/cross-respondent which was personally guaranteed by the 2nd respondent/cross-appellant. It is the appellant/cross-respondent’s case that the respondents/cross-appellants defaulted in repaying the credit facility despite several demands. On the part of the respondents/cross-appellants they asserted that the appellant/cross-respondent imposed excessive charges on their account based on the credit facility it obtained. Subsequently, the appellant/cross-respondent interfered with its business operations, arrested and also detained the 2nd respondent/cross-appellant.

Aggrieved by the action of the appellant/cross-respondent the respondents/cross-appellants filed an action at the lower court seeking for certain reliefs. In response, the appellant/cross-respondent also filed its defence as well as a counter-claim. Trial commenced and in its final decision, the lower court dismissed both the claim and the counterclaim.

Dissatisfied with the decision of the lower court the appellant/cross-respondent appealed to the Court of Appeal. The respondents/cross-appellants in response also filed its cross-appeal for the court’s determination.