IGUH, J.S.C. (Delivering the Leading Judgment): On the 20th day of April, 1998. I dismissed this appeal and then indicated that I would give my reasons for so doing today. I now proceed to do so.
In suit No. LD/2123/87, the plaintiff on the 9th day of November. 1989, obtained judgment against the defendant in the Lagos Judicial Division of the High Court of Lagos State in the sum of ₦7,787,500.00 with ₦2000.00 costs. The defendant having appealed against the said decision moved the trial High Court for a stay of execution of the judgment pending the determination of the appeal. This application was on the 6th day of March, 1990 granted on the following terms-
"1. The amount of ₦7,787,500.00 (Seven Million. Seven Hundred and Eighty-Seven Thousand, Five Hundred Naira) be deposited by the applicant in an account to be opened with the Bank of Credit and Commerce International (Nigeria) Limited, Lagos in the joint names of the applicant and respondent on or before 6th day of April, 1990; t…