The is an appeal from the judgment of the Lagos State Division of the Court of Appeal (Coram: Oguntade, Galadima & Aderemi JJ.CA.) delivered on 13th June, 2000 in Suit "No. CA/L/380/96. The Appellant and the Respondent had entered into a building contract out of which a dispute arose. The contract agreement between them had provided for reference of disputes arising from the contract to an arbitrator. To that end, the dispute was, by an order of the Lagos State High Court, referred to Late Hon. Justice G.B.A. Coker as sole arbitrator. The arbitrator published his report on 18th October, 1982. In the report, the arbitrator ordered the Appellant to pay N5,566,437.21 to the Respondent with 5% interest per annum thereon from 11/3/81 to 18/10/82. The Respondent later applied to the High Court for the enforcement of the award. The Appellant, on the other hand, applied to the same Court to set aside the award.

The two applications came before Ilori, J., as he then was. In his ruling delivered on 9/5/86, on the two applications, the learned Judge ordered the enforcement of the award and refused the application to set aside the award. The Appellant was dissatisfied with the ruling of Ilori, J. An appeal to the Court of Appeal against the ruling was dismissed. On a further appeal to this Court, the appeal by the Appellant was also dismissed. But the cross-appeal by the Respondent was successful in that this Court ordered that the case be remitted back to the High Court for the purpose of determining the interest payable. Ilori J. determined the interest payable as ordered by this Court. The Appellant was again dissatisfied and appealed to the Court of Appeal.

The First Bank Plc, the 3rd party Respondent, came into the matter as a result of the bond it provided under an order by Ilori J., made on an application for stay of execution of the award pending the appeal filed by the Appellant. When the appeal was dismissed, the Respondent instituted an action at the Lagos High Court for the enforcement of the bond.

The claim came before Desalu, J. as Suit No. LD/2185/ 90. Desalu, J entered judgment against the First Bank Plc to the extent of the limit of the amount guaranteed by the bank and the interest due thereon. The bank has since fully settled the judgment debt. The bank was brought into the proceedings before Ilori, J. by the Appellant issuing a third party notice by motion which the learned trial Judge granted. But the High Court, in its ruling, awarded the interest payable and dismissed the third party notice. The Appellant did not appeal against the dismissal of the third party notice to the Court of Appeal. The Bank is therefore strictly speaking not a party in the present appeal.