Facts:

The appellant operates a sole business under the name and style of S. Adetoro Technical Services. The said business is not a limited liability company. The appellant has been a customer of the respondent bank since 1996 and maintains a current account at the market branch of the bank at Surulere, Ilorin. On 7th June, 2000, vide a letter under his hand, he applied for a loan in the sum of N750,000.00 (seven hundred and fifty thousand naira) to inject into his business. The respondent granted the application, but for a reduced sum of N500,000.00 (five hundred thousand naira) vide its letter to the appellant. In that said letter, the respondent set out its conditions for the grant of the facility, which conditions the appellant agreed to by stamping the document with his seal and signing same. The loan was further secured by a chattel mortgage executed between the parties. The mortgage was duly registered at the Corporate Affairs Commission and charges for same were charged to the appellant’s account. Thereafter, the loan was dispensed to the appellant.