G. B. A. COKER, JSC (Delivering the Leading Ruling): This ruling concerns an application by Messrs. Construzioni Generali Farsura Cogefar-S. P. A. (1st defendant) for an order:
"Directing that the terms upon which stay of execution was ordered by the court below should be modified by permitting the Chief Registrar of the High Court of Lagos State to instruct the Standard Bank of Nigeria Limited to place the sum of 3287 pounds,986 to the credit of the 1st defendants upon the said defendants providing a guarantee from the said Bank to refund the money aforesaid or any part thereof in the event of an order of this Honourable Court to that effect."
The application is supported by an affidavit of counsel for the applicants and indeed most of the facts of the case are set out in that affidavit. It appears that the applicants were defendants in an action instituted in the High Court, Lagos, in which the plaintiffs were the Nigerian Ports Authority, the applicants were the 1st defendants and …