OSEJI JCA (Delivering the Lead Judgment): This is an appeal against the judgment of the High Court of Lagos State delivered by A. M. Nicol- Clay J. (Mrs) on 6 February 2009, wherein the claimant’s (now respondent) claim was partly granted. The respondent had instituted an action against the appellant as defendant in the lower court vide a writ of summons and statement of claim dated 2 June 1988 and filed on 3 June 1988 and by an amended writ of summons and 3rd amended statement of claim, it sought the following reliefs against the defendant (now appellant):
“1. Refund of the sum of £277,003 (two hundred and seventy- seven thousand and three pounds sterling) being the amount the plaintiff pledged with the defendants in August 1983 as a guarantee and or security until the foreign exchange cover of the Central Bank of Nigeria for the letter of credit No. 82/ 1456 was obtained which said cover was obtained in 1984, but the defendants have failed, refused and or neglected to refund the …