W. S. N. ONNOGHEN, J.S.C (Delivering the Leading Judgment): This is an appeal against the judgment of the Court of Appeal holden at Lagos in appeal No. CA/L/390/99 delivered on 30th October, 2000 in which it dismissed the appeal of the appellant against the judgment of the Lagos State High Court in suit No. LD/960/93 delivered by O.O. Obadina J. (as he then was) on the 14th day of November, 1997.
On the 8th day of October, 1992 the appellant and the respondent entered into an insurance contract by which the appellant insured against fire, the appellant's stock and materials in trade consisting of tyres of various sizes and contained in the sales shop, forming part of a building occupied as business premises by the appellant at No. 32, Enu-Owa Street, Lagos for the sum of N3.5 million. It is the case of the appellant that sometime between October and November, 1992, certain vandals also known as "Area Boys" began acts of stealing and/or destruction of properties on Lagos Island where …