AIICO INSURANCE PLC V. ADDAX PETROLEUM DEVELOPMENT COMPANY LIMITED

UZO I. NDUKWE-ANYANWU, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of the High Court of Lagos State delivered on 14th of December, 2010. The Respondent as claimant filed a writ of summons and Statement of claim against the Appellant as Defendant. The Respondent as claimant claimed against the Appellant as follows: -

(a) The sum of ₦300,143,098.92 (Three Hundred Million, One Hundred and Forty Three Thousand, Ninety Eight Naira, Ninety Two Kobo) being outstanding indebtedness due and owing to the claimant as of the 1st day of April, 2006 from Pension Fund Policy No:7079 and accrued interest there from.

(b) Interest at the rate of 21% per month on the outstanding sum due and owing from the 1st April, 2006 till judgment is delivered.

(c) Interest on the adjudged sum at the rate of 10% per annum from the date of judgment till the judgment debt is satisfied.

The Appellant as Defendant filed its memorandum of appearance and filed its statement of defence.…