Facts:

The claimant is the chief executive officer of a company known as Jones Tech International Limited and a customer of the 1st defendant. The 1st defendant, formerly known as Fountain Trust Bank, is a shareholder in the 2nd and 3rd defendants. Sometime in 2004, the 1st defendant introduced the claimant to the 2nd defendant, who at that time was known as SSL Properties Ltd – a developer of some properties at Beach Resorts Estate, Lekki, Lagos. After the parties were introduced to each other, the 2nd defendant in September, 2004 sent a letter to the claimant offering to sell two units of 3 bedrooms flats in Beach Resort Estate for the sum of N30,000,000.00 (Thirty Million Naira). The offer was immediately accepted by the claimant. The 1st defendant stated that it was the financial advisor to the 2nd defendant and went ahead to guarantee all payments made to the 2nd defendant in respect of the properties. By another letter sent to the claimant in September 2004, the 2nd defendant offered another property consisting of six units of 3 bedroom flats at the rate of N90,000,000.00 (Ninety Million Naira) with a promise that it will be completed within twelve months.
The claimant accepted the offer and issued a bank draft for N9,000,000.00 (Nine Million Naira) being 10% deposit. The claimant later sent another bank draft of N81,000,000.00 (Eighty One Million Naira) as final and full payment for the transaction. In 2006, the claimant realised that the defendants were not constructing the property as promised and consequently asked for a refund of the money paid plus accrued interest. The claimant employed a consultant to calculated the interest payable on the amount and came up with a total of N44,699,648.86 (Forty Four Million, Six Hundred and Ninety Nine Thousand, Six Hundred and Forty Eight Naira, Eighty Six Kobo) as at January, 2007. However, in December, 2006 the 2nd defendant refunded the sum of N45,000,000.00 (Forty Five Million Naira) to the claimant.
The claimant informed his lawyers who wrote the defendants requesting for the balance of N45,000,000.00 (Forty Five Million Naira) and the accrued interest stated above. The 2nd defendant replied the letter and agreed to pay the balance and the interest at a later date. Consequently, the 2nd defendant credited the claimant’s account with N50,000,000.00 (Fifty Million Naira) and declined making any further payments. After waiting for the interest to be paid to no avail, the claimant filed a suit against the defendants at the High Court of Lagos State claiming the accrued interest and the cost of the action.