Facts:

The defendant, a limited liability company had been awarded a contract by the Federal Housing Authority (FHA) to construct units of bungalows in Gwarimpa, Abuja. In order to execute the contract, the defendant sought and obtained credit facilities from the claimant which was one of the banking institutions approved by the FHA. The security for the credit were the domiciliation of the proceeds of the contract, continued guarantee by Mr. Bawal Kadiri, CEO of the defendant Company (who is the 2nd defendant in this suit) and an equitable mortgage of Mr. Kadiri’s property. The contract was terminated by the FHA and the defendant was unable to service the overdraft facility. After negotiations broke down, the claimant sued in the High Court of Lagos State claiming the sum of N21,875,926.38k (Twenty one million, eight hundred and seventy five thousand, nine hundred and twenty six Naira thirty eight kobo) being outstanding principal and interest due on the overdraft facility granted the 1st defendant by the plaintiff’s bank with interest at the rate of 31% per annum, an order for the sale of the 2nd defendant’s mortgaged property and his movable and immovable property in the event that the mortgaged property cannot satisfy the judgment debt until full and final liquidation of the said indebtedness and N2,500,000.00 (Two million, five hundred thousand Naira) as solicitor’s fees.