TRIANA LIMITED
V.
UNIVERSAL TRUST BANK PLC

JOHN INYANG OKORO, J.C.A (Delivering the Leading Judgment): The parties to this appeal and another Company, Globus Enterprises Limited entered into a tripartite warehousing management agreement on the 27th day of April, 1998 wherein the Appellant was supposed to warehouse skins belonging to Globus Enterprises Limited and could only release the warehoused skins upon the permission of the Respondent. The said agreement has an arbitration clause. In the course of the tripartite agreement and during stock taking in September, 2000, it was discovered that 16,165 skins valued at N8,082,500.00 were missing from the custody of the Appellant. The Respondent who financed the business through a credit facility claimed the sum of N8,082,500.00 from the Appellant as costs and value thereof. The Appellant denied liability and the matter, pursuant to the Arbitration clause, went for arbitration. Chief Bayo Ojo SAN, Mrs Funke Adekoya SAN and Mr. M Bello Adoke were appointed as Arbitrators. Chief Bayo…