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NIGERIAN BANK FOR COMMERCE AND INDUSTRY v. INTEGRATED GAS (NIGERIA) LIMITED & ANOR

(2005) JELR 42470 (SC)

Supreme Court  •  SC.253/2000  •  21 Jan 2005  •  Nigeria

Coram
SYLVESTER UMARU ONU JSC; AKINTOLA OLUFEMI EJIWUNMI JSC; NIKI TOBI JSC; DAHIRU MUSDAPHER JSC; DENNIS ONYEJIFE EDOZIE JSC;

Judgement

EDOZIE, J.S.C. (Delivering the Leading Judgment): At the instance of the respondents, a company and its managing director respectively who were plaintiffs at the trial trial court, the appellant bank, therein defendant, in 1983, offered to grant the former a term loan of N500,000 (five hundred thousand Naira) for the purpose of establishing a Liquefied Petroleum Gas Bottling Plant at Ikot-Ekpene, Akwa-Ibom State. The loan, though denominated in local currency was to cover the foreign currency component to be used for the importation of the machinery and accessories from the manufacturers, Kosan Crisplant in Denmark. The offer of the loan was conveyed to the plaintiffs in the defendant's "letter of intent" dated 25th March, 1986 (exh. F) which stipulated several conditions, to be fulfilled by the plaintiffs before the actual disbursement of the loan. It was stipulated that the disbursement of the loan would be made from the head office of the defendant after the parties had executed a …

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