AMINA ADAMU AUGIE, J.C.A. (Delivering the leading Judgment): The 2nd Respondent was a licensed Bank until it went into liquidation, and was taken over by NDIC, the 1st Respondent. In May 1994, while the 2nd Respondent was still carrying out its normal banking business, it offered to sell the fixed and movable assets of a Company that was indebted to it - Kano Plastic Company Ltd. After a walking assessment of the Factory in Kano, the Managing Director (MD) of the 1st and 2nd Appellants made an offer in writing dated 5/5/1994, and it reads -
"I refer to the visit to the said factory on the 4th May, 1994 accompanied by Mr. Yusuf Ishak (Head Corporate Banking) to offer you to buy the fixed and moveable assets of KANO PLASTICS COMPANY LTD. for the sum of N33,000,000.00 (Thirty-Three Million Naira Only). It is also understood that the company is free of all encumbrances and liabilities. We also endeavour to re-employ, in priority, as many staff as possible from the defunct company when and…