Facts:

The judgment debtor/applicant (Union Bank of Nigeria) brought by motion on notice an application for an injunction restraining the garnishee/respondent (Central Bank of Nigeria) from paying the judgment debt pursuant to an order absolute granting same, pending the hearing and determination of the appeals filed against and in connection with the order absolute. The judgment creditor/respondent, (Zanen Verstoep and Co Ltd) in opposition to the application filed a 12 paragraph counter affidavit.

In moving the application, the learned counsel to the judgment debtor/applicant observed that the basis of the counter affidavits filed by the judgment creditor/ respondent was that the judgment creditor was solvent and could repay the judgment debt in the event that the appeal succeeds and that in order to prove solvency, the applicant attached exhibits ZV1 and ZV2 which are letters written by First City Monument Bank to the Court of Appeal, Lagos and Sterling Bank Plc to the registrar of the Lagos State High Court both stating that the judgment creditor/respondent had an excess of N300 million and N100 million respectively with them.