KARIBI-WHYTE, JSC (Delivering the Leading Judgment): This appeal is by Plaintiff against the judgment of the Court of Appeal Division, Benin City. On the 21st January, 1986, the Court of Appeal in a unanimous judgment set aside the judgment of the High Court, Benin City, granting Plaintiffs claim against the defendant for ₦127,273 (one hundred and twenty seven thousand, two hundred and seventy-three naira) being loss of profits as a result of the defendant's negligence arising from a guarantee dated 30th January, 1978 for the importation of cement. The facts of the case are fairly simple.
Plaintiff is a businessman who deals on the importation of cement. In the ordinary course of his business he entered into an arrangement for the importation of cement from Lime International Corporation New York through one Mr. Bassey and Mr. E. R. Tucker. The arrangement was that cement was to be imported on a regular basis on the terms and conditions specified in the agreement dated 22nd December, …