CHUKWUMA-ENEH, J.C.A (Delivering the Leading Judgment): This appeal is against the decision of Ade-Alabi J. of the Lagos High Court delivered on 7/7/98 in suit No. LD.1375/95. The plaintiff (i.e. respondent in this court) claimed the sum of ₦7,100,000.00 being value of a bank draft issued by the defendant (i.e. appellant in this court) in favour of the plaintiff and which draft the defendant had refused to honour. The court below gave judgment for the plaintiff as claimed; in addition awarded interest at the rate of 21-1/2% per annum from 8/2/95 to judgment and 10% per annum there after until judgment debt is finally paid. In reaching its conclusion, the court below held at p.88 LL 26- 32 and p.89 LL 1-6 thus:
"The contract was for the benefit of the plaintiff in this case. There was no privity of contract between the defendant and the plaintiff. It was never in the contemplation of the parties that the plaintiff would give value to the defendant. It was contract entered into between…