ESO, JSC (Presiding and Delivering the Leading Judgment): This appeal touches on an important aspect of Company Law and though it is not new, the issues involved seldom arise in our courts. The issues are in regard to enforceability vel non of pre-incorporation contracts and circumstances that could amount to what the Appellant chose to refer to as "equitable estoppel" and which the Respondents term "promisory estoppel" and "estoppel by conduct."
Let me, however give the background to the case. The evidence is mostly documentary. Ibrahim Maina Damcida, a Company Director, and who later became the Chairman of Trans Bridge Company Ltd, the Appellants, entered into an arrangement with Survey International Ltd. (the Respondents in this case) for the sale of a landed property situate at 222/231 Apapa by the Respondents to the Appellants. But it is not as simple as all that, as the documents would show presently. The Appellant Company was incorporated on 17th September 1976 but meanwhile th…