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B. L. LIZARD SHIPPING COMPANY LIMITED v. MV "WESTERN STAR" & ORS

(2014) JELR 36277 (CA)

Court of Appeal  •  CA/L/808/10  •  2 Dec 2014  •  Nigeria

Coram
UZO I. NDUKWE-ANYANWU JCA; SAMUEL CHUKWUDUMEBI OSEJI JCA; ABIMBOLA OSARUGUE OBASEKI-ADEJUMO JCA;

Judgement

U.I. NDUKWE-ANYANWU, J.C.A. (Delivering the Leading Judgment): This is an appeal against the Ruling of the Federal High Court, Lagos delivered on 9th day of June, 2010 which ordered that the value of the funds collected under the Bank Guarantee, be paid in to the court, in the care of the chief Registrar who will in turn pay same into an interest yielding account

In a nutshell, the fact of this case is that the Appellant, as Plaintiff, claimed against the Defendant/Respondent the following:

1. The sum of US$127,650 being the outstanding cost for the bunked supplied to the 1st Defendant by the Plaintiff;

2. Interest on the above sum at the rate of 2% per month from the 2nd of March, 2006 till judgment and thereafter at the rate of 10% per annum until the judgment debt, interests and costs are fully liquidated;

3. US$30,000 being the legal costs incurred by the Plaintiff in respect of this matter; and

4. A declaration that the beneficial ownership of the 1st Defendant vested in the 2nd…

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