My lords, in law the concept of waiver is one that presupposes that the person who is to enjoy a benefit or who has the choice of two benefits is fully aware of his right to the benefit or benefits, but he either neglects to exercise his right to the benefit, or where he has a choice of two, he decides to take one but not both. Thus, if one party by his conduct leads another to believe that the strict rights arising under contract between himself and another will not be insisted upon, intending that the other person should act on that belief and does not act on it, then the first party has waived his right and will not afterwards be allowed to insist on the strict rights when it will be inequitable for him so to do. In Nigerian Bank of Commerce and Industry v. Integrated Gas (Nigeria) Limited (2005) 4 NWLR (Pt. 916) @ 642-643, the Supreme Court pronounced with finality on this issue inter alia thus: If one party by his conduct leads another to believe that the strict rights arising under the contract will not be insisted upon, intending that the other should act on that belief, and he does act on it, then the first party will not afterwards be allowed to insist on the strict right when it will be inequalities for him to do so. Thus where the defendant relied upon the failure of the plaintiff to perform a condition of the contract as to the precise time or mode of performance fixed by the contract as a ground for cancelling or repudiating the contract or as justifying his own refusal to perform his own obligation. The plaintiff may reply that the defendant has waived his right to insist that the contract should be or have been performed according to its original tenor. Waiver is not a cause of action, but a man may be debarred by the doctrine of waiver from asserting that an original condition precedent is still operative and binding waiver may be oral or written or inferred form conduct. See also United Calabar and Co v. Elder Dempster Lines Ltd (1972) All NLR 244; Tsvetan, Dimitrov v. Multichoice Nigeria Ltd (2005) 13 NWLR (Pt. 943) 391; Ariori v. Elemo (1983) 1 SCNLR: Total Nigeria Plc v. Chief Elijah Omoniyi Ajayi (2004) 3 NWLR (Pt. 869) @ pp. 285-286. In Nigeria Universal Bank Ltd v. Samba Petroleum Company Ltd (2006) 12 NWLR (Pt. 993) @ p. 122, it was reiterated inter alia thus: Waiver carries some element of abandonment of a known legal right. By his conduct the person has given impression that he is not ready to pursue his legal right in the matter. He may not say so in specific words. He may not say so at all. But once his conduct shows that trend, a Court of Law will hold that he has waived his right. See also Prince Sikiru Adebayo Sobamowo v. Prince Alhaji Waheed Elemuren (2008) 11 NWLR (PT. 1097) @ 31; Nigeria Bank of Commerce and Industry v. Integrated Gas (Nigeria) Ltd (2005) 4 NWLR (Pt. 916) @ 642-643. See B. Stabilin and Co. Ltd v. Nwabueze Obasi (1997) 9 NWLR (Pt. 520) 293 @ p. 305. See also Bioku v. Light Machine (1986) 5 NWLR (Pt. 39) 42: Udochukwu v. Ngene (1992) 8 NWLR (Pt. 261) 565. In Guinness (Nig.) Plc v. Onegbadan (2012) 15 NWLR (Pt. 1322) 33 @ p. 50, it was also held inter alia thus: It is trite law that a person who is not under legal disability should be the best judge of his own interest. Where he had full knowledge of his rights, interest, benefits or profits conferred upon him by statute or accorded to him under a statute and intentionally yet interestingly decided to give up all or some of these statutory rights, he therefore cannot be heard to complain afterwards.
— B.A. Georgewill JCA. Stanbic IBTC Bank Plc V. Longterm Global Capital Limited & Ors. (CA/L/427/2016, 9 Mar 2018)