AFRICAN CONTINENTAL BANK PLC V. OBMIAMI BRICK & STONE (NIG.) LTD.

OGUNDARE, JSC (Delivering the Leading Ruling): This case has a long and chequered history. This is the second time the parties will be before this Court. The applicant was at one time banker to the respondent. A dispute arose between the parties which led to the respondent suing the applicant in Suit No. E/280/87 in the Enugu Judicial Division of the High Court of the former Anambra State claiming ₦13 million as "special and general damages" The applicant counter-claimed for the sum of ₦2.276, 620.61 being overdraft granted the respondent and the compound interest at the rate of 15% per annum until judgment is given. At the conclusion of trial in the High Court, judgment was on 24/4/89 entered in favour of the respondent in the sum of ₦10, 827,305.25; the counter-claim was dismissed. The applicant appealed to the Court of Appeal (Enugu Division) and applied for a stay of execution of the judgment of the High Court. Stay was granted by Ononiba J. on 29/6/89 on the following terms:

"(i)…