Interest

Both Courts below were correct. Issues 1 and 2 are resolved in favour of the respondent.
Interest on the sum of N300,000,000.
In Harbtts Plasticine Ltd v. Wayne Tank & Pump Corporation Ltd (1970) 1 ALL ER p.225
Lord Denning M.R. said:
"It seems to me that basis of an award of interest is that the defendant has kept the plaintiff out of his money and the defendant has had the use of it to himself. So he ought to compensate the plaintiff accordingly."
If the case is of a commercial nature and money should have been paid sometime ago, but was not paid, it ought to carry interest. A person deprived of his money must be compensated.

I, entirely, endorse this submission for it accords with this Court's position that:
...interest may be awarded in a case in two distinct circumstances, namely: (i) As of right; and (ii) Where there is a power conferred by Statute to do so, in exercise of the Court's discretion. Interest may be claimed as a right where it is contemplated by the agreement between the parties, or under a mercantile custom, or under a principle of equity such as breach of a fiduciary relationship, see, London, Chatham & Amp; Dover Railway v. S. E. Railway (1893) A.C. 429 at p. 434. Where interest is being claimed as a matter of right, the proper practice is to claim entitlement to it on the writ and plead fact which show such an entitlement in the statement of claim.
Ekwunife v Wayne (West Africa) Ltd [1989] 3 NSCC 352, 359; [italics supplied for emphasis]; T. O. N. P. C Unltd v Pedmar Nig Ltd LPELR -3145 (SC) 19-20; C-A; Veepee Industries Ltd v Cocoa Industries Ltd (2008) LPELR – 3461 (SC) 14; C-E.

A trial Court can award judgment interest. The authority to award judgment interest is enshrined in the Rules of Court. Please see the case of B.E.G.H Ltd v. U.H.S & L. Ltd (2011) 7 NWLR (Pt.1246) 246. The relevant position contained in the Federal High Court (Civil procedure) Rules 2000 is found in Order 42 Rule 7 this states as follows:-
"The Court at the time of making any judgment or order or at any time afterwards, may direct the time within which the payment is to be made or other act is to be done, reckoned from the date of the judgment or Order, or from some other point of time, as the Court deems fit and may order interest at a rate not exceeding 10% per annum to be paid upon any judgment, commencing from the date thereof or after wards, as the case may be."