OGWUEGBU, J.S.C. (Delivering the Leading Judgment): This is an appeal against the judgment of the Court of Appeal, Lagos Division dated 30/11/89. The appellant herein was the respondent in the court below and the plaintiff in the court of trial.
The plaintiff's claim is for judgment against the defendant in the sum of N3,321,312.00 being the balance of the price of goods sold by the plaintiff to Messrs Bol-Bol and Company Ltd. under a letter of guarantee dated the 2nd April, 1986 given to the plaintiff by the defendant, and interest thereon at the rate of 13% from the 15th day of June, 1986 until judgment and thereafter interest at the same rate until the whole debt is settled.
On 17/3/86 the plaintiff entered into an agreement with Bol-Bol and Co. Ltd for the importation and supply of 14,000 bales of Norwegian stockfish to the latter for a total sum of =N=11,445,000.00. The plaintiff averred that by a letter of guarantee dated 2/4/86, the defendant gave an undertaking to the plaintif…