MOHAMMED LAWAL GARBA, J.C.A. (Delivering the Leading Judgment): In a judgment delivered on the 5th December, 2011, the Federal High Court (Lower Court) sitting in Lagos, awarded the sum of One Hundred and Sixty Million Naira (₦160,000,000.00) as damages for libel against the Appellant and in favour of the Respondent. A penalty of One Hundred and Sixty Thousand Naira (₦160,000.00) was also imposed for every thirty (30) days in the event of failure to retract the libel, within four (4) weeks of the service of the judgment/Enrolled Order on the Appellant.
Aggrieved by the judgment, the Appellant brought this appeal by a Notice of Appeal dated the 29th February, 2012 on four (a) grounds from which two (2) issues were formulated for determination in the Appellant's Amended Brief filed on 2nd February, 2018. The issues are as follows:-
"1. Whether the statement broadcast by the Appellant was defamatory of or injurious to the reputation of the Respondent in the way of its business. (Issue 1 di…