WALTER SAMUEL NKANU ONNOGHEN, J.C.A. (Delivering the Leading Judgment): This is an appeal against the ruling of the Federal High Court holding at Lagos delivered by Hon. Justice A. B. Gumel on the 9th day of January, 1997 in suit No. FHC/CS/436/96 in which he dismissed the said suit for being statute barred.
The facts of the case include the following.
The appellants as plaintiffs in the lower court instituted an action at the Federal High Court Holden at Lagos in suit No FHC/CS/436/96 claiming the following reliefs (both in the particulars of claim filed on 18/4/96 and the statement of claim filed on 17/6/96:
"14. Whereof the plaintiff's joint claims is against the defendant for:
(i) the sum of ₦70,000,000.00 (Seventy Million Naira) being the total outstanding sum of money due to the plaintiffs from 1990-1995 levy years.
(ii) 5% monthly penalty for non-payment on every month the said sum ought to have been paid until the liquidation of the outstanding sum.
(iii) Cost of this action."…