Facts:

The respondent who was the plaintiff at the Federal High Court claimed against the appellant/defendant in the following relief:-

“The sum of US $79,082.50 (Seventy-nine thousand and eighty-two dollars, fifty cents) and N2,000,000.00 (Two million naira) being Stevedoring National Maritime Authority expenses, VAT and other service charges, which the plaintiff herein incurred pursuant to a contract for the clearing and forwarding of the defendant’s cargo of fish herring carried on board the “MV SWALLAN” and at the defendant’s request. The plaintiff also claims 20% per annum on the said sum from 30/3/95 and costs as well.”

Pursuant to an ex-parte application dated 14/11/95, the plaintiff/respondent sought and obtained an order attaching 200 MT of fish herring on “MV ASIATIC” said to be owned by the appellant as consignee thereof, pending the provision of satisfactory and acceptable bank guarantee to cover the respondent’s claim. Security in the form of a bond by Citizens International Bank Limite