GURARA SECURITIES AND FINANCE LTD.
V.
T.I.C. LTD.

(1998) JELR 45689 (CA)    
Court of Appeal  ·  CA/L/133M/95 ·  14 Dec 1998 ·  Nigeria
 · 
Other Citations
Gurara Sec. & Fin. Ltd. v. T.I.C Ltd. (1999) 2 NWLR (Pt.589) pg.29
Gurara Sec.Fin. Ltd. v. T.I.C. Ltd. (1999) 2 NWLR (Pt. 589) 29
CORAM
MORONKEJI OMOTAYO ONALAJA Justice of The Court of Appeal of Nigeria IGNATIUS CHUKWUDI PATS-ACHOLONU Justice of The Court of Appeal of Nigeria OKWUCHUKWU OPENE Justice of The Court of Appeal of Nigeria
Core Terms Beta
defendant
bank guarantee
contract
learned trial judge
counter-claim
special damages
lower court
exhibit p3
letter of guarantee
breach of the contract
leading judgment
cargill ventures ltd.
reputable bank
exhibit d2
general damages
statement of claim
trite law
cargill ventures limited
contract price
exhibit p1
high court
record of appeal
agreement exhibit d10
basis of an award
chief of 1st plaintiff witness
contract sum of n39.990
defendant counter
exchange of briefs appellant
exhibit p3 defendant
following cases incar v
following issues
iii issues
katsina state
katsina steel rolling company limited
learned counsel
limited liability finance security company
personal guarantee of the defendant
precedent plaintiff
provision of the court of appeal rules
reference of contract no. ksrc
relevant guarantee
result of the loss of the contract
said sum of n328.000
short term loan
such particular loss
sum of n1million naira
supply of steel billets
written contract

ONALAJA, J.CA. (Delivering the Leading Judgment): The plaintiff is a company incorporated in Nigeria among its businesses is sale and supply of steel billets. In the course of supply of the steel billets, it was awarded a contract to supply steel billets to Katsina Steel Rolling Company Limited in Katsina, Katsina State or Nigeria. The contract dated 15th April 1992 was written with reference of contract No. KSRC/SEC/TIC/92/2. The contract price was N39.990.000.00 (thirty-nine million nine hundred and ninety thousand naira). The written contract was tendered and admitted in evidence as Exhibit P1.

Owing to the volume of the supply, Plaintiff was to source the supply through other suppliers which amongst others was Cargill Ventures Limited. This company demanded a bank guarantee for the contract sum of N39.990,000.00 from a reputable bank as a condition precedent before it would supply the billets. To meet the condition precedent plaintiff approached the defendant a company incorporate…

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