On the 7th of March, 1997, the Appellant herein entered into an agreement with the respondent for the insurance of 121 bales of Icelandic stockfish valued at 33,880 US dollars and 1907 bags of assorted Iceland fish valued at 122,048.00 US dollars for duration of the voyage which commenced in Iceland to Port Harcourt. Thus, the contract supported by two insurance policies.

The Appellant claimed that he paid premium as agreed upon by both parties and also presented relevant shipping documents to the Respondents.

On 18/3/1997, the Appellant received a fax message from the shippers that the ship carrying the consignment was lost at sea. Upon immediate communication to the respondent about the development through a letter and claiming the sum of 156,088 US dollars being the value of the insured goods, the respondent declined liability.

Due to failure of the respondent to honor its obligations under the agreement and repeated demands, the Appellant instituted an action against the Respondent.

Prior to the commencement of hearing, the Respondent filed a motion on notice to dismiss the suit but was dismissed.

Judgment was entered in favour of the Appellant in the sum of N12, 482,240.00 being the value of the consignment.

Dissatisfied, the Respondent appealed to the Court of Appeal which allowed the appeal by setting aside the judgment of the trial court.

Aggrieved, the Appellant herein appealed to the Supreme Court.