The instant appeal emanates from the Ruling of the High Court on a motion on notice for leave to levy execution in which the High court granted the application in favour of the plaintiff/respondent/respondent as against the defendant/applicant/appellant for the payment of Nine million, two hundred and one thousand, eight hundred and fifteen US Dollars (US$9,201,815.29). Dissatisfied with the decision of the High Court, the defendant/applicant/appellant appealed to the Court of Appeal which also dismissed the appeal and affirmed the decision of the High Court. Being aggrieved with the Judgment of the Court of Appeal, the defendant/applicant/appellant filed an appeal to this court. In this opinion, the defendant/applicant/appellant would be simply referred to as the appellant while the plaintiff/respondent/respondent would be referred to as the respondent.
The background facts of this case are that by an agreement dated the 4th December 1997, …