AFRIBANK NIGERIA PLC V. FRANCIS SHANU & ANOR

AKINTAN, J.C.A. (Delivering the Leading Judgment): This is an appeal from the judgment of Edokpayi, J delivered on 19th January, 1994 at Benin High Court in Edo State. The two respondents were the plaintiffs before the lower court while the appellant and one Segun Ajayi were the defendants. The plaintiffs' claim against the defendants jointly and severally as endorsed on the 3rd amended statement of claim is for:-

"(1) N50,000,000

(2) Interest at commercial bank rate from 22nd July, 1983 on the sum of N50,000,000 until judgment is delivered at 30% per annum.

(3) Loss in the value of the Naira by 1000% which is equal to N500,000,000."

Pleadings were ordered, filed and exchanged. The trial thereafter started before Obi, J. then sitting in Benin High Court. The 1st plaintiff (now 1st respondent) and five other witnesses gave evidence for the plaintiffs before Obi, J. and the plaintiffs thereafter closed their case. Nine people in all testified for the 1st defendant. The 2nd defendant gav…