CHINWE EUGENIA IYIZOBA, J.C.A. (Delivering The Leading Judgment): This is a sister appeal to CA/L/349/2007 just now delivered. The Appellants who were the defendants in the lower court and in whose favour judgment was delivered aside from the interest awarded the Respondent has appealed against that part of the decision of Dada J awarding the Respondent 21% interest on the 10% deposit held by the Appellants for over 10 months.
The 2nd Appellant is the Court appointed liquidator of the 1st Appellant and on behalf of the 1st Appellant placed an advert in This Day Newspaper of Wednesday, May 2nd, 2007 for the sale of the 1st Appellant's non-core properties all over Nigeria including the subject matter of this suit No 44 Gerald Road, Ikoyi, Lagos (hereinafter referred to as the property).
The Respondent herein bided for the property and paid the sum of N36.1 Million being 10% of the total bid sum of N361,000,000.00 (Three Hundred and Sixty One Million Naira). A letter of offer dated 20th …