ABIMBOLA OSARUGUE OBASEKI-ADEJUMO, J.C.A.: (Delivering the Leading Judgment): This is an appeal against the judgment of the Hon. Justice Grace Onyeabo of the High Court of Lagos State delivered on 17th May 2013. Judgment was entered in the sum of N104,047,330.60 as special damages in favour of the Respondent in respect of 20,000 tons of Petroleum Product lifted by the Appellants contrary to the terms of Exhibit B(the partnership Agreement/Joint Venture Agreement) between the 1st Appellant and the Respondent and the sum of N50,000 as costs in favour of the Claimant/Respondent.
Summary of the Facts are that, the Claimant entered into a partnership agreement with the Respondent for obtaining/securing the Petroleum Products from the NNPC/PPMC. By the agreement, the 1st Respondent was to use its goodwill to secure the importation/Exportation of the product in the name of ASODYKE.
It was further agreed that the parties would share the product to allocated on 60/40 ratio but the Claimant tak…