EQUITY AND TRUSTS — Estoppel — Conduct Preventing Claim of Already Utilised Funds
Principle Statement
An estoppel is an admission, or something which the law treats as equivalent to an admission, of an extremely high and conclusive nature—so high and conclusive that the party whom it affects is not permitted to aver against it or offer evidence to controvert it.
Ratio Decidendi (Source)
Per Onu, JSC, in Olalekan v. Wema Bank Plc. (2006) NLC-123-229-2000(SC) at pp. 6–7; Paras D–A.
"An estoppel, therefore, is an admission; or something which the law treats as equivalent to an admission, of an extremely high and conclusive nature - so high and so conclusive, that, the party whom it affects is not permitted to aver against it or offer evidence to controvert it."
Explanation / Scope
Estoppel is a conclusive admission that prevents a party from contradicting it. No evidence can be offered to controvert it. The principle applies to equity and trusts. The rule ensures finality and prevents inconsistent positions.
