Y. O. ADIO, J.S.C. (Delivering the Leading Judgment): The respondent was a shipping company which was registered in West Germany. It sued the appellant in the High Court, Lagos, for Deutsche Marks (DM) 2, 799,754.83 allegedly due on account of monies had and received by the appellant to the respondent's use. On the 8th February, 1988, the appellant brought an application asking that the suit be dismissed on the ground that the respondent wanted payment of a debt in a foreign currency without compliance with exchange control regulations. The application was refused. There was a statement of defence filed by the appellant in anticipation of an unfavourable ruling by the learned trial Judge.
Consequently, the respondent subsequently brought a motion praying the court to strike out the appellant's statement of defence on the ground that it did not disclose a reasonable answer to the respondent's claim and that judgment should be summarily entered for the respondent. The appellant filed a…