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CHINWE EUGENE IYIZOBA, J.C.A. (Delivering the Leading Judgment): This is an appeal against the Ruling of Idowu J of the High Court of Lagos State in Suit No ID/1904/2009 delivered on the 12th day of May 2011. By a Writ of Summons dated 4th day of November 2009, the Respondent who was the Chief Finance Officer of the Appellant and the Claimant in the court below sued the Appellant his Former Employer as Defendant claiming the following reliefs:-
(a) The sum of Euro 120,325.00 being the outstanding benefits due:
(b) Interest on the sum of Euro 120,325.00 at the rate of 18% per annum from December 28, 2008 to June 20, 2009;
(c) Interest in the sum of Euro 120,325.00 at the rate of 18% per annum from August 4, until judgment;
(d) N5,000,000 being the cost of this action including Solicitor's fee.
The background facts of this case are that in the course of a meeting of the Board of Directors of the Appellant on 26th November 2008, it came to light that the Respondent had obtained a loan o…