Facts:

The claimant bank brought an action by a writ of summons against the defendants jointly and severally for the recovery of debt with interest, in form of a loan it had advanced to the defendants. The facts which led to the suit are that between 1991 and 1994, the claimant bank gave several loans and overdraft facilities to the 1st defendant to the tune of N27,867,015.00 (twenty seven million, eight hundred and sixty-seven thousand, fifteen naira) and the said facilities were secured by the personal continuing and unlimited guarantee of the original 2nd defendant (now deceased) who was the now 2nd defendant’s mother coupled with the deposit of the deeds on some of her properties with an undertaking to execute a legal mortgage, which was not executed.

The facilities were also secured by a deed of chattel mortgage executed by the parties in 1993. And although the defendants had never denied their indebtedness to the claimant bank, which stood at N41,798,492.00 (forty-one million, seven hundred and ninety-eight thousand, four hundred and ninety-two naira) as at time the suit was instituted, they had failed and\or refused to pay back the outstanding sum on the facilities and the accrued interest thereon.