NDUKWE-ANYANWU JCA (Delivering the Lead Judgment): This is an appeal against the ruling of the Federal High Court, Lagos delivered on 9 June 2010 which ordered that the value of the funds collected under the Bank Guarantee, be paid in to the court, in the care of the Chief Registrar who will in turn pay same into an interest yielding account.
In a nutshell, the facts of this case is that the appellant, as plaintiff, claimed against the defendant/respondent the following:
The sum of US$121,650 (onehundred and twenty-one thousand six hundred and fifty dollars) being the outstanding cost for the bunked supplied to the 1st defendant by the plaintiff ; Interest on the above sum at the rate of 2% per month from the 2 March 2006 till judgment and thereafter at the rate of 10% per annum until the judgment debt, interests and costs are fully liquidated; 3. US$30,000 (thirty thousand dollars) being the legal costs incurred by the plaintiff in respect of this matter; and 4. A declaration that th…