UNITED BANK FOR AFRICA PLC V. CONTRACT RESOURCES (NIGERIA) LIMITED & ANOR

MAHMUD MOHAMMED, J.C.A. (Delivering the Leading Judgment): This appeal arose out of proceedings before the High Court of Justice of Enugu State of Nigeria sitting at Enugu in a civil suit No. E/428/99 instituted in that court by Contract Resources Nigeria Limited as the plaintiff against Mode Nigeria Limited, the respondent in this appeal, as the defendant and claimed in paragraph 9 of the statement of claim the following reliefs:

WHEREUPON, the plaintiff claims as follows from the defendant.

(a) The sum of N46,000,000.00 (Forty-six million Naira only) being the contract value owed the plaintiff as per the contract agreement dated 15/6/98.

(b) 25% compound interest on the said sum, from December 1998 till judgment and thereafter at 10% till full payment of the judgment award.

In the statement of defence filed by the defendant/respondent in this appeal as defendant in the case, the defendant admitted liability for the entire claim but stated that its default in paying the claim was due…