IGE, JCA (Delivering the Lead Judgment): The appellant in this appeal as plaintiff in the lower court by a writ of summons dated 14th June, 1990 filed an action against the defendant/respondent claiming 2 reliefs as follows:- “(a) the sum of N263,626.10k being the sum due and payable to the plaintiff as shortfall with accrued interest incurred by the plaintiff on account of 3 irrevocable letters of credit granted by the plaintiff to the defendant.
(b) interest on the said sum at the rate of 25% per annum from 31st March, 1990 until judgment and thereafter at 4% per annum until full and final settlement thereof.” To this statement of claim the defendant/respondent filed a counter- claim in his statement of defence wherein he claimed the sum of N39,254.20k with interest as the balance due to it on his current account. The appellant filed a defence to the counter-claim. Along the line plaintiff’s case was struck out on 10th November, 1992. Plaintiff got it relisted on 25th January, 1993…