PRINCE KAYODE OLOWU V. BUILDING STOCK LIMITED MR. OLOWOLE ADENIRAN INTERNATIONAL CAPITAL RESOURCES LTD

AGBO JCA (Delivering the Lead Judgment): The appellant in what the parties called a buy back transaction in March 1999 obtained from the lst respondent the sum of N6,000,000.00(six millionnaira) for the appellant’s property otherwise known as plot 2, block 3, 2nd Avenue Estate, Ikoyi, Lagos. In the transaction, the appellant was at liberty to repurchase from the 1st respondent the property on or before 4 October 1999, in the sum of N8,700,000.00. (eight million, seven hundred thousand naira).The appellant could not meet the deadline. The 2nd respondent is the Managing Director of the 1st respondent. The appellant purportedly donated to the 2nd respondent a power of attorney authorizing the 2nd respondent to manage the property with the power to sell. The 2nd respondent on behalf of 1st respondent sold the property in dispute to the 3rd respondent. The 2nd respondent approached the appe llant to prepare the necessary documentations to transfer the legal estate to the 3rd respondent a…