HABEEB ADEWALE OLUMUYIWA ABIRU, JSC (DELIVERING THE LEADING JUDGMENT): This appeal is against the judgment of the Court of Appeal sitting in the Lagos Judicial Division and delivered on the 15th of January, 2007 in Appeal No CA/L/220/2004, and which judgment set aside the Ruling of the High Court of Lagos State delivered on the 23rd of April, 2004 in Suit No LD/828/2002 declining jurisdiction to entertain the claims of the Respondent.
The Respondent commenced the action in the High Court of Lagos State against the Appellant claiming for:
i. The sum of N149,737,748.69 being the outstanding part of the bond of N150,000,000.00 (One Hundred and Fifty Million) issued in favour of the Respondent by the Appellant upon a Credit Guarantee Bond No. SA/0085/2000/BC/L dated the 4th day of December, 2000.
ii. Interest upon the said outstanding sum of N149,737,748.68 at the rate of 23°/o per annum from the 1st day of March, 2001 until payment of the entire sum.
The case of the Respondent in support…