Facts:

The 1st respondent was the beneficial owner of the landed property known as plots nos. 157/159 Club road, Kano. As security for a loan, the 1st respondent mortgaged the property to the 2nd respondent, (United Bank for Africa) by way of depositing its certificate of occupancy with the 2nd respondent. In spite of the loan, the 1st respondent became immersed in a financial difficulty and decided to dispose of the property by way of sale. It then entered into negotiations for the sale of the property to Incar Nigeria Limited, but as the company did not have sufficient money to make payment for the property, the deal fell through.

Meanwhile, the appellant got to know of the deal by reason of the fact that he was a director of Incar Nigeria Limited. The appellant then entered into negotiations with the 1st respondent, which resulted in an agreement by which the appellant was to pay the total sum of N2.3 million for the property. But, as he could not put down that sum at once, it was agreed between him and the 1st respondent that the total agreed price be paid by installments. Following that agreement, the appellant commenced making payments and he was put in possession. He then carried out extensive repairs and renovations at great expense on the property.