<p><strong> NGWUTA JCA (Delivering the Lead Judgment): </strong> This suit was commenced in the High Court of Ondo State, Akure Judicial Division, holden at Akure on 21/7/93.</p><p>The claims of the respondent (as plaintiff in the High Court) are endorsed on the writ of summons and reproduced in the concluding paragraph 47 of the statement of claim. They are:</p><p>A declaration that the term loan of $228 , 110.00 granted to the plaintiff by the defendant pursuant to clause C1 of letter reference No. MAN/SA/NAL of 23rd November, 1990 was granted at the rate of N9. 4417 to $1.00. A declaration that the plaintiff is entitled to interest from February, 1991 to August, 1991 from the 1st defendant or its agents on the sum of $150,756 or its Naira equivalent being the value of a letter of credit No. 1/911138 opened by the defendants as bankers of the plaintiff. A declaration that the 1st defendant is not entitled to charge interest on the $150,756 or its Naira equivalent granted to the plaintiff under clause C1 of letter re…</p>