"Award of interest is based either on statute or an agreement of the parties. Where there is no agreement, the Court should use its discretion to award interest at a reasonable rate where the circumstances warrant it.

 

Interest should be awarded to a plaintiff not as compensation but for being kept out of money which ought to have been paid to him. It is not necessary for a plaintiff to claim interest in his pleadings before the Court can award it in deserving cases. But it is desirable to draw attention in the pleadings to the rate desired where evidence is necessary to adduce it in support. That will help the Judge in the exercise of his discretion to award what is appropriate. Where interest is being claimed as a matter of right the proper practice is to claim entitlement to it in the writ of summons and statement of claim and evidence led in proof thereof.

 

The Court may be satisfied with the evidence and award interest. Two types of interest are awarded by the Courts namely: 1) Pre - judgment interest and 2) Post - judgment interest. A Court of law is usually empowered by the Rules of Court to award post - judgment interest. See Reynolds Construction Company Nig. Ltd V. Rockonoh Properties Company Ltd (2005) LPELR - 2947 page 31 per Oguntade JSC, Texaco Overseas (Nig) Unlimited . Pedmar (Nig) Ltd (2002) 13 NWLR (Pt. 785) 526, Afribank Nig Plc V. Shanu & Anor (1997) LPELR - 624 CA page 58 - 59 Akpabio JCA, Stabilini Visinoni Ltd V. Metalum Ltd (2007) LPELR - 8661 page 17 - 18 Mshelia JCA and Ashaka V. Nwachukwu (2013) LPELR - 20272 page 60 - 62

 

Bdliya JCA."Per ABIRIYI, J.C.A IN FEDERAL MINISTRY OF HEALTH & ORS v.DASCON (NIG) LTDCITATION: (2017) LPELR-43621(CA)