A Lagos High Court in Igbosere has issued a restraining order to prevent the sale or transfer of a prime land located in the Lekki Peninsula, following a dispute over a N21.5 billion property deal.

The orders were granted by Justice R.O. Olukolu after Bravematt Property and Investment Limited filed an ex parte application alleging that it had already paid the full amount for the property, yet faced attempts by the sellers to renege on the agreement.

Details of the Dispute

Bravematt entered into an agreement with Industrial and General Insurance Plc (IGI) and The Four H Nigeria Limited for the purchase of Plots 5, 6, 7, and 8 located within the Malyegun Tourism Zone in Lekki Peninsula Scheme II, Ibeju-Lekki, Lagos. The total land area measures approximately 13.067 hectares, with a Certificate of Occupancy (C of O) issued in 1988.

According to Bravematt, the company made a series of payments totaling N21.5 billion, including a final payment of N7.475 billion. The payment was made under the agreement facilitated by Bradfield Limited, the appointed agent of IGI and Four H Nigeria Limited.

However, Bravematt claims that after making the final payment, the defendants denied receipt and are now attempting to sell the property to other parties.

Court’s Intervention

In response to Bravematt’s allegations, the court issued urgent preemptive orders to prevent any further transactions involving the disputed land. Justice Olukolu noted that there was a real risk of irreparable harm if the defendants were allowed to proceed with the sale or transfer of the property.

The court issued two key orders:

1. Restraint on the Sale or Transfer of the Property: IGI and Four H Nigeria Limited are prohibited from selling, transferring, or dealing with the land until the pre-action protocol requirements are met by Bravematt.
2. Freeze on Funds in IGI’s Bank Account: IGI is restrained from withdrawing or dissipating any funds in its Keystone Bank account that fall below the N7.475 billion, which Bravematt claims is the final installment paid for the property.

Justice Olukolu emphasized that these orders were necessary to preserve the status quo and ensure that any potential injustices are avoided while the dispute is being resolved. The interim orders are set to last for 14 days, during which time Bravematt is expected to complete the pre-action requirements before filing a substantive lawsuit.

Next Steps

The court has instructed that the orders be promptly served to the defendants and the relevant bank. Bravematt is now required to comply with all necessary procedural steps within the specified timeframe in order to advance the legal process.

This case highlights the legal complexities involved in high-value property transactions and underscores the importance of clear agreements and due diligence in property dealings.