AMINA ADAMU AUGIE, J.C.A. (Delivering the Leading Judgment): In February, 1986, the Respondent entered into a project finance development agreement with the 1st and 2nd Appellants for his property at No. 206, Muri Okunola Street, Victoria Island, Lagos. One of the Terms of the Agreement was that the Respondent would execute a Power of Attorney in their favour. He executed a Power of Attorney dated 15/4/1987, wherein Clause 7 states -
"It is hereby declared that the Power of Attorney shall be irrevocable during the currency of the lease which shall not exceed fourteen years".
The 1st Appellant erected two detachable duplexes on the property - 'A Wing' and 'B Wing'. Subsequently, the 2nd Appellant, who is the Managing Director of the 1st Appellant, informed the Respondent by a letter dated 24/6/1996 that -
"- - It has become necessary for us to dispose of our interest which is covered by the Power of Attorney dated 15/04/87. Our interest expires in the year 2002. Accordingly, we have re…