ONYEKACHI AJA OTISI, J.C.A. (Delivering the Lead Judgment): This appeal was lodged against the judgment of the High Court of Justice Rivers State (the lower Court), delivered on January 30, 2018, coram C. D. Green, J., wherein the prayers of the 1st Respondent as Applicant before the lower Court were granted.
Background Facts
The Appellant advanced a loan of N2,500,000.00 to the 1st Respondent for the purpose of completing the 1st Respondent’s property to rent out to a prospective tenant. The 1st Respondent agreed that the Appellant will deduct his loan from the rent to be received from the tenant for whom the property was to be completed. However, the tenant did not eventually rent the property. This led to the donation of a power of attorney by the 1st Respondent in favour of the Appellant with the terms that the Appellant would manage the 1st Respondent’s properties as an agent for 3 years, within which he will recover his loan from the rents paid, and also get a 5% agency fee from a…