KALGO, JCA (Delivering the Leading Judgment): This is an appeal from the ruling of Omotoso J. of the High Court of Lagos delivered on the 24th of August, 1990. The main issue in dispute and which this Court is called upon to determine in this appeal, is whether the action filed by the plaintiff/respondent is statute-barred having regard to the pleadings before the trial Court.
On the 7th of March, 1990, the plaintiff/respondent (hereinafter referred to as "the respondent") filed a writ of summons claiming from the defendant/appellant (hereinafter referred to as "the appellant"):
"the sum of $232,589 (two hundred and thirty two thousand, five hundred and eighty-nine U.S. Dollars) or its Naira equivalent at the rate of exchange at the date of judgment, being 5% of the amounts transferred, and interest on the same at the rate of 15% per annum from 24th February, 1982 to date of judgment, and subsequently, at the rate of 5% per annum until judgment debt, interest and costs have been full…