Facts
Sometime in 2008, the Appellant entered into a loan contract with Intercontinental Bank, wherein the bank granted the Appellant an overdraft facility of N100,000,000.00 (One Hundred Million Naira) for a period of 180 days. As at 27th of May 2008 the Appellant had overdrawn its account to the tune of N97,421,614.09. On the 13th and 14th of January 2009, The Appellant paid the sum of N30,000,000 (Thirty Million Naira) in part liquidation of the debt owed to the bank. As of 31st October 2009, the debit balance of the Appellant stood at N61,255,923.97 which comprise of principal, interest and charges. The Appellant made a profit of N23,271,107.04 by trading with the facility granted by the bank within 77 days. At the end of the tenor of the facility, the bank wrote several demand letters to the Appellant for repayment of the loan to which the Appellant responded by seeking indulgence to pay the debt owed in installment. The loan was subsequently taken over by the present Respondent.
When the Appellant defaulted in repayment of the loan sum, the Respondent instituted an action against the Appellant under the Undefended List Procedure. The Appellant filed a Notice of Intention to Defend, and the trial court ordered that the suit be transferred from the Undefended List to the General Cause List to be heard on merit. The suit was heard, and the trial court entered judgement in favour of the Respondent for the sum of N61,255,923.79 being the amount owed as of 31st October 2009. The Appellant‟s Counterclaim was also dismissed by the trial court. Aggrieved by the decision of the trial court, the Appellant appealed to the Court of Appeal, which court also
