NIGERIA DEPOSIT INSURANCE CORPORATION V. SIR. S.O. ODIGIE

CHIOMA EGONDU NWOSU-IHEME (Ph. D), J.C.A (Delivering the Leading Judgment): The matter, subject of the present appeal was commenced by Writ of Summons at the Federal High Court of the Benin Judicial Division. In his Statement of Claim filed following the Writ of Summons, the Respondent herein as Plaintiff crystallized his claims against the Appellant herein as Defendant in the following terms:

"(i) The sum of N565, 000.00 (Five Hundred and Sixty-Five Thousand Naira) being Plaintiff's money in the custody of Defendant since 11th November 1998 as per annexures C and D herein.

(ii) 10% interest on the said sum with effect from 11th November 1998 till Judgment and 21% till the total sum of indebtedness is liquidated."

(Underlining supplied).

The aforementioned Statement of Claim was of 16 paragraphs, the last of which contained the claims set out above. Initially, the Appellant neither filed a memorandum of appearance nor filed a Statement of Defence. Later, however, after the Respondent…