News

Subscribers drag Abuja estate developer, Olafisoye, others to court, demand N1.1bn over alleged contract breach

Published

1 year ago

April 20, 2023

Subscribers of the Nelson Mandela Gardens Estate project in Abuja have dragged the developer of the estate, Otunba Adebiyi Olafisoye and A & G Estate Development Company Limited, before a High Court of the Federal Capital Territory (FCT) over an alleged breach of contractual agreement.

The aggrieved subscribers are asking the Abuja High Court to compel Olafisoye and A & G Estate Development Company Limited to pay them a whopping sum of N1.10 billion in damages due to the alleged contract breach.

Sued along with Olafisoye and A & G Estate Ltd is the African University of Science and Technology (AUST) described as the original owner of the land, which it sub-leased to the property development firm and on which the estate is built.

In the suit marked: CV/328/2022 filed by a Senior Advocate of Nigeria SAN, Mr Ibrahim Idris, the subscribers, who sued through six of their representatives, accused Olafisoye and A & G Estate Ltd of breaching the terms and conditions contained in the letters of offer issued to them.

They contended that Olafisoye and A & G Estate have refused to keep their promise to provide necessary facilities in the estate, declined to execute deeds of sub-lease of the unexpired terms granted A & G Estate Ltd by the African University of Science and Technology and had attempted to alter the name of the estate.

Listed as claimants are Mrs. A. N. Ijadunola, Alhaji Yusuf Yahaya, Mr. John Mshelia, Mr. Gabriel Afolabi, Mr. Akeem Atanda, Mr. Festus Ojekhephen and the Registered Trustees of Nelson Mandela Gardens Residents Association, Abuja.

In their statement of claim, the claimants described Olafisoye, who they claimed owns A & G Insurance Plc, as an individual with “an unimpressive and sordid track records in his business or commercial dealings”.

They claimed to have subscribed to the estate project between 2013 and 2019 and that soon after they “entered into the contractual relationship with the 2nd defendant (A & G Estate Ltd) they realized that they had been sold a dummy by the defendants, as the defendants, in a most bizarre manner, kept frustrating the claimants.”

They claimed to have complied with the terms and conditions contained in their various letters of offer by, amongst others, paying fully for the various allocated houses.

The claimants stated that the 2nd defendant, in alleged connivance with the 1st defendant (Olafisoye), failed to abide by the terms and conditions contained in the said letters of Offer.

They further stated that after receiving from them full payments in respect of the various allocated units of houses, the 2nd defendant unapologetically declined to provide any of the facilities or amenities it promised to provide in the estate.

The claimants added that part of the effects of the alleged continuous and unjustified refusal of the 2nd defendant to provide essential social facilities it promised has exposed their lives, those of their families and their properties to great risk and jeopardy.

They stated that to date, the exact tenor or term of the lease, donated to them by the 2nd defendant, has been kept away from them because the 2nd and 3rd defendants have been unwilling to disclose “the accurate tenor in the head lease and by extension, the sub-lease between the 2nd and 3rd defendants.”

They want the court to, among others, compel A & G Estate Ltd “to forthwith make available to the claimants, their various and respective duly executed deeds of sub-lease of the unexpired term granted to the 2nd defendant by the 3rd defendant in respect of Nelson Mandela Gardens Estate situate at Industrial Area II, Abuja.”

They are also seeking an injunction restraining the property owner from changing the name of the estate to Steamwood Garden and to desist from collecting any form of money from the claimants under the guise that it would be used for development purposes.

They are claiming N1 billion in damages and N10 million as the cost of prosecuting the suit.

The defendants have, however, denied the claimants’ claims, insisting that they did nothing wrong.

In their joint statement of defence, Olafisoye and A & G Estate Ltd claimed to have provided many facilities but that their plan to do more was hampered by the alleged inability of some of the subscribers to pay for their houses fully.

AUST, in its statement of defence, stated that it was not privy to the contractual agreement between the claimants and the 2nd defendant. It blamed the subscribers for not exercising due diligence before subscribing to the project.

The 3rd defendant also queried the competence of the suit, arguing, among others, that it amounted to an abuse of the court process and that it was caught by the statute of limitation.

Meanwhile, Justice Modupe Osho- Adebiyi has fixed April 26 for hearing into the suit.

News

Nigeria’s money supply dropped to N92.3trn in March – CBN

Published

12 hours ago

May 17, 2024

NewsDirect

Nigeria’s money supply dropped marginally to N92.3 trillion in March 2024 from N93.9 trillion in February.

