OBANDE FESTUS OGBUINYA, J.C.A. (Delivering the Leading Judgment):This appeal probes into the correctness of the decision of the High Court of Akwa Ibom State, holden at Abak (hereinafter addressed as the lower Court), coram judice: Joseph E. Ekanem, J., in Suit No. HA/118/2011, delivered on 28th October, 2013. Before the lower Court, the appellant and the respondent were the defendant and the claimant respectively.
The facts of the case, which transformed into the appeal, are amenable to brevity and simplicity. Sometime in November, 2008, there was a concluded contract between the respondent and appellant. In the contract, the respondent sold outrightly his three mega-size multi-purpose warehouses at Abak Industrial Area in Abak Local Government Area of Akwa Ibom State for the sum of N1.8 billion. The appellant paid the respondent the sum of N1.5 billion in two tranches of N1 billion and N500 million. The respondent alleged that the appellant refused to pay the balance of N300 million …