A. O. EJIWUNMI, JSC (Delivering the Leading Judgment): This appeal is against the majority decision of the court below (Coram, Onalaja and Acholonu, JJCA, with Ayoola, JCA dissenting). This action was commenced by the plaintiff in the High Court of Lagos State, when a writ was issued against the defendant. In this judgment, I will reproduce the statement of claim without its particulars. This is because that part of the statement of claim is not in dispute in this appeal. The relevant portion of the statement of claim reads:
"(1) The defendant duly accepted the bills of exchange, particulars of which appear hereunder, drawn by Meltroid Limited payable at 90 days after sight to the order of the plaintiff.
(2) On the due date of each of the said bills of exchange, the said bills were dishonoured by the defendant by non-payment.
(3) And the plaintiff as holder claims against the defendant as acceptor:
(a) the sum of US$2,267,0…