Facts:

This dispute arose from a mortgage transaction under which Chief Megafu the (2nd appellant), in consideration of a loan and overdraft facilities granted by the 1st respondent a commercial bank to his company the 1st appellant, mortgaged to the bank his property at No. 52, Norman Williams Street, South-West Ikoyi Lagos. In default of repayment, the bank gave to Chief Megafu written notices of its intention to sell the mortgaged property. On 3rd April 1989, the bank gave the appellants final notice of sale. In reaction, the appellants on 17th April 1989 asked for an extension of 4 weeks “to produce a better offer”