Facts:

In January 2007, the 1st claimant – a customer of the defendant – was granted an import finance facility to engage in the importation of steel products. The facility was US$750,000,00 (Seven Hundred And Fifty Thousand United States Dollars) which was guaranteed by the 2nd and 3rd claimants who are directors of the 1st claimant. The 1st claimant filed a claim against the defendant at the High Court of Lagos State alleging that the defendant had been charging excessive interest on the facility amounting cumulatively to N40,082,022.11 (Forty Million, Eighty Two Thousand, Twenty Two Naira and Eleven Kobo). The claimant alleged that it had paid the sum of N40,082,022.11 (Forty Million, Eighty Two Thousand, Twenty Two Naira and Eleven Kobo) into its account with the defendant in order to repay the debt.
Furthermore, the claimant sought an order of the court to declare the alleged excessive charges as illegal, a refund of the amount and an injunction directing the defendant to discontinue the alleged illegal charges, interest and penalties on its account. After being served with the process, the defendant filed its defence and incorporated a counterclaim. The defendant denied charging excessive interest on the facility and instead counterclaimed the sum of N85,459,116 (Eighty Five Million, Four Hundred And Fifty Nine Thousand, One Hundred And Sixteen Naira) being the principal amount and accrued interest. The defendant stated that the claimants, contrary to and in violation of the terms of the facility, failed to remit the proceeds of the sale of the imported goods for which it advanced the facility into the 1st claimant’s account with the defendant. The defendant further stated that as at 2008, the total debt was N53,515,000 (Fifty Three Million, Five Hundred and Fifteen Thousand Naira) and that it was rolled over following an offer it made to the defendant which was accepted.
The claimants only made payment of N40,082,022.11 (Forty Million, Eighty Two Thousand, Twenty Two Naira and Eleven Kobo) and failed to repay the balance. The defendant made an offer to waive the sum of N6,969,069 (Six Million, Nine Hundred and Sixty Nine Naira, Sixty Nine Kobo) provided the claimants did not object to the amount stated by the defendant as the total debt and payment made. The claimants rejected the offer. Furthermore, the defendant stated that it sent several demand notices to the claimants to repay the debt to no avail. The defendant therefore counterclaimed a balance of N46,569,660.59 (Forty Six Million, Five Hundred And Sixty Nine Thousand, Six Hundred and Sixty Naira, Fifty Kobo).