Facts:

The 1st and 2nd appellants are the children of late Fatai Alao, the original owner of a property at No. 19, Ateboh Close, Old Ojo Road, Apapa, Lagos (the subject of dispute). Upon their father’s demise, they obtained a letter of administration with the 3rd and 4th appellants as Administrators. The 1st respondent advanced a loan facility to a company known as Fatai Alao & Sons Ltd which said facility was guaranteed by the 3rd & 4th appellants using the property subject matter of the dispute as security. A mortgage transaction was then executed between the 3rd & 4th appellants as Administrators of the estate of Fatai Alao in favour of the 1st respondent.
Upon the failure of the company to repay the loan in line with the agreement in the deed of mortgage, the 1st respondent sold the property to the 2nd respondent. The 1st & 2nd appellants being dissatisfied with the sale of their late father’s property instituted an action against the respondents and claimed among other reliefs, a declaration that the property remains the family property of the estate of Fatai Alao and that any subsequent transaction or sale of same is null and void, and liable to be set aside. The 2nd respondent, as buyer of the property, filed a counter-claim seeking among other reliefs a declaration of the court validating the sale transaction between her and the 1st respondent, and an order of court transferring ownership of the property to her. At the hearing of the case in the trial court, the appellants were absent in court on several adjournments and as a result the court below dismissed their suit for want of diligent prosecution.
The trial court then proceeded to hear the 2nd respondent’s counter-claim on its merit and at the end of the case entered judgment in her favour. Dissatisfied with the decision of the court below the appellants appealed to the Court of Appeal.