The Supreme Court of Nigeria, in a lead judgment delivered by Honourable Abubakar Sadiq Umar, JSC, addressed the circumstances under which an acknowledgment of debt can revive a right of action barred by the statute of limitation. The case, SC/543/2015, involved Petroleum Products Marketing Co. Ltd as appellant and Masters Maritime Limited as respondent, arising from a 1997 agreement for the supply of petroleum products. The Court considered whether the respondent's acknowledgment of the debt could extend the limitation period. The decision clarifies the legal principles governing the revival of time-barred claims through acknowledgment.
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