SANKEY, J.S.C. (Delivering the Leading Judgment): This appeal is against the judgment of the Court of Appeal sitting in Lagos (referred to as the court below) delivered on 16-06-2017, Coram: Joseph Shagbaor Ikyegh, J.C.A.; Biobele Abraham Georgewill, J.C.A.; and Jamilu Yammama Tukur, J.C.A. (as he then was) wherein, the court below dismissed the appeal and affirmed the decision of the trial Federal High Court, delivered on 22-12-2006.
Briefly put, the facts leading to this appeal are as follows: The appellant, through its agent, the 2nd respondent, agreed to purchase 13,000,000 shares of a company, Nigercem Plc, from the 1st respondent for the sum of N 7,020,000.00 (Seven Million and Twenty Thousand Naira). The appellant issued a cheque for that amount, and the 1st respondent conveyed the approval from the National Council on Privatization to it. However, the 1st respondent cancelled the sale before executing the Share Transfer Forms and further returned the uncashed cheque to the appe…