The appellants were the plaintiffs in the Lagos High Court in Suit No. LD/407/87. They claimed from B.V. Magussen (hereinafter referred to as the defendants) special and general damages for failure of the defendants to deliver to them Icelandic Stockfish ordered by the appellants in Nigeria between November 1981and January, 1993. In the course of the proceedings, the appellants obtained a preservative injunction restraining the defendants, their agents or servants from withdrawing or disposing or dealing in any way with the sum of N5,863,960.00 with interest thereon deposited in account No.01030770 and/or account No.01307750 with First Bank of Nigeria Limited, the respondent herein, by the said defendant on his behalf, pending the determination of the substantive suit.

The suit then proceeded to hearing at the end of the trial, the learned trial Judge, Adeyinka J. on the 9th June, 1990, delivered a judgment in favour of the Appellant against the Defendants in the sum of N30,262,784.59 including interest and costs.

The Defendants were dissatisfied with this decision and they appealed to this court.