T. O. AWOTOYE J.C.A (Delivering the Leading Ruling): This is the ruling on the two applications filed by the respondents/cross appellant/applicant vide their motions on 10/5/2011.
The respondent/cross-appellants/applicants had earlier obtained judgment against the appellant/cross-respondent/respondent on 5/9/2009 in a judgment delivered by E.S. Chukwu J. of the Federal High Court at Uyo.
The appellant/respondent being dissatisfied with the judgment filed on appeal against it on 7/9/2009 and subsequently applied for stay of execution of the said judgment.
The Federal High court granted a conditional stay of execution directing the appellant to provide a corporate guarantee supported by a resolution of Board of Directors of the Appellants that the S.P.D.C. would pay immediately the judgment debt should they loose on appeal.
The appellant again applied for and was granted variation of the order of conditional stay of execution on 20/1/2011, whereby an order of unconditional stay of exec…