A Lagos High Court in Igbosere has issued 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.

The order came after a property development company, Bravematt Property and Investment Limited, alleged that it had already paid N21.5 billion for the property.

The orders were granted by Justice R. O. Olukolu yesterday following an ex parte application filed by Bravematt, which claimed it had fully paid for the land but faced attempts by the sellers to renege on the transaction.

Bravematt told the court that it entered into a purchase agreement with IGI and Four H Nigeria Limited for Plots 5, 6, 7 and 8 at the Malyegun Tourism Zone, Lekki Peninsula Scheme II, Ibeju-Lekki.

The combined parcels measure about 13.067 hectares and are covered by a Certificate of Occupancy issued in 1988.

According to the claimant, the defendants had appointed Bradfield Limited as their agent to market the property. Bravematt submitted an offer through the agent, which was allegedly accepted by the defendants.

The company said it subsequently made several payments in line with the agreed terms, amounting to N21.5 billion, including a final tranche of N7.475 billion.

However, Bravematt alleged that the defendants later denied receiving the final payment, raising concerns that they planned to abandon the concluded agreement and sell the property to third parties.

The claimant warned that unless the court intervened urgently, the defendants’ actions could compromise 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 grounds supporting the motion and examined the documentary exhibits tendered by Bravematt.

The court found that the facts disclosed a real risk of irreparable harm if the defendants were allowed to dispose of the property or dissipate funds connected to the transaction.

The judge held that the circumstances justified the court’s intervention under relevant provisions of the High Court Law of Lagos State 2018, the High Court of Lagos State Civil Procedure Rules 2019, and applicable practice directions. The court also relied on guidance from a 2023 decision of the Court of Appeal.

Justice Olukolu accordingly issued two restraining orders.

First, the defendants were barred from selling, assigning, transferring or otherwise dealing with the disputed property pending Bravematt’s compliance with pre-action protocol requirements.

Second, IGI was restrained from withdrawing or dissipating funds in its Keystone Bank account below N7.475 billion, which Bravematt claims represents the final payment under the transaction.

The court said preserving both the land and the funds was necessary to prevent injustice and maintain the status quo until the claimant files a substantive action.

The interim orders will remain in force for 14 days, within which Bravematt is expected to complete all pre-action steps before commencing its main suit.

The court also directed that the enrolled order be served promptly on the defendants and the affected bank.

Source; The Nation News