Facts:

The appellant is a statutory corporation carrying on the business of property development and management in Nigeria. The respondent is a Nigerian company engaged in building construction. The 3rd party respondent is also a Nigerian company licensed to carry on banking business in Nigeria. The appellant and the respondent entered into a building contract from which a dispute arose. The contract provided for reference of disputes arising from it to an arbitrator. To that end, the dispute was, by an order of the Lagos State High Court, referred to the Late Hon. Justice G.B.A. Coker as a sole arbitrator. The arbitrator published his award on 18th October 1982. In the award, the arbitrator ordered the appellant to pay a sum of N5, 566,437.21 (Five million, five hundred and sixty six thousand four hundred and thirty seven naira twenty one kobo) to the respondent with 5% interest per annum from 11/3/81 to 18/10/82. The respondent applied to the High Court to enforce the award while the appellant, on the other hand, also applied to the same court to set aside the award.

The trial Judge Ilori J. (as he then was), on 9th May 1986, refused to set aside the award, but granted leave to enforce it as a judgement of the court for N6,015,411.21 (Six million, fifteen thousand, four hundred and eleven naira twenty one kobo) inclusive of 5% interest awarded by the arbitrator.