S.A. AKINTAN, JSC. (DELIVERING THE LEADING JUDGMENT):The respondents, as plaintiffs, commenced this action against the appellant, as defendant, at Calabar High Court in Cross River State. Their claim, filed as suit No. C/446/94, was "for a return, refund, restitution or repayment of the liquidated sum of US $14,000 or ₦1,120,000 being money had and received by the defendant from the plaintiffs in furtherance of a business transaction for supply of one M.A.N. diesel tractor since December 1993, upon which transaction the defendant has since failed to perform." The plaintiffs also claimed "12% interest upon the dollar per annum, or 15% interest upon the naira, per annum, either from the time of receipt by the defendant, until judgment."
The action was, on the application of the plaintiffs, entered on the undefended list. The defendant, however, upon service, filed a notice of intention to defend the action. He deposed to an affidavit in which he set out his defence to the claim. The matt…