Facts:

Through an advertisement in This Day Newspaper of 2/5/2007, the Appellant advertised several properties for sale to the public with conditions for bid of the said properties. The Respondent bided for property No. 44, Gerrard Road, Ikoyi, Lagos for 36.1 million Naira and deposited 10% of ₦36.1M with the Appellants which was subsequently reserved for the bidding. The Respondent affirmed that the contract of sale was concluded on 6/7/2007 subject to the sitting tenant’s right of first refusal. However, the Appellants offered and sold the said property to Oystelcom International Limited, as having fulfilled its conditions and as a preferred bidder since the Respondent failed to fulfill all the conditions attached to the offer. The Appellants consequently returned to the Respondent its 10% deposit of ₦36.1M. The Respondent sued the Appellants to the trial court, which dismissed the suit but awarded 21% per annum cost against the Appellants for the period the 10% deposit of ₦36.1 M was in their custody. On appeal by the Appellant, ₦20M was awarded as damages against the Appellants for the ₦36.1M paid as 10% deposit by the Respondent in lieu of the cost of 21% per annum made by the trial cost.
Further aggrieved by the decision of the lower court, the Appellant appealed to the Supreme Court.