Facts:

The appellants were customers of the defunct Skye Bank Plc. The bank had advanced several facilities to the 1st appellant which were guaranteed by the 2nd appellant and secured by several properties belonging to the appellants. There was a dispute between the appellants and the bank as to the total amount owed, and in 2010, the parties engaged in discussions in order to determine the true indebtedness of the appellants. They were in the middle of the negotiation when the respondent acquired the debt and proceeded to make a demand on the appellants to repay the debt. The respondent made a demand for the payment of N1,113,774,724.64 (One Billion, One Hundred and Thirteen Million, Seven Hundred and Seventy Four Thousand, Seven Hundred and Twenty Four Naira, Sixty Four Kobo) being the amount owed by April, 2011. The sum demanded was predicated on the last correspondence between the appellants and the bank before the respondent acquired the debt. The appellants refused to accede to the demands of the respondent.
Consequently, the respondent filed a suit against the appellants at the Federal High Court, Lagos Division. In its suit, the respondent claimed the sum of N1,113,774,724.64 (One Billion, One Hundred and Thirteen Million, Seven Hundred and Seventy Four Thousand, Seven Hundred and Twenty Four Naira, Sixty Four Kobo) and a 21% interest per annum from May, 2011 until judgment was delivered, and 6% interest per annum until final liquidation of the debt. The respondent also sought an order of the court to enable it sell the properties used as securities for the facilities. The matter went to trial and at the end of proceedings, the court gave judgment in favour of the respondent in the sum ofN659,926,902.19 (Six Hundred and Fifty-Nine Million, Nine Hundred and Twenty-Six Thousand, Nine Hundred and Two Naira, Nineteen Kobo) and granted other ancillary reliefs sought by the respondent. The decision of the court to grant the sum was predicated on the evidence of the respondent’s witness who stated that the debt acquired by the respondent was N659,926,902.19 (Six Hundred and Fifty Nine Million, Nine Hundred and Twenty Six Thousand, Nine Hundred and Two Naira, Nineteen Kobo) as against the sum of N1,113,774,724.64 (One Billion, One Hundred and Thirteen Million, Seven Hundred and Seventy Four Thousand, Seven Hundred and Twenty Four Naira, Sixty Four Kobo) claimed by the respondent.
The court also relied on the last correspondence between the appellants and the bank in which the sum of N1,113,774,724.64 (One Billion, One Hundred and Thirteen Million, Seven Hundred and Seventy Four Thousand, Seven Hundred and Twenty Four Naira, Sixty Four Kobo) was stated as the amount of indebtedness. On the principle of account stated, the court held that the exhibit was conclusive proof of the amount owed by the appellants. The appellants were dissatisfied on the ground that the issue of account stated was raisedsuo motu by the court without giving parties the opportunity to address it before coming to its conclusion. Furthermore, the appellants alleged that they were still discussing with the bank and that they raised several issues of irregularities, excessive and illegal charges concerning the facilities and their accounts which were yet to be addressed before the respondent acquired the debt.
, the appellants filed a notice of appeal at the Court of Appeal, Lagos Division challenging the decision of the trial court. The respondent filed a preliminary objection and a cross appeal. The sole issue reframed by the court is whether considering the state of the pleadings, the issue joined on the pleadings and the issues submitted to the lower court for determination, the lower court was entitled to make an order for the payment ofN659,926,902.19 (Six Hundred and Fifty Nine Million, Nine Hundred and Twenty Six Thousand, Nine Hundred and Two Naira, Nineteen Kobo) in favour of the respondent.