UNITED BANK FOR AFRICA PLC V. IBACHEM (IBAFON CHEMICALS) LIMITED

CHIMA CENTUS NWEZE, J.C.A. (Delivering the Leading Judgment): The respondent in this appeal [as plaintiff] took out this action against the appellant [as defendant] at the Lagos state High court, Lagos Judicial Division claiming the following reliefs:

(a) N51,510,000.00 being rent and other charges for the storage of Base oil from Friday 1998 to January 2000;

(b) The sum of N2,400,000.00 being the monthly storage charges from February until the Base oil is removed from the Plaintiffs storage tank;

(c) Interest on the aforesaid sums of the rate of 21% per annum with effect from February 1998 until judgment and thereafter at the rate of 6% per annum until payment.

Issues were joined in the settled pleadings. In particular, the plaintiff, in paragraphs 7-10 of the Statement of Claim, averred thus:

7 The defendant by its letter of 1st September 1998 reiterated the agreement reached aforesaid and agreed to pay to the plaintiff the negotiated sum of N12,360,000.00 being the rental and other…