This is according to recent data from the Central Bank of Nigeria.

Experts have linked the development to CBN’s hike in interest rates.

Demand deposits increased from N26.8 trillion to N28.8 trillion, suggesting a preference among depositors for more liquid forms of money.

Similarly, currency outside banks surged from N3.4 trillion to N3.6 trillion as more Nigerians moved towards cash following the end of the apex bank’s controversial new naira note policy.

The naira has continued to depreciate against the dollar despite the CBN’s policy intervention. On Thursday, it further dipped to N1533.99 per dollar.

News

Naira appreciates against dollar, ends week on good note

Published

12 hours ago

May 17, 2024

NewsDirect

The Naira appreciated against the dollar at the foreign exchange market barely 24 hours after depreciation.

FMDQ data showed that the N1497.33 appreciated against the dollar on Friday

This represents an N33.66 gain against the dollar compared to N1497.33 traded on Thursday.

Similarly, at the parallel market, the Naira appreciated to N1475 per dollar on Friday from N1555 on Thursday.

This showed that the Naira ended the week well after days of depreciation.

The country’s currency continued to experience instability since mid-April when it recorded months of appreciation.

Meanwhile, the Bureau De Change Operators had blamed forex scarcity for the continued depreciation of Naira.

News

Police dismiss inspector for N29.8m theft, kidnapping

Published

12 hours ago

May 17, 2024

NewsDirect

The Nigeria Police Force has dismissed one of its officers identified as Adabo Mohammed for criminal conspiracy and armed robbery, among others.

Mohammed, who was an Inspector, alongside five others was said to be a member of an armed robbery gang allegedly responsible for the stealing of N29.8 million from a victim in Gwagwalada, Federal Capital Territory.

This was disclosed by the Force Public Relations Officer, Olumuyiwa Adejobi, in a statement issued at the Force Headquarters in Abuja on Friday.

The statement, titled, ‘Police speak tough on indiscipline, misconduct,’ noted that in a move to uphold professional standards within the Force, the Inspector-General of Police, Olukayode Egbetokun, stressed the Force’s intolerance to any form of indiscipline.

The statement read partly, “In a decisive move to uphold the highest standards of professionalism and integrity within the Nigeria Police Force, the Inspector General of Police, IGP Kayode Adeolu Egbetokun, has emphasised his administration’s zero-tolerance policy towards any form of indiscipline. He stressed that the mandate of the police is to serve and protect with honour and integrity, and as such all breaches of the core values of the NPF will be met with decisive action to maintain public trust and ensure justice.

“In line with this policy, all cases reported against personnel have been creditably attended to, and justice has been done appropriately. Many of the erring officers have been sanctioned, while some cases are still at the orderly room trial level, and will soon be concluded.

“For instance, a police inspector has been dismissed from service while three others were demoted to their previous ranks following thorough investigations which confirmed their involvement in various acts of indiscipline/crime.”

Adejobi added, “One Inspector Adabo Mohammed was dismissed for the offences of criminal conspiracy, armed robbery/kidnapping, and corrupt practice. The dismissed officer, along with five others were members of an armed robbery gang responsible for the robbery of the sum of N29.8 million from a victim in Gwagwalada, FCT as well as the kidnap of one Ikechukwu Emmanuel Okafor in Tunga Manje, and the collection of ransom sum of N4.4m. The ex-officer has been charged to court accordingly.

“Similarly, the trio of Inspectors Osagie Efford, Semiu Agbekin, and Francis Ahuen, attached to the Special Tactical Squad (STS), have been demoted to their previous rank of Sergeant for the extortion of some motorists in Abuja. The trio intercepted an unregistered Mercedes Benz at Gwarinpa, Abuja, and forced the occupants to part with the total sum of N29.4m.

“The matter when reported by one Harrison Gwamnishu (#HarrisonBBi18) via the social media platform ‘X’, was taken up and properly investigated. While the monies have been returned to the complainants, the officers were subjected to orderly room trial in line with extant laws, and have been demoted.”

The FPRO noted that some senior officers have “been subjected to the Force Disciplinary Committee hearings” to “scrutinise and address allegations of misconduct against higher-ranking officers of the Force.”

He assured the public that “these measures are taken with the utmost seriousness and are integral to restoring and maintaining their trust. He re-emphasised that the NPF is dedicated to fostering a culture of accountability and respect within all ranks to ensure that police officers serve with integrity.”