UGOCHUKWU ANTHONY OGAKWU, J.C.A. (Delivering the Leading Judgment): On 29th September 2010, the High Court of Rivers State in SUIT NO. PHC/397/2010: Q. OIL AND GAS SERVICES LTD vs. G. E. INTERNATIONAL OPERATIONS NIGERIA LIMITED entered a default judgment against the Respondent and in favour of the Appellant for the sum of US$520,000.00 as special damages and US$5,000,000.00 as general damages. The Respondent was dissatisfied with the judgment, and it appealed against the same.
The Respondent equally applied for stay of execution of the judgment, and on 14th December 2010, the stay of execution was granted pending the determination of the appeal. The order was however made subject to the condition that the Respondent provides a bank guarantee in favour of the Appellant covering the judgmentsum and any interest accruable on that sum at the current Central Bank of Nigeria interest rate. The Respondent did not satisfy this condition for the provision of abank guarantee as it filed applica…