Facts:

On May 15th 1996, the respondent as the plaintiff in the Lagos State High Court caused a writ of summons and statement of claim to be issued against the appellant herein as the defendant claiming:

1. The sum of N19,221,964.70 (Nineteen million, two hundred and twenty one thousand, nine hundred and sixty four naira, seventy kobo) as the sum owing, due and payable by the defendant to the plaintiff as at 26th March, 1996.

2. Interest on the sum of N19,221,964.70 (Nineteen million, two hundred and twenty one thousand, nine hundred and sixty four naira, seventy kobo) at the rate of 21% per annum from the 26th of March, 1996 till the total debt is completely liquidated

3. Legal expenses in the sum of N1,500,000.00 (One million, five hundred thousand naira).

4. Costs

Simultaneously with the filing of the writ of summons and statement of claim, the Respondent also filed a motion ex-parte containing seven substantive prayers with the eight being ominibus as follows: