Jeric (Nig.) Ltd. V. Union Bank Of Nigeria Plc (2000)

LAWGLOBAL HUB Lead Judgment Report

KALGO, J.S.C. 

The appellant was the plaintiff at the trial High Court of Plateau State in Jos. He claimed against the respondent and one other party jointly and severally as per paragraph 17 of his amended statement of claim, the following reliefs:-

(a) N1,140,309.01 for loss of profit after tax 6/2/88 to 20/7/89;

(b) The sum of N2,005.93 being loss of profit every day from 21/7/89 until judgment and payment;

(c) Cost of imported machineries, its accessories concentrates/additives and freight charges 120,546 US Dollars. Both the concentrates and machineries have since expired and corroded and cannot be refurbished;

(d) General damages for breach of contract and/or agreement N5,000,000.00.

The respondent also counter-claimed against the appellant for the sum of N350,000.84 plus interest at the prevailing banking interest rate from the 26th of October, 1987 until the debt is completely liquidated.

Parties filed and exchanged pleadings. The trial commenced on the 24th of October, 1994, and finished on the 29th of January, 1996 when after hearing learned counsel’s addresses for the parties, the trial court adjourned for judgment. On the 24th of February, 1996, the learned trial Judge, Naron J. in a lengthy considered judgment entered judgment in favour of the appellant in the following terms:-

(a) N1,140,309.01 for loss of profit after tax from 6/2/88 to 20/7/89;

(b) The sum of N2,905.93 being loss of profit everyday from 21/7/89 to today and thereafter at the same rate until full payment; and

(c) Cost of imported machineries, its accessories, concentrates Additives and freight charges – 120,546.00 US Dollars.

The claim against the other defendant sued together with the respondent was dismissed. On the counter-claim, the learned trial Judge held that –

” the claim of the plaintiff having succeeded, the counter-claim cannot stand and is accordingly dismissed.”

The respondent was not happy with this decision and it appealed to the Court of Appeal Jos, which after hearing the appeal, allowed it and set aside the decision of Naron J. In the leading judgment, Oguntade, JCA on 12/11/97 (Edozie and Opene JJCA concurring) held:-