Facts:

In 2008, the defendants entered into a contract with the claimant for the refurbishment of the Festac Novotel hotel. By the parties’ agreement, the claimant was to refurbish the hotel at a particular fee in pursuance of which the defendants paid the sum of N59,978,293.37 (Fifty Nine Million, Nine Hundred and Seventy Eight Thousand, Two Hundred and Ninety Three and Thirty Seven Kobo) being 20% of the contract sum to the claimant. Out of this sum, the parties agreed that the sum of N43,541,063.33 (Forty Three Million, Five Hundred and Forty One Thousand, Sixty Three Naira, Thirty Three Kobo) was to be used to purchase in bulk the materials needed for the entire project. This term was inserted in the contract by the defendants in order to avoid price fluctuations and delay in execution of the project. It was also agreed that the claimant must obtain an advance payment guarantee from the 3rd defendant in respect of the amount budgeted for the bulk purchase of the building materials.
The defendants wrote to the claimant alleging a breach of the term of the contract specifying that the building materials be bought in bulk and that as a result of the breach, the project had been delayed. The defendants further threatened to activate the advance payment guarantee of the contract. In order to forestall and prevent the defendants from activating the advance payment guarantee, the claimant filed a suit against the defendants via originating summons at the High Court of Lagos State. The defendants filed a counter affidavit and incorporated a counterclaim. The court ordered the parties to convert the process into pleadings. At the commencement of trial, the claimant sought to discontinue its suit while the defendants proceeded with their counterclaim.
The defendants alleged that the claimant was in breach of the contract which caused a delay of the project and resulted in financial loss to them. They therefore claim the sum of N43,541,063.33 (Forty Three Million, Five Hundred and Forty One Thousand, Sixty Three Naira, Thirty Three Kobo) being the sum earmarked for the bulk purchase of the building materials, interest on the sum since 2009, N60,000,000 (Sixty Million Naira) as damages and solicitor’s fee of N5,000,000 (Five Million Naira).