Facts:

The appellant, (Central Bank of Nigeria) is a corporation created by the Central Bank of Nigeria Act No. 24 of 1991 to regulate the practice of banking and act as the banker to the Government of the Federal Republic of Nigeria. The respondent is a private limited liability company registered in Nigeria, specialising in computer systems and applications.

In July 2000, the appellant made a public invitation for bids for the supply and implementation of Enterprises Resource Planning System. The respondent was one of the bidders for the contract. The bid is subject to the following conditions, among others:

“30.1.The purchaser reserves the right to accept or reject any bid, and to annul the bidding process and reject all bids at any time prior to award of contract, without thereby incurring any liability to the affected Bidder or Bidders or any obligation to inform the affected Bidder or Bidders of the grounds for the purchaser’s action.”