CHIDI NWAOMA UWA, J.C.A. (Delivering the Leading Judgment): The Respondents were the plaintiffs at the lower Court. By their writ of summons taken out on 3rd April, 2013, they sought the following reliefs against the appellants as defendants jointly and severally thus:
A. "LIQUIDATED DAMAGES in the sum of N94, 04, 146.97 being direct losses sustained by the 1st Plaintiff as a result of the fire incident on board the 1st Defendant as follows:
Direct cost of 800 drums of DOP (CFR) N49,476,784.00
Insurance Amount N107,184.00
Bank Charges
Establishment Charges - N133,116.33
Confirmation Charges - N182,361.67
Interest on Usance - N627,381.16
Shipping Charges - N302,325.00
Terminal Charges - N3,977,233.00
Transport Charges - N700,000.00
Agency Fee (Clearing Agent) - N200,000.00
Total cost of Goods - N55,706,385,16
Interest for Delayed Period - N2,638,761.81
(For 4 Months at 16% Per Annum)
Total Direct Money Loss - N58,345,146,97
Material Disposal Charges - N1,750,000.00
Loss of Production/Revenue - N28,500,…