KUTIGI, J.S.C. (Delivering the Leading Judgment): The plaintiffs sued the defendant in the Lagos High Court and obtained judgment against him in the following terms-
"Judgment is hereby entered for the plaintiffs against the defendant for the special damages of $894,390 or its Naira equivalent with interest at 15% per annum from 1st day of January, 1982 to 31st day of July, 1987 and at 20% per annum from 1st August 1987 until today and N1,000,000 (One million Naira) being general damages."
The judgment was delivered on the 29th day of June, 1990. The defendant was not satisfied. He appealed to the Court of Appeal. Meanwhile he filed and application in the High Court for a stay of execution of the judgment pending the determination of the appeal by the Court of Appeal. The learned trial Judge in his ruling of 9th July, 1990 dismissed the application when he stated thus-
"This application for stay is hereby dismissed. The First Bank of Nigeria Limited shall pay the amount preserved with…