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KALGO, JSC (Delivering the Lead Judgment): The dispute in this appeal is on a very narrow compas. It is simply for the determination of when the cause of action has arisen in the case having regard to the circumstances. The case did not go to trial and no evidence was called at all. Everything was based on the pleadings of the parties. According to paragraph 13 of the statement of claim, the plaintiff now respondent, claimed against the appellant for:- “(a) Payment to the plaintiff of the said sum of $121,038 (one hundred and twenty-one thousand and thirty-eight Dollars) which the plaintiff purchased from the defendant but which the defendant failed and/or neglected to remit to the plaintiff’s overseas customers, or its naira equivalent at the official parallel market rate of N82.50 (eighty two naira fifty kobo) per Dollar amounting to N9,985,635 (Nine million, nine hundred and eighty-five Thousand six hundred and thirty-five Naira).
Interest on the said sum claimed at 21% per annum …