Facts:

The appellant wanted to sell his business concern to International Insurance Group Nigeria Limited and the respondent desired to buy same sometime in 1999. They entered into a memorandum of understanding on 4/02/1999 where in, it was agreed that the respondent shall complete the purchase price of N5,000,000.00 (five million naira) on or before 30th April, 1999. In addition, it was agreed that the respondent shall also bear some sundry expenses including statutory deposit with the Central Bank of Nigeria. To this end, the respondent paid the sum of N500,000.00 (five hundred thousand naira) as statutory deposit to the appellant who paid same to the Central Bank of Nigeria. As at 30/4/99 when the purchase sum should have been paid in full, the respondent failed to fulfill his contractual obligation to the appellant as contained in memorandum of understanding. This act of non performance by the respondent caused the appellant colossal damages as he had rebuffed other prospective purchasers of his concern.