OGUNDARE, J.S.C. (Delivering the Leading Judgment): The plaintiff is a shipping company incorporated in Nigeria; it has its head office in Lagos. The plaintiff offers its services to other shipping companies in and outside Nigeria. The 1st defendant (hereinafter is referred to as defendant simpliciter) is a German shipping company with its registered office in Breman, Germany. The 2nd defendant is a German bank.
In September 1973 the plaintiff and the 1st defendant entered into a joint venture agreement by which they established a joint venture shipping company known as North Europe West African Lines Limited (NEWALINES, for short). Under the agreement, the plaintiff was appointed general agent to all NEWALINES Vessels that called at West African Ports and was entitled to remuneration by way of agency commission of 1.5 per centum for all inward and outward bound freights. In February 1978, the said joint-venture agreement was mutually terminated and, upon accounts being taken of the …