Facts:

The respondent was the claimant at the court below and it sued the appellant through a writ of summons. The respondent was a shareholder and customer of the defunct Manny Bank which had merged with the appellant in 2015. Upon the merger, the custody of assets of the respondent were transferred to the appellant.
The respondent in its account now being held by the appellant, had the sum of N7,577,914.45 (Seven Million, Five Hundred and Seventy-Seven Thousand, Nine Hundred and Fourteen Naira, Forty-Five Kobo) standing its credit, but was unable to access the funds after the merger. Upon an inquiry it discovered that the funds were missing in its account. Aggrieved, the respondent filed an action at the court below wherein it sought among other things the refund of its money to its account held by the appellant. Parties exchanged pleadings, and the appellant followed up with an amended statement of defence.
Thereafter the respondent applied for a final judgment on admission against the appellant on the strength of a paragraph in the witness statement on oath attributed to the withdrawn statement of defence. The court below granted the respondent’s application and entered final judgment against the appellant. Dissatisfied with the decision of the court below, the appellant appealed to the Court of Appeal.