Facts:

The respondent approached the appellants and indicated its readiness to structure a deal that will enable the respondent establish a special purpose vehicle (SPV) for the acquisition of the 2nd appellant either through shares or assets acquisition with a view to restructuring the 2nd appellant’s indebtedness to its financier (Afrexim). The respondent was, at all material time, well aware of the financial exposure of the appellants to Afrexim on account of a credit facility in the sum of $125,000.000.00 (One Hundred and Twenty-Five Million US Dollars).
In order to make headway in this discussion, the respondent on its own volition paid several visits to Cairo in Egypt, the Headquarters of Afrexim in order to broker a deal that will actualize the contemplated transaction. These visits led to the execution of various documents such as the Indicative Term Sheet Agreement, Side Letters and subsequently, a Master Service and Collocation Service Agreement (MSCA) between the appellants and respondent. Upon the execution of the MSCA, the 2nd appellant ceded control of its 702 Towers to the respondent in order that the contemplated transaction in the MSCA will be actualized. 15 months into the operation of the MSCA, the respondent abandoned the intended transaction with grave consequence on the astronomical increase in the 2nd appellant’s financial obligation to Afrexim on account of the said facility. Thereafter, the Federal High Court (coram I.N. Buba J.) recommended Mr. Olatunde Busari SAN, FCIS. C. Arb. (UK) to the parties as sole arbitrator and both parties unanimously agreed on his appointment.
The learned silk gave an arbitral award which was partly set aside by the lower court.
Dissatisfied, the appellant appealed to the Court of Appeal.