CHINWE EUGENIA IYIZOBA, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of Nyako J of the Federal High Court, Lagos Division in suit No FHC/L/CS/1148/2005 delivered on the 21st day of October 2011 in which the learned trial Judge declined jurisdiction to entertain the Counter-claim of the Appellants/Cross-Respondents notwithstanding that he found the Respondents/Cross-Appellants liable to the Appellants/Cross-Respondents in the amount claimed in the Counter-claim.
The 1st Respondent is a company registered in Nigeria. Its registered office is at 31 Ekololu Street Surulere Lagos. It carries on business as Sand-dredgers and dealers in gas products. The 2nd, 3rd and 4th Respondents are all directors of the 1st Respondent Company. Between 2003 and 2004, the 1st Respondent approached and obtained 3 separate loans from two Banks in the United States of America. These Banks are, South Trust Bank (1st Appellant) and PNC Bank. The cumulative principal amount of…