Facts:

The appellant entered into a certain commercial transaction with the defunct Gulf Bank of Nigeria Plc. The respondent was the liquidator of the bank and as such inherited all its assets and liabilities. The appellant alleged that Gulf Bank of Nigeria Plc was indebted to it from a transaction carried out on the 30th of November, 2004. On the 11th of December, 2007 the appellant filed a suit at the High Court of Lagos State against the respondent.
The respondent filed an application challenging the jurisdiction of the High Court of Lagos State to hear the matter. Consequent upon the objection, the appellant filed an application to discontinue the suit and eventually, the matter was struck out on the 24th of March, 2009. Meanwhile, the matter had been in the court for one year and three months before it was struck out. Between 2009 and 2011, the parties exchanged some correspondence in a bid to resolve the dispute and when it became clear to the appellant that there was no resolution in sight, in March 2011, filed a suit at the Federal High Court, Lagos Division against the respondent. After being served with the process, the respondent filed an application challenging the competence of the suit on the ground that it was statute barred.
The appellant filed a counter affidavit. In allowing the application of the respondent, the court took into consideration the time of the pendency of the suit at the High Court of Lagos State. The court computed the time and added it in its calculation to rule that the cause of action which arose in November, 2004 had become statute barred in March, 2011. The appellant was dissatisfied and filed a notice of appeal at the Court of Appeal, Lagos Division urging the court to overrule the Federal High Court. One of the issues for determination is whether the lower court was right to have made recourse to the period of the pendency of the suit at the High Court of Lagos State in the determination of whether the appellant’s suit was statute barred.