Facts:

Facts:
The 1st respondent is a businessman trading under the business names Felimex
Mercantile Nigeria Alliance and Sobatex International and engaged in the business
of importation and distribution of allied goods. The 2nd respondent is a registered
company which, after its incorporation in 1982, inherited all the assets and
liabilities of Felimex Mercantile Nigeria Alliance and Sobatex International. The
respondents in 1982, opened a current account with the Aba branch of the
appellant, for their various business transactions with their foreign suppliers and
associates. In 1983, the respondents applied and instructed the appellant to
deduct from their account and remit the sum of US$ 217,381.05 (Two Hundred
and Seventeen Thousand, Three Hundred and Eighty One United States Dollars,
Five Cents) to their foreign suppliers and associates for goods supplied to them.
In line with the existing policy at the time which required that such applications
be made to the Central Bank of Nigeria (CBN) through domestic banks, the
appellant between 1982 and 1983 deducted the Naira equivalent from the
respondents’ account and remitted same to the CBN for transmission to the
respondents’ foreign suppliers.
In 1983, the respondents’ foreign suppliers informed them that they were yet to
receive the money from the CBN. The 1st respondent made a complaint in 1983
to the appellant and was told that the appellant would make enquiries at the CBN
in order to resolve the issue. The appellant eventually conducted its enquiries
which revealed that the money debited from the respondents account and remitted
to the CBN was received but no foreign exchange was provided at the time by
the CBN for the transaction. Further investigation revealed that the transaction
was later referred to the Debt Management Office (DMO), by the CBN which
prior to 2000 was a department in CBN. The appellant was directed to get further
information there.
In 2005, the respondents filed an action against the appellant at the High Court of
Lagos State to recover the said amount. The respondents contended that since
the application was made on its behalf in 1983, its foreign suppliers were yet to
receive it and that it had to pay the foreign suppliers the Naira equivalent when
the latter came to Nigeria to make a demand for payment from the respondents.
The respondents further contended that since the application was made and the
money deducted, the appellant was always informing them each them they made enquiries that the CBN was working on their application. The respondents
contended that in April, 2005 they wrote a letter to the appellant requesting it to
give details and evidence of the remittance to the CBN but that the appellants
failed to supply them the evidence. The appellant however contended that the
claim of the respondents was statute barred since the cause of action arose in
1983 and since then the respondents failed to take necessary action to recover
the money.
At the end of trial, the learned judge gave judgment in favour of the respondents
holding that the case of the respondents was not statute barred. The appellant
was aggrieved and filed a notice of appeal at the Court of Appeal, Lagos Division
challenging the decision of the Lagos State High Court. One of the issues raised
for determination was whether the trial was right in holding that having regards to
the evidence and the facts, the case of the respondents was not statute barred.