Facts:

The claimant is a financial institution while the defendant is a customer of the
claimant. The claimant entered into a contract with the defendant in which the
former was to advance margin trade facilities to the latter. Part of the agreement
between the parties was that the claimant would grant credit facilities to the
defendant to purchase securities which will be used as security for the facilities.
In pursuance of the agreement, the claimant advanced several facilities to the
defendant which stood at a total amount of N113,000,000 (One Hundred and
Thirteen Million Naira) between the period of February, 2007 to September, 2008.
The claimant alleged in several letters to the defendant that her indebtedness as
at February, 2009 was N28,656,995.94 (Twenty Eight Million, Sixty Hundred And
Fifty Six Thousand, Nine Hundred And Ninety Five Naira, Ninety Four Kobo) and
that the value of her portfolio had decreased to N21,183,056.07 (Twenty One
Million, One Hundred and Eighty Three Thousand, Fifty Six Naira, Seven Kobo).
The claimant made several demands on the defendant requesting payment and
indicating its intention to sell the defendant’s shares in its custody. The claimant
also requested that the defendant respond to the demand with a view to discussing
the possibility of restructuring the debt. After repeated demands to no avail, the
claimant in February, 2010 sold the shares and recovered the sum of
N16,980,624.14 (Sixteen Million, Nine Hundred And Eighty Thousand, Six Hundred
And Twenty Four Naira, Fourteen Kobo). After reconciliation of accounts by the
claimant, the defendant’s outstanding indebtedness allegedly stood at
N13,917,704.46 (Thirteen Million, Nine Hundred and Seventeen Thousand, Seven
Hundred and Four Naira, Forty Six Kobo). The claimant filed a suit against the
defendant at the High Court of Lagos State seeking an order to recover the
balance, accrued interest and costs.

The defendant filed her defence and incorporated a counter claim. The defendant
alleged that the agreement between the parties allowed the claimant to sell the
shares in order to recover the facility and that the claimant was negligent when it
failed to sell the shares, after she instructed it to sell, at a time when the value of
the shares were high. Furthermore, the defendant alleged that the claimant was
in breach of contract between the parties and that it was also negligent in the
management of her shares. She counterclaimed the sum of Ninety Four Million,
Nine Hundred and Twenty Two Thousand, Eight Hundred and Twenty Five Naira,
Ninety Two Kobo (N94,922,825.92) being the monetary value of all her shares
sold by the claimant. The defendant also counterclaimed the sum of N9,101,777.43
(Nine Million, One Hundred and One Thousand, Seven Hundred and Seventy
Seven Naira, Forty Three Kobo) alleged to be total interest charges illegally
debited from her margin trading account by the claimant.