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A. B. WALI, JSC (Delivering the Leading Judgment): In 1976, the plaintiff company contacted the defendant company for a loan of ₦420,000.00 to set up a printing factory. At the request of the defendant company, the plaintiff company submitted a feasibility report. As a result of this report the defendant company offered to grant to the plaintiff company a loan of ₦420.000.00 for the venture subject to the conditions stipulated in the offer.
The offer was accepted by the plaintiff and after satisfying all the conditions stipulated therein, the defendant refused and failed to honour its own side of the obligations. As a result of that breach the plaintiff, as per its paragraphs 18 and 19 of the statement of claim in an action filed in the High Court of Justice Calabar claimed against the defendant company as follows:-
"18. In consequence of the matters aforesaid, the Plaintiff has been unable to fulfill several orders from customers and has lost the profits which it might otherwise have…