EDOZIE, J.S.C. (Delivering the Leading Judgment): At the instance of the respondents, a company and its managing director respectively who were plaintiffs at the trial trial court, the appellant bank, therein defendant, in 1983, offered to grant the former a term loan of N500,000 (five hundred thousand Naira) for the purpose of establishing a Liquefied Petroleum Gas Bottling Plant at Ikot-Ekpene, Akwa-Ibom State. The loan, though denominated in local currency was to cover the foreign currency component to be used for the importation of the machinery and accessories from the manufacturers, Kosan Crisplant in Denmark. The offer of the loan was conveyed to the plaintiffs in the defendant's "letter of intent" dated 25th March, 1986 (exh. F) which stipulated several conditions, to be fulfilled by the plaintiffs before the actual disbursement of the loan. It was stipulated that the disbursement of the loan would be made from the head office of the defendant after the parties had executed a …
NBCI
V.
INTEGRATED GAS (NIGERIA) LTD. & ANOR
(2005) JELR 42470 (SC)
Supreme Court 21 Jan 2005 Nigeria
BriefBot Summary
- The case involves a dispute between a company and a bank over a loan for the establishment of a Liquefied Petroleum Gas Bottling Plant. - The company alleges that the bank delayed in opening a letter of credit for the importation of machi
Case Details
Suit Number:SC.253/2000
Judges:SYLVESTER UMARU ONU JSC
AKINTOLA OLUFEMI EJIWUNMI JSC
NIKI TOBI JSC
DAHIRU MUSDAPHER JSC
DENNIS ONYEJIFE EDOZIE JSC
Counsel:J.A. Badejo, Esq. (with him, Soji Olowolape, Esq., Okedo [Miss]) For the Appellant;
Nasiru Tijani, Esq. For the Respondent.
Other Citations:N.B.C.I. v. Integrated Gas (Nig.) Ltd. (2005] 4 NWLR (pt.916)617
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