FASZ INTERNATIONAL LIMITED ALHAJI ADAMU SANI V. HNB TRUSTEES LIMITED

GALINJE JCA (Delivering the Lead Judgment): The two appeals in this case were filed by the appellants on 24 August 1998 and 22 December respectively. (See pages 60-62 and 68-70 of the record of this appeal) The two appeals arose from the two rulings delivered by the Hon. Justice Dasliva of the State High Court on 12 March 1998 and 14 December 1998. The facts leading to the two appeals are simple and straightforward. A contract for the supply of two 60KVA Perkins Generators was awarded to Messrs.

Alpha Holdings and Tasiri Ltd by Ajaokuta Steel Company at a total cost of N3,910,000.00 (three million, nine hundred and ten thousand naira). In pursuance of the execution of the contract awarded, a joint venture agreement was executed between the respondent and the 1st appellant, while the 2nd appellant who stood as a guarantor issued a guarantee as security for the respondent’s investment. The respondent then supplied the two generators to Ajaokuta Steel Company who undertook to pay the co…