Facts:

The appellant is a customer of the respondent – a banking institution in Nigeria. The respondent granted several facilities to the appellant. In 2006, after consolidation, the respondent informed the appellant that it was indebted to it up to the total sum of N1,08,000,000.00 (One Billion, Eight Million Naira). There were series of communication between the parties in which the appellant admitted its indebtedness to the respondent in the amount alleged by the respondent. However, the appellant could not repay the loan in 2007 and the facility plus accrued interest rose to a total of N1,136,497,938.00 (One Billion, One Hundred and Thirty Six Million, Four Hundred and Ninety Seven Thousand, Nine Hundred and Thirty Eight Naira). The appellant sold its property used in securing the loan
and in 2009, paid a total sum of N1,537,049,245.35 (One Billion, Five Hundred and Thirty Seven Million, Forty Nine Thousand, Two Hundred and Forty Five Naira, Thirty Five Kobo) which was in excess of the total accrued debt in 2007.

In 2008, the respondent sent a letter to the appellant indicating an offer to restructure the appellant’s indebtedness which was stated to be N703,200,000.00 (Seven Hundred and Three Million, Two Hundred Thousand Naira). The appellant replied the letter by admitting the outstanding indebtedness but failed to repay it. The appellant thereafter filed a suit against the respondent at the High Court of
Lagos State challenging its earlier admission of the outstanding indebtedness on the ground that it was a mistake of fact and that the admission was predicated on the respondent’s failure to avail it with its statement of account and a threat by the respondent to initiate the liquidation of the appellant. The respondent denied the allegations of the appellant and incorporated a counterclaim in its defence.

After hearing the parties on the suit, the trial court dismissed the suit of the appellant and gave judgment in favour of the respondent in the amount admitted by the appellant. The appellant was dissatisfied with the decision of the trial judge and consequently filed a Notice of Appeal at the Court of Appeal Lagos Division challenging the judgment and praying the court to reverse same. The parties filed their briefs and the respondent incorporated a preliminary objection on the grounds that some of the issues raised by the appellant are incompetent.