Nigerian National Petroleum Corporation & Anor. V. Odidere Enterprises Nigeria Limited (2009)

LawGlobal-Hub Lead Judgment Report

UWANI MUSA ABBA AJI, J.C.A.

This is an appeal against the Ruling of Hon. Justice A. I. Chikere, sitting at the Federal High Court, Abuja, delivered on the 18th July, 2006.

The Respondent as the plaintiff instituted this suit against the Appellants as Defendants and claims as per paragraph 18 of the 2nd Amended Statement of Claim filed on the 5th December, 2001, the following reliefs:-

Paragraph 18 – Whereof the plaintiff claims against the Defendants jointly and severally as follows:-

a.) In respect of the 1st Contract:

(i) Cost of procurement of Letter of Credit = US-Dollar 74,250 or N6,088,500 (Naira equivalent as at the date of filing the Writ of Summons).

(ii) Loss of profits arising from defendants’ breach = US-Dollar 300,000 or N24,600,000 (Naira equivalent as at the date of filing the Writ of Summons).

(b) In respect of the 2nd contract:

(i) Cost of procurement of Letter of Credit = US-Dollar 120,000 or N9,840,000 (Naira equivalent as at the date of filing the Writ of Summons).

(ii) Loss of profits arising from defendants’ breach = US-Dollar 370,000 or N30, 340,000 (Naira equivalent as at the date of filing the Writ of Summons).

(c) Interest:

In respect of the 1st contract:

(i) The sum of US-Dollar 25,440.43 being accrued interest on the sum of US-Dollar 74,250.00 at calculated from the 1st July, 1991 to 30th April, 2001 at the rate of 3% per annum.

(ii) Interest on the sum of US-Dollar 74,250.00 at the rate of 3% per annum from the 1st day of May 2001 till the date of judgment.