Facts:

By a writ of summons and statement of claim, the appellants (as claimants) claimed against the respondent (as defendant) the sum of N431 Million being money had and received by the defendant, and accumulated loss of earnings pursuant to a Joint Venture agreement entered into by them. The appellants simultaneously filed motion exparte seeking an order of arrest, detention, preservation and/or inspection of a cargo of 500 metric tons of DKP belonging to both parties which was on board the “MT Namisi” at Apapa Port or anywhere within the jurisdiction of the court pending the determination of the motion on Notice.

Upon the hearing of the Motion Exparte, the court granted the prayers sought and further ordered that the order exparte would subsist for four (4) working days only, Later, the appellant filed another Motion Exparte, seeking an extension of the lifespan of the exparte order earlier granted by the court. At this stage, the respondent filed a Notice of preliminary objection challenging the jurisdiction of the court to entertain the suit and prayed for a stay of the proceedings in the case before the court pending the commencement of the arbitration proceedings as provided for in the agreement between the parties.

On the 3rd of July, 2015, the appellants sought and obtained extension of the lifespan of the Exparte order till 8th of July, 2015. However, on the 8th of July, 2015 during the course of proceedings of the court, the appellants prayed the court to grant a further extension of the said exparte order, The court refused the prayer for further extension of the lifespan and held that since the parties had agreed to go to arbitration, they should resort to same, and if the need arose, they could return to the court.

Dissatisfied, the appellant appealed to the Court of Appeal.