Facts:

Trade Bank the 1st respondent, (a commercial banking institution) appointed the 2nd respondent as receiver-manager of Kwara Textile Limited when Kwara Textile Limited failed to redeem its debt to the 1st respondent. The 2nd respondent put Kwara Textile Limited up for sale consequent upon which he entered into negotiations with the appellant. After the negotiations, the 2nd respondent and the appellant agreed to a purchase price of N2.7 million which the 2nd respondent remitted to the 1st respondent when it was paid.

The appellant could not take possession of the property purchased. The 1st respondent wrote to it stating that Kwara Textile Limited had redeemed its debt. The 1st respondent further issued a cheque to the appellant for the purchase price as well as the sum of N735,004.10k (Seven hundred and thirty five thousand, four naira ten kobo) as compensation for holding its money for 797 days.