Corporate Ideal Insurance Ltd v. Ajaokuta Steel Co. Ltd & 2 Ors.

The appellant, an insurance company, provided insurance cover for the 1st respondent’s equipment from 1996-2000. The appellant and 1st respondent had agreed that there would be no immediate payment of premium, but the parties would carry on as though premium had been paid. Both parties further agreed that the 1st respondent would pay the sum of N226,000,000 (Two Hundred and Twenty Six Million Naira) being the unpaid premium for the period of the insurance cover.

2014 3 CLRN 1
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