DAMAGES AND REMEDIES — Damages — Measure of Damages for Breach of Contract to Lend Money
Ratio Decidendi
Per Edozie, JSC, in Nigerian Bank for Commerce and Industry v. Integrated Gas (Nigeria) Limited & Anor (2005) NLC-2532000(SC) at pp. 21–22; Paras E–A:
"If a person contracts to lend money, and then, in breach of contract, refuses or fails to advance the money, the borrower cannot sue for the money agreed to be loaned as a debt, for this would be tantamount to a decree of specific enforcement and such a decree will not normally be granted for a contract of loan. But the borrower can claim damages for the failure to advance the money."
Explanation / Scope
Breach of loan agreement gives damages, not specific performance or debt claim. The principle applies to contract damages.