NIGERIAN AGRIC. INSURANCE CORP. V. WEMA SECURITIES AND FINANCE PLC

OMAGE JCA (Delivering the Lead Judgment): The matter in this appeal commenced in the Federal Capital Territory High Court when the plaintiff sued one Mr. Chris Ogbolu who trades under the name and style of Cray Techniques Nig. Corp. as the 1st defendant and Nigerian Agricultural Insurance Corporation as the 2nd defendant.

The plaintiff in the case is Wema Securities and Finance Plc. The latter had sued the defendants under the undefended list procedure for the sum of N5,088,211.18 (five million, eighty eight thousand, two hundred and eleven naira, eighteen kobo, (ii) for an order directingthe defendants to pay to the plaintiff interest on the said sum of N5,088,211.18 at the rate of 21 % per annum from April 2001 until judgment is delivered and thereafter on the judgment debt at the rate of 10% per annum until the whole debt is finally liquidated.The plaintiff averred that the liabilityarose when in March 1999, by a letter written by the 1st defendant, it asked the plaintiff to p…