Facts:

Facts:
The respondent filed a claim via the summary judgment procedure against the
appellants at the High Court of Lagos State claiming among other reliefs the sum
ofN24,863,150.62 (Twenty Four Million, Eight Hundred and Sixty Three Thousand,
One Hundred and Fifty Naira Sixty Two Kobo) only alleged to be the principal sum
including accrued interest on various facilities granted to the 1st appellant which
was guaranteed by the 2nd appellant. The respondent at the lower court contended
that the said facilities were granted at different times to the appellants and that
upon being due, the appellants had failed, refused or neglected to repay the facilities
in spite of repeated demands made by it.
The appellants filed a statement of defence and counterclaim in which they
contended that the loan facility was structured on a tripartite arrangement which
made the respondent the financier, the 1st appellant importer and a certain third
party – HNB Trustee Limited – in charge of the goods imported with the facility.
Pursuant to this arrangement, the respondent took possession of Dell computer
monitors valued atN16,000,000.00 (Sixteen Million Naira) imported from Malaysia
by the 1st appellant and had refused to render account for the proceeds. The
appellants also stated that the 1st appellant imported air brake system/spare parts
of mass transit vehicles which the respondent took possession of and refused to
allow the other parties to the arrangement to be present when the goods were
cleared and taken to the warehouse. The appellants contended that it was only
after they made a request to inspect the goods that it was discovered that the
consignment had a shortage of 1077 spare parts valued at N4,818,000.00 (Four
Million, Eight Hundred and Eighteen Thousand Naira). The reconciliation of the
records was alleged to be ongoing when the respondent filed its claim in court.
After hearing the parties, the trial court ruled in favour of the respondent and held
that the defence of the appellants was a sham and lacking in substance. The
appellants were aggrieved and filed a notice of appeal at the Court of Appeal,
Lagos Division urging it to set aside the judgment of the High Court. One of the
issues raised by the appellants was whether the trial court was right to have held
that the appellant’s defence was a sham lacking in substance when it had raised
triable and substantial issues in the processes filed before the court.