A. I. IGUH, J.S.C. (Delivering the Leading Judgment): By a writ of summons issued on the 7th day of August, 1985 in the Ibadan Judicial Division of the High Court of Justice, Oyo State, the plaintiff instituted an action against the defendant claiming as follows:
"The plaintiffs claim is for N612,563.70k equivalent of US $294,762.00 and interest thereon for 5'bd years, being the balance of the total sum of money which the defendant agreed to pay to the plaintiff pursuant to a good accord and satisfaction made in writing between the plaintiff and the defendant dated 3rd August 1979. The defendant has refused to pay this balance despite repeated demands.
Particulars
1. Total sum owing to the plaintiff - N448,304.38k (US $542,000).
2. Total sum paid to the plaintiff on 15/10/79 - US $247,238.00.
3. Outstanding balance - N243,806.45 (US $294,762.00)
4. Interest on outstanding balance from 3/10/79 '97 3/5/85 at 27.5'bd % per annum N368,757.25".
Pleadings were ordered in the suit and were d…