Facts:

The three plaintiffs/appellants companies (which were owned and managed by the same persons) ordered from Moscow in 1993 a consignment of electric water heaters and electric irons. The said consignment was loaded into five containers and the containers which were in turn placed on board the 2nd defendant’s vessel M/V “Kadrina” in the port of Tallin, Russia for carriage to Lagos, Nigeria. The 2nd defendants, the shipping company issued a number of bills of lading dated the 22nd March, 1993 covering the aforesaid consignment and the vessel sailed for Lagos.

On the 12th April, 1993 the vessel arrived Lagos and about a month later the aforesaid containers were discharged from the aforesaid vessel at Tin Can Island container terminal. The off loading from the vessel on 10th May, 1993 was witnessed by the Nigerian Ports Authority (NPA) officials and by representatives of the 3rd defendants, Alraine Nigeria Limited (who at all material times were the agents of the 2nd defendant ship owners in Nigeria) as well as the plaintiffs clearing agent.