OBANLA KOLAWOLE TAIWO V. BUILDING STOCK LIMITED & 2 ORS

GALINJE JCA (Delivering the Leading Judgment): The appellant herein who was the plaintiff at the Lagos State High Court is a businessman whose businesses include local purchase order, financing pools, promotion and general merchandise, while the 1st respondent is a real estate company whose business is buying and selling of real estates.

Sometimes in December 1999, the appellant collected N2,000,000.00 (two million naira) from the 1st respondent after both parties signed series of documents. As a result, the appellant transferred to the 1st respondent, title documents in respect of the property situate and lyingalongAlexander Street, Oko-Oba, Agege, which initially belonged to the appellant. The appellant claimed that the N2,000,000.00 (two million naira) advanced to him was a loan for which the property aforesaid was used as collateral, while the 1st respondent claimed that he bought the property for N2,000,000.00 (two million naira). However, the 1st respondent sold the property to…