OLUFUNLOLA OYELOLA ADEKEYE, J.S.C. (Delivering the Leading Judgment): The appellant in this appeal, the First Bank of Nigeria Plc, was the defendant in Suit No. ID/9/98 while the respondent, T.S.A. Industries Limited, was the plaintiff. On the 23rd day of January, 2001, the High Court of Lagos State, Ikeja Division delivered judgment in favour of the plaintiff/respondent as follows: -
(1) Relief No. 1 which is a declaration for fraud is disallowed.
(2) The refund of ₦422,372,367.00 to the plaintiff by the defendant is given.
(3) On proper checking of the facts and plaintiff's counsel admission during his address, the sum equivalent to 1% interest rate from 31/12/92 - December 1996 and 21% interest rate on the amount to be refunded is granted from January 1997 - 5/1/98 and 6% interest rate from 23/1/2001 till the amount is liquidated.
(4) The sum of ₦3,320 Million is given to the plaintiff being claims for special damages for loss of profit.
(5) Claiming for exemplary damages for tortu…