SIDI DAUDA BAGE, JSC (Delivering the Leading Judgment): This is an appeal against the decision of the Court of Appeal, Lagos division delivered on the 18th February, 2013 wherein the lower Court allowed the appeal and granted all the reliefs sought by in the Respondent's Amended Statement of Claim. Being dissatisfied with the Judgement of the lower Court, the Appellant appealed to this Court vide a Notice of Appeal dated 19th April 2013 as contained in pages 440-443 of the Record of Appeal.
The Appellant's appeal is hinged on three grounds. Ground one alleges that the lower Court erred in law when it held that the Appellant was in breach of the letter of credit without giving effect to Exhibits D2, D2A, and D2B all which clearly established that payment was made in respect of the only letter of credit SF/93/60437 opened in the transaction.Ground two alleges error of law to the extent that the lower Court held that Exhibits D2, D2A, and D2B related to payments purportedly made in respec…