Facts:

The Cross-Respondents advertised in This Day Newspaper of 2/5/2007 several properties for sale to the public with conditions for bid of the said properties. The Cross-Appellant bided for property No.44, Gerrard Road, Ikoyi, Lagos for 361 million Naira and deposited 10% of ₦36.1M with the Cross-Respondents and was reserved for the bidding. The Cross-Appellant affirmed that the contract of sale was concluded on 6/7/2007 subject to the sitting tenant’s right of first refusal. However, the Cross-Respondents offered and sold the said property instead to Oystelcom International Limited, as having fulfilled its conditions and as a preferred bidder since the Cross-Appellant failed to fulfill all the conditions attached to the offer. The Cross Respondents consequently returned to the Cross-Appellant its 10% deposit of ₦36.1M. The Cross-Appellant sued the Cross-Respondents to the trial court, which dismissed the suit but awarded 21% per annum cost against the Cross-Respondents for the period the 10% deposit of ₦36.1m was in their custody.
On appeal to the Court of Appeal (lower court) by the Cross-Respondent, ₦20M was awarded as damages against the Cross-Respondents for the ₦36.1M paid as 10% deposit by the cross-appellant in lieu of the cost of 21% per annum made by the trial court.
Dissatisfied with the award granted by the lower court, the Cross-Appellant cross-appealed.