FIRST DEEPWATER DISCOVERY LIMITED & THE VESSEL M/T DEEPWATER V. FAICECK PETROLEUM LIMITED

UGOCHUKWU ANTHONY OGAKWU, J.C.A. (Delivering the Leading Judgment): The Respondent herein instituted proceedings against the Appellants before the Federal High Court, Lagos Division in SUIT NO. FHC/L/CS/1741/2014: FAICECK PETROLEUM LIMITED v. FIRST DEEPWATER DISCOVERY LIMITED and ANOR. It was an action on the undefended list, and the Respondent claimed the following reliefs:

“I. The sum of N180, 051,000 (One Hundred and Eighty Million and Fifty One Thousand Naira) as at 30th of May, 2013 being the outstanding balance of the value of the plaintiff’s products that was stored in the 1st Defendant’s Tank Farm, which the 2nd defendant moved out of the jurisdiction of this Court to be sold outside Offshore without the Plaintiff’s consent.

II. INTEREST on the said sum mentioned in (I) above at the rate of 21% per annum from the 1st of June, 2013 until judgment and thereafter at 10% per annum until the judgment sum is totally liquidated.”

The Respondent subsequently applied for and obtained cert…