TIJJANI ABUBAKAR, JSC (DELIVERING THE LEADING JUDGMENT): This case had a chequered history - this is the second time the parties litigated issues connected with the underlying dispute and found its way from the trial Court to this Court. I will quickly provide a summary for ease of understanding of the matter which gave rise to the present appeal.
Sometime in 2004, the 1st Appellant advertised for expression of interest from interested bidders for the privatisation of the Aluminium Smelter Company of Nigeria (ALSCON). At the end of the exercise, the Respondent was declared the preferred bidder. By a letter dated 17th day of June, 2006, the 1st Appellant communicated the conditions that the Respondent must pay off 10% of the bid price within 15 days of the receipt of the letter. This condition did not go down well with the Respondent, who asserted that, by the terms of the Memorandum of Understanding dated 20th day of May 2004 executed by the parties, the only condition is for the prefe…