ABOKI JCA (Delivering the Lead Judgment): This appeal is against the decision of the Federal High Court, Abuja, presided over by Hon. Justice S.J. Adah delivered on 2 March 2006.
The brief fact of the case is as follows:
On 14 June 2004, the National Council on Privatization conducted financial bids opening for Aluminum Smelter Company of Nigeria (ALSCON). BFI Group Corporation (2nd respondent) emerged as the winner with a bid price of $410,000,000.00 (four hundred and ten million dollars) and was subsequently issued a letter on 17 June 2004 conveying the approval of their bid price and their appointment as the preferred bidder.
The 2nd respondent in fulfillment of its obligations under the letter of offer as the preferred bidder for ALSCON caused a bid bond to be issued by the 1st respondent in favour of the appellant which provided that in the event that BFI Group Corporation (2nd respondent) failed to meet any of the obligations as contained in the letter of offer (of which the mand…