HABEEB ADEWALE OLUMUYIWA ABIRU, JSC (Delivering the Leading Judgment): This appeal is against the judgment of the Court of Appeal, Lagos Judicial Division, delivered on the 19th of January, 2018 in Appeal No CA/L/557/14. The Appellant commenced the action leading up to this appeal in the Federal High Court, Lagos Division against Respondents and its claims were for:
i. A DECLARATION that by the final binding offer made by the Appellant in the sum of One Billion and Fifteen Million US Dollars (US$1,015,000,000.00) for acquisition of the 40% participating interest of Chevron Nigeria Limited in Oil Mining Leases 52, 53 and 55 had been accepted by the first Respondent by its conduct - oral and written representations made thereafter and on which the Appellant relied and acted on its detriment and that by provision of the Irrevocable Standby Letter of Credit for the sum of the Two Hundred and Fifty Million US Dollars (US$250 Million) opened in favour of the first Respondent to remain in for…