ALBIA TRADING GMBH & ANOR V. MADUNKA INTERNATIONAL LIMITED & ANOR

ITA G. MBABA J.C.A. (Delivering the Leading Judgment): Appellants (as Plaintiffs at the Court below) sued the Respondents (then Defendants) in suit No. KDH/KAD/445/2004 at the Kaduna High Court and the suit was placed on the undefended list for hearing and determination. It was a claim for US $231,782.00 (equivalent of ₦31,114,415.68) and 313,177.00 Euro (equivalent of ₦51,613,573.93) totaling ₦82,727,989.61 (Eighty Two Million, Seven Hundred and Twenty Seven Thousand, Nine Hundred and Eighty Nine Naira, Sixty One Kobo), outstanding on the Respondents' statement of account with the Appellants as indebtedness to the Appellants. Appellants further claimed 10.5% interest on the Dollar Account and 9.5% interest on the Euro Account, per annum from 31/3/2004 until judgment and at 10%, from the date of judgment until liquidation.

The suit was later transferred to the general cause list, whereupon the parties filed their pleadings, with the Respondent counter-claiming, and a reply thereto by …