JOHN INYANG OKORO, J.C.A. (Delivering the Leading Judgment): This is an appeal against the Ruling of the Lagos State High Court in Suit No. LD/764/2008 delivered on 10th February, 2009 by Hon. Justice A. Olateru-Olagbegi.
The 1st Respondent herein which was the Claimant at the court below instituted a suit against the Appellant as the 3rd Defendant and the 2nd and 3rd Respondents as the 1st and 2nd Defendants respectively. The 1st
Respondent in its statement of claim dated 30th June, 2008 claimed against the Defendants jointly and severally as follows:
"(1) The sum of USD$889, 430 or its Naira equivalent as at october 2009 at the rate of N130 per USD totaling N115, 620, 900 being the sum realized from the sale of the 4, 500 metric tones of Low pour Fuel oil financed by the claimant which the 1st Defendant fraudulently diverted to the 3rd Defendant.
(2) Interest on the amount claimed in "I" above at the rate of 21% per annum being the agreed interest for the facilities from 1st Novembe…