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CaseLaw

Veepee Ind. Ltd. Vs. Cocoa Ind. Ltd. (2008) CLR 4(L) (SC)

Judgement delivered on April 18th 2008

Brief

  • Point not raised at court’s below
  • Relief not sought by parties
  • Supreme court overruling itself

Facts

The claim of the Appellant herein, who was the Plaintiff at the Lagos State High Court of Justice, holden at Ikeja (trial Court), as per the specially indorsed writ is for:-

  • "the sum of N553,316.08 (five hundred and fifty three thousand, three hundred and sixteen Naira eight kobo) with interest at the rate of 35% per annum from the 24th of February, 1992 till judgment in this case and thereafter at the same rate of interest until the total debt is finally and fully settled."

Paragraph 13 of the Plaintiffs statement of claim repeated the above claim. In its statement of defence the Defendant pleaded not liable to the sum claimed as same had been paid and not liable also to any interest whatsoever.

In its judgment in default of defence by the Defendant, the trial Court entered judgment in the said sum including the 35% interest as claimed by the Plaintiff.

Dissatisfied with that decision, the Defendant/Respondent appealed to the Court below. The Court below found merit in the appeal and allowed the appeal. It set aside the award of 35% interest made by the trial Court and in its place dismissed the Plaintiff's claim as regards pre-judgment interest.

Dissatisfied again, the Plaintiff is now on appeal before this Court.

Issues

  • i
    Whether the Appellant proved the rate of interest awarded by the...
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