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CHINWE EUGENIA IYIZOBA, J.C.A. (Delivering the Leading Judgment): This appeal raises a rather novel and interesting question as regards arrest of vessels, caveats and securities for the release of vessels in admiralty matters. The question to be decided is whether under any circumstances a Court has jurisdiction to order that security for release of a vessel be provided when (1) the applicant is not a party in the pending suit (2) the application is in respect of another suit in which the respondent is not a party (3) there is no pending action in rem. The facts of the case as gathered from the Record of Appeal are as follows:
By a Statement of Claim doted 29/10/07, the 1st and 2nd Respondents herein as Plaintiffs commenced an admiralty action "in rem" at the Federal High Court. Lagos against the Appellants herein, claiming the sum of US$7,500,000.00 (Seven Million Five Hundred Thousand United States Dollars), being damages for alleged collision damage done by the 1st Appellant vessel…