FIRST INLAND BANK PLC. V. ALLIANCE INTERNATIONAL NIGERIA LTD. & ANOR

ISAIAH OLUFEMI AKEJU, J.C.A. (Delivering the Leading Judgment): The respondents herein were the plaintiffs in suit No. FHC/L/CS/122/2000 commenced through the Writ of Summons filed with Statement of Claim at the Lagos Division of the Federal High Court on 8th February, 2000, and subsequently amended through the amended writ of summons and further amended statement of claim filed on 11th August, 2006. By paragraph 37 of the said further amended statement of claim the plaintiffs had claimed thus;

"37. (a) WHEREOF the Plaintiffs claim against the Defendant, the sum of U$876,100 (Eight Hundred and Seventy Six Thousand One Hundred United States Dollars) being a refundable cash collateral deposited by the Plaintiffs with the Defendant for the confirmation of 4 letters of credits in favour of Manufacturers Hanover or Trust Company of London in July 1986 and which sum the Defendant, despite its promises in 1995/96 has failed, refused or neglected to refund despite repeated demands.

(b) The Pl…