B.V. Magnusson V. K. Koiki & Ors. (1993)

LawGlobal-Hub Lead Judgment Report

KUTIGI, J.S.C. 

The plaintiffs sued the defendant in the Lagos High Court and obtained judgment against him in the following terms-

“Judgment is hereby entered for the plaintiffs against the defendant for the special damages of $894,390 or its Naira equivalent with interest at 15% per annum from 1st day of January, 1982 to 31st day of July, 1987 and at 20% per annum from 1st August 1987 until today and N1,000,000 (One million Naira) being general damages.”

The judgment was delivered on the 29th day of June, 1990. The defendant was not satisfied. He appealed to the Court of Appeal. Meanwhile he filed and application in the High Court for a stay of execution of the judgment pending the determination of the appeal by the Court of Appeal. The learned trial Judge in his ruling of 9th July, 1990 dismissed the application when he stated thus-

“This application for stay is hereby dismissed. The First Bank of Nigeria Limited shall pay the amount preserved with the interest that has accrued thereon to the First City Merchant Bank Limited of Primrose Tower, 9th – 10th Floor, 17A Tinubu Street, Lagos.

The said First City Merchant Bank Limited shall give its bank’s guarantee to the judgment debtor within 30 days of the receipt of the money from the First Bank of Nigeria Limited pending the determination of the appeal in this court.”

Not satisfied with the ruling of the High Court, the defendant filed a fresh application in the Court of Appeal, Lagos praying for the following:-

“(1) An order staying the execution of the judgment of the High Court of Lagos State, delivered by Hon. Justice Afolabi Adeyinka on the 29th day of June, 1990 pending-

(a) the ascertainment of the exact total Naira value of the judgment debt, and

(b) the determination of the appeal already filed.

(2) An order varying the order of the High Court of Lagos State delivered by Hon. Justice Afolabi Adeyinka dated the 9th day of July, 1990 by directing that

(a) out of the sum of N5,863,960.oo and accrued interests thereon preserved with First Bank of Nigeria Limited of Adeyemo Alakija Street, Victoria Island, Lagos (First Bank), the sum of N2,464,482.90 being the judgment debt or such fact of the sum earlier preserved as may be sufficient to satisfy the judgment debt be further preserved with the said First Bank, or African Continental Bank Limited of 27/29 Martin Street, Lagos or First City Merchant Bank Limited of Primrose Tower, 17A Tinubu Street, Lagos in a fixed deposit amount yielding interest at normal banking rates pending the determination of the appeal in this suit;

(b) First Bank of Nigeria Limited or such other Banks as shall preserve the said judgment debt to give its bankers guarantee to the Chief Registrar of the High Court of Lagos State and the parties thereto for the due payment of the sum preserved and all accrued interests to the successful party in the appeal;

(3) Such further order or orders as the court may deem fit to make in the circumstances.”