The High Court of Lagos State sitting in Igbosere has issued far-reaching pre-emptive orders restraining Industrial and General Insurance Plc, IGI, and The Four H Nigeria Limited from transferring or tampering with a large expanse of land in the Lekki Peninsula after a property development company, Bravematt Property and Investment Limited, alleged that it had already paid N21.5 billion for the property.
Trial judge, Justice R. Olukolu, granted the orders yesterday following an ex parte application by the claimant, who accused the defendants of attempting to renege on a concluded sale agreement and dispose of the 13.067-hectare property to third parties.
Bravematt told the court that it entered into a purchase arrangement with IGI and Four H Nigeria Limited for Plots 5, 6, 7 and 8 in the Malyegun Tourism Zone, Lekki Peninsula Scheme II, Ibeju-Lekki.
The parcels of land, covered by a 1988 Certificate of Occupancy, became the subject of dispute after the claimant alleged that the sellers were taking steps to invalidate the agreement despite receiving substantial payments.
According to the 11-paragraph affidavit filed by the claimant, the defendants appointed Bradfield Limited as their agent to seek buyers for the property.
Bravematt subsequently submitted an offer, which the defendants allegedly accepted. In line with the terms of the agreement, Bravematt said it made several payments totalling N21.5 billion, including the final tranche of N7.475 billion.
However, in a surprising turn, the defendants allegedly denied receiving the final payment, prompting fears that they intended to back out of the deal and sell the land to other interested parties.
The claimant argued that unless the court intervened urgently, the defendants’ actions could extinguish the res, the subject matter of the dispute, and frustrate any meaningful attempt to comply with the mandatory pre-action protocol before filing a substantive suit.
Justice Olukolu reviewed the 15 grounds supporting the motion and examined 17 documentary exhibits tendered by the claimant.
The court observed that the facts presented revealed a significant risk of irreparable harm if the defendants proceeded with any transfer of the property or depleted funds linked to the disputed transaction.
The judge noted that the circumstances justified the invocation of the court’s pre-emptive powers, relying on Sections 8 and 13 of the High Court Law of Lagos State 2018, Order 42 Rule 1(1) of the High Court Civil Procedure Rules 2019, and the Remedies Provisions of Practice Direction No. 2 of 2019.
Justice Olukolu consequently granted two major restraining orders: the defendants are barred from selling, assigning, transferring or entering into any transaction affecting the property pending Bravematt’s compliance with the pre-action protocol requirements.
The defendants, particularly IGI, are also restrained from withdrawing or dissipating funds in Keystone Bank Account No. 1012692681 below N7.475 billion, which the claimant asserts is the final payment made under the transaction.
The court held that the preservation of both the land and the funds was necessary to prevent injustice and maintain the status quo until the claimant is able to institute a full claim.
The orders are to remain in force for 14 days, during which Bravematt is expected to complete all pre-action protocol steps before initiating its substantive lawsuit.
The court also directed that the enrolment of the order be served on the defendants and the concerned bank without delay.
