SIDI DAUDA BAGE, JSC (Delivering the Leading Judgment): This is an appeal against the Judgment of the Court of Appeal delivered on the 14th day of June, 2007; coram: Afolabi Fabiyi, Musa Dattijo Muhammed, Amina Adamu Augie, JCA., sitting at the Ibadan Judicial Division of the Court of Appeal wherein, the learned Justices of the Court of Appeal allowed the Appeal taken out by the Respondent who was then the Appellant before the Court below. The facts that led to this appeal are hereinafter succinctly reproduced.
The Respondent, who at the time, was the chairman of a business concern: International Insurance Group Nigeria Limited intended to sell the business and the Appellant was willing to buy. To this effect, the Appellant and Respondent executed a Memorandum of understanding (Exhibit 7) on 4th February, 1999. By that Memorandum of understanding, parties agreed that the purchase price of the Business shall be N5,000,000.00 (Five Million Naira only), it was also agreed that the Appella…