"It is now well settled that except where parties have expressly agreed on payment of interest, it is not right to award interest pre-dating the date of judgment; Afribank Nigeria Plc v. Akwara (2006) 5 NWLR (Pt. 974) 619. Interest on judgment debt must be based on what the parties agreed to. Before a party can claim pre-judgment interest, he has to plead not only his entitlement to the interest but also the basis of the entitlement either by statute or agreement between the parties or by mercantile custom or under principle of equity; per Galinje, JCA (as he then was) in Dantama v. Unity Bank Plc (2015) LPELR-24448(CA). See also Monier Construction Company Nigeria Ltd v. E. Agbejure Enterprises Ltd (2013) LPELR-21167(CA).

Exhibit O1 is a copy of the offer letter in respect of the loan, pages 7-8 of the Record of Appeal, also Exhibit A of the Appellants' Counter Affidavit, pages 20-21 of the Record of Appeal. The said Exhibit O1 stated that the interest rate for the loan was 10% per month. The basis to justify the claim of 21% interest on both the principal sum plus accrued interest from 31/3/2000 until judgment; and the award by the learned trial Judge of 21% interest on the said judgment sum from March, 2000 until full liquidation is unclear. There was no evidence in proof by the Respondent to show that the pre-judgment interest they claimed was statutory or contractual or other, in order to justify the claim. The award of interest of 21% pre-dating judgment cannot also be justified in the absence of clear ground for it. See also the provisions of Order 35 Rule 4 of the Lagos State High Court (Civil Procedure) Rules, thus: The Judge 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 judge deems fit and may order interest at a rate not exceeding 10% per annum to be paid upon any judgment."

Per OTISI, J.C.A. IN DAVE EGBEJULE (T/A DEVKON VENTURES) & ANOR v. FORTHRIGHT SECURITES & INVESTMENT LTD CITATION: (2017) LPELR-43540(CA)