Acquiescence imports tacit consent. It is the giving of an implied consent to a transaction, to the accrual of a right, or to any act, by one’s mere silence or without express assent or acknowledgment. Waiver, on the other hand, is the intentional or voluntary relinquishment of a known right, or such conduct as warrants an inference of the relinquishment of such right or when one dispenses with the performance of something one is entitled to exact or when one in possession of any right, whether conferred by law or by contract, with full knowledge of the material facts does or forebears to do something, the doing of which or the failure or forbearance to do which is in consistent with the right or his intention to rely upon it. The party against whom the doctrine of waiver is raised must: (a) be aware of the act or omission; and (b) do some equivocal act adopting or recognising the act or omission.
In this case, the trial court was right in holding that the mere refusal or failure of the appellant to protest the alteration in the rate of interest when he received his statement of account could not amount to a waiver of his right to challenge same by action. [Ariori v. Elemo (1983) 1 SCNI,It 1 at 27; Adio v. A. G, 0yo State (1990) 7 NWLR (Pt. 163) 448; Odu’a Investment Co. Ltd v. Talabi (1991) 1 NWLR (Pt. 170) 761]
– L.A. Ayanlere v. Federal Mortgage Bank of Nig. Ltd. (1998) – CA/K/186/96