The plaintiffs (who are appellants in this appeal) are owners of the vessel M.V. CINDYA. By a charter party dated 17th October, 1989 the 2nd defendants/respondents herein hired the said vessel from the plaintiffs. A dispute arose between the parties resulting in a claim made by the plaintiffs on the 2nd defendants/respondents for demurrage and or damages for detention of the vessel M. V. CINDYA. The claim was referred to arbitration in London, United Kindgom and was still pending when the proceedings leading to this appeal commenced in the Federal High Court, Lagos.

On 22nd February, 1995, ASCONA Shipping Ltd, Agents for Messrs N.V. Scheep Vaatmij Unidor Wille Mstad, Curacoa - the plaintiffs in the present suit filed an action in rem (Suit No. FHC/L/CS/213/95, against the present defendants claiming -

"The plaintiffs, as Agents to Messrs N. V. Sheep Vaatmij Unidor Wille Mstad, of Curacoa Owners of the Vessel M. V. CINDYA, claim against the defendants, jointly and severally, the sum of US$250,000.00 (United States Dollars Two hundred and fifty thousand only) as security for damages, interest and cost in respect of the claim for demurrage and/or damages for detention relating to the 2nd defendant's use or hire of the said M.V. CINDYA pursuant to a charter party dated 17th October, 1989 presently under arbitration in London, United Kingdom."

An application by them, brought ex-pane, to secure the arrest of the 1st defendant was on 27/2/95 refused by the learned trial Judge, Ukeje, J.

On 28th February, 1995, the plaintiffs brought yet another action in rem against the two defendants herein claiming -

"The plaintiffs, as Owners of the Vessel M. V. CINDYA, claim against the defendants, jointly and severally, the sum of US$300,000.00 (United Slates Dollars Three hundred thousand only) as security for damages interest and cost relating to a claim for demurrage and/or damages for detention for the 2nd defendant's use or hire of the said M.V. CINDYA pursuant to a charter party dated 17th October, 1989, which claim is presently under arbitration in London, United Kingdom."

Simultaneously with the filing of the action, they also filed another motion ex-parte praying for the following two main reliefs: