STABILINI VISINONI LTD.
V.
METALUM LTD.

(2007) JELR 44394 (CA)    

Court of Appeal  ·  CA/L/459/04 ·  15 Jun 2007 ·  Nigeria
CORAM
ISA AYO SALAMI Justice of The Court of Appeal of Nigeria CLARA BATA OGUNBIYI Justice of The Court of Appeal of Nigeria ADZIRA GANA MSHELIA Justice of The Court of Appeal of Nigeria
Core Terms Beta
interest
plaintiff
counsel
respondent
appellant
22nd november
principal sum
learned trial judge
statement of claim
6th november
lower court
writ of summons
award of interest
benefit of the defendant
a.-g.
grounds of appeal
lagos state high court
ltd. v
respect of several sub-contracts
caprice of any individual judge
common law
such entitlement
agreed period
annum interest
compensatory award of interest
considered judgment
contract cases
court of appeal rules
decision of the trial court
exercise of judicial discretion
leading judgment
learned trial judge alogba j
n.pa
odua investment co. ltd. v
para a. see
para e-f.
para g.
paras b-c. learned counsel
paras c-d
principal indebtedness
respondents brief of argument
suit no. ld
sum of n1,486,414.89
sum of n686,414

MSHELIA, J.C.A. (Delivering the Leading Judgment): The respondent filed suit No. LD/1430/2001 at Lagos State High Court and claimed against the appellant as per paragraph 13 of the statement of claim as follows:

"The sum of N686,414,89 being the sum owing to the plaintiff on the defendant's admission in respect of several sub-contracts executed by the plaintiff on behalf of and for the benefit of the defendant with interest thereupon at the rate aforesaid. Cost of prosecuting this action assessed at N50,000.00 only."

Briefly, the facts are that between 1993-1997, the plaintiff executed sub-contracts for the benefit of the defendant. Defendant by then was indebted to plaintiff in the sum of N1,486,414.89 (One Million Four hundred and Eight-Six Thousand, Four Hundred and Fourteen Naira, Eighty Nine Kobo). Defendant admitted owing the amount but prepared a schedule that same would be settled instalmentally. Defendant defaulted since 1997and remained indebted to plaintiff to the tune ofN6…

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