ADEREMI, J.C.A. (Delivering the Leading Judgment): In the court below (the Federal High Court, Lagos Division) the plaintiffs (hereinafter referred to as respondent/cross appellants) claimed against the defendants (hereinafter referred to as the appellants/respondents) the following reliefs:-
(1) N2,839,000.00 (Two Million, Eight Hundred and Thirty-Nine Thousand Naira) being the equivalent of $33,314.00 (Thirty-Three Thousand, Three Hundred and Fourteen Dollars) calculated at the autonomous rate of N85.00 per dollar being the amount owed the plaintiff by the defendants as at 22nd of March, 1993 in that the defendant failed or neglected to effect payment for Auto Gas Oil supplied by the plaintiff and/or his agent to the defendants' vessels (M/V Seafriend and Victory, Reefer) at the defendants' request.
(2) The plaintiffs also claim interest on the said amount at the regulated rate of 21 % monthly from 1st April, 1993 till judgment and thereafter at the same rate until the final liquida…