NISHIZAWA LTD V. STRICHAND JETHWANI

OBASEKI J.S.C.(Delivering the Leading Judgment):- The Nigerian General Motors Ltd. of 56 Marina, Lagos was indebted to the plaintiffs, a limited liability company based in Japan whose registered address is No.83 Chome, Bingo-Machi, Higashi-Ku, Osaka, Japan, to the tune of 1,149,198,633 Japanese Yen (One billion, one hundred and forty nine million, one hundred and ninety-eight thousix hundred and thirty three Japanese Yen) and US Dollars 586,412.39 (Five hundred and eighty six thousand four hundred and twelve dollars and thirty-nine cents) the total equivalent value in Naira being N3, 172,533.30 (three million, one hundred and seventy two thoufive hundred and thirty three Naira, thirty kobo). This was on 21st day of November, 1979 when the defendant executed a deed of guarantee under seal (exhibit KM/ 1) to pay the debt to the plaintiff if the Nigerian General Motors Limited defaults in payment of any instalment due. The Nigerian General Motors Limited was to pay the debt in instalment…