[2023]DLSC16160 • December 7, 2022 • Supreme Court •
SPRINGFIELD ENERGY LTD, FIDELITY BANK (GH) LTD vs. BULK OIL STORAGE AND TRANSPORTATION CO. LTD.
The Appellant, Springfield Energy Ltd, a petroleum importer, delivered products to the Respondent, Bulk Oil Storage and Transportation Co. Ltd., for storage. After reconciling stock balances in 2013, the Appellant discovered significant losses unaccounted for by the Respondent. Despite several communications and attempts to settle, the Respondent refused to pay the claimed sums. The Appellant sought recovery of USD 20,226,717.75 plus interest and lost profits. The Respondent admitted business dealings but disputed the agreed stock balances and claimed overdrawn stocks by the Appellant. The Respondent also counterclaimed for refund of overdrawn stock values and interest.
read moreJUDGMENT AMADU JSC (1) INTRODUCTION This is an appeal from the judgment of the Court of Appeal which set aside the summary judgment entered by the High Court in the sum of USD$11,104,143.29 in favour of the 1st Plaintiff/ Respondent/Appellant against the Defendant/Appellant /Respondent. (2) BACKGROUND FACTS By a writ of summons and statement of claim filed on 18th November, 2015, the 1st Plaintiff/Respondent/Appellant (hereinafter referred to as the “Appellant”) claimed against the Defendant/Appellant/ Respondent (hereinafter referred to as the “Respondent”) the following reliefs: “a. Recovery of the sum of USD$20,226,717.75 being Defendant’s cumulative indebtedness to Plaintiff as at 12/11/15. b. Interest on the aforesaid amount at the rate of 19% being the rate of interest paid by Plaintiff to its bankers on its unpaid facility from 13/11/15 up until the date of final payment. c. Recovery of the sum of USD$3,420,000.00 being the tota...