STATOIL NIGERIA LTD. V. INDUCON (NIG.) LTD. & ANOR.(2)

HELEN MORONKEJI OGUNWUMIJU, JCA (Delivering the Leading Judgment): This is an appeal against the judgment of Hon. Justice C. E. Archibong of the Federal High Court Lagos, delivered on 6th December, 2010. The learned trial judge had given judgment to the Plaintiffs and made sundry orders on their behalf. The facts that led to this appeal are as follows:

The Plaintiffs, a Nigerian registered company and a Nigerian businessman, sued for enforcement of profit interest in the production of Nigerian offshore oil fields which they claim they are entitled to from a locally incorporated Norwegian oil producer; and for an accounting of all profit thought to have been made since the said production began; together with payment over to them of all accrued earnings arising from said profit interest.

At the trial court, the Claimants now Respondents asked for the following orders.

"i. A declaration that the plaintiffs are entitled to a net profit interest of 1.5% out of the Defendant's interest in…