JOHN INYANG OKORO, J.C.A(Delivering the Leading Judgment): By a proforma Invoice dated 7th January, 2004 (Exhibit A) the Appellant entered into a contract with the Respondent wherein the Respondent was to supply to it 20 Nos, 36,000 litre capacity Semi-Trailer Fuel Tankers including Prime Movers. Under this agreement, the Respondent was to supply the tankers within 8 working weeks from the date of payment of 80% of the total purchase price of the tankers and the balance of 20% to be paid upon delivery.
The transaction was financed by an Equipment lease facility from Habib Nigeria Bank Ltd (as evidenced by Exhibit B) under the terms of which legal ownership of the tankers will reside with the Bank throughout the lease period and the Appellant will pay monthly rentals to the Bank for the use of the tankers. By the said Exhibit B, there was a moratorium period of 3 months from the date of payment granted to the Appellants before the commencement of the payments of rentals. The 3 months …