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BUREAU OF PUBLIC ENTERPRISES v. ASSURANCE BANK PLC & ORS.

(2009) JELR 47398 (CA)

Court of Appeal  •  CA/A/172/M/06  •  10 Jul 2009  •  Nigeria

Coram
RABIU DANLAMI MUHAMMAD JCA; ABDU ABOKI JCA; AYOBODE OLUJIMI LOKULO-SODIPE JCA;

Judgement

ABDU ABOKI, J.C.A. (Delivering the Leading Judgment): This Appeal is against the decision of the Federal High Court, Abuja presided over by Honourable Justice S.J. Adah delivered on the 2nd day of March, 2006.

The Brief fact of the case is as follows:

On the 14th day of 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 Million and was subsequently issued a letter on 17th 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 t…

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