Facts:

The appellant filed a writ of summons accompanied by a statement of claim in the High Court of Lagos State in which it sought the payment of 553,013.69 (Five hundred and fifty-three thousand, thirteen-naira, sixty-nine kobo) which is being owed by the respondent. The claim is the principal sum and interest outstanding on the amount placed in the 1st respondent’s high yield certificate as at 31st December 1993 which the respondent have refused and/or neglected to pay despite several demands. 

The appellant also claimed interest on the said sum of 553,013.69 (Five hundred and fifty-three thousand, thirteen-naira, sixty-nine kobo) at the rate of 21% per annum from 1st January 1994 until full and final liquidation of the sums owed. 

The respondent filed a notice of preliminary objection challenging the jurisdiction of Lagos High Court to entertain the suit on the ground that the parties involved in the suit were financial institutions.