Facts:

The appellant/applicant company, International Finance Corporation is an International Organization that finances business all over the world, situate in the United States of America. The 1st and 2nd respondents, DSNL Offshore Limited and Adamac Industries Limited respectively are Nigerian Companies situate in Port Harcourt, Rivers State of Nigeria. The 3rd respondent, Mr. Henry Macpepple is the Chief Executive Officer and alter ego of the 1st and 2nd respondents and he resides in Rivers State of Nigeria and is one of the guarantors of the 1st respondent.

The appellant/applicant and the respondents executed a Loan Guarantee Agreement, wherein the appellant/applicant was to provide money to the respondents to enable them finance engineering procurement and installation contracts. The sums provided were on a revolving basis. The parties agreed that the courts in England would have jurisdiction to determine any legal actions or suits that may arise between them. They also agreed that final judgment against the borrower or guarantor in any court in England shall be conclusive and may be enforced in any jurisdiction, which includes Nigeria.