Court to Hear Alleged Breach of Contract Suit against Ecobank, April 24
Justice Olabisi Akinlade of a Lagos High Court sitting in Ikeja, has fixed April 24, 2018, to hear a suit filed by a Lagos-based property firm, Jetland Properties Limited against Ecobank Nigeria Limited.
The property firm has dragged the Bank to court, for allegedly refusing to pay the agreed agency fees of N21 million after the sale of the property belonging to the Bank.
Jetland Properties, in the suit filed on its behalf by Mr. Dipo Okpeseyi, SAN, is asking the court to enter judgement in its favour, by awarding the sum of N21 million being 4% agreed agency fees, and another N10 million being the cost of legal fees.
The Claimant is also seeking an order of the court, for award of interest on its agency fees of N21 million at 35% interest rate, from August, 2017 until judgement is delivered, and thereafter, at 15% rate per annum on the judgement sum until final liquidation.
In its statement of claim, the firm stated that sometime in 2016, the Bank engaged its services to find a buyer for its property situate at Plot 7, Block 10, Layi Yusuf Crescent Lekki Phase 1, Lagos.
The property firm, claimed that it commenced marketing and advertising the property, after the Bank instructed it through its then Acting Head, Ecobank Business Services (EBS), Mr. Mohammed Jalal, to facilitate the sale of the property, by sourcing for prospective purchasers.
The Claimant said, in carrying out the Defendant's instructions, it deployed all efforts and resources in search of a buyer for the said property, as the custom of its business as an Estate Agent.
According the Claimant, the first offer of N500 million for the purchase of the said property by a prospective buyer which it secured, was rejected by the Bank.
The firm said that, after several months of painstaking efforts and contacts with other Real Estate firms to find buyers as expected in its ordinary course of business, it got an offer from a prospective buyer through another Real Estate firm, Messrs Barin Epega & Co.
The Claimant further stated that, it introduced the new prospective buyer of the property (Punuka Investment Ltd) to the Defendant, adding that upon finding a purchaser for the Defendant's property, it immediately wrote a letter dated November 14, 2016 to the Defendant, informing it of the prospective buyer and the consideration proposed in the sum of N525 million and of course, its agency fee of 5% of the purchase price of the said property.
The property firm stated that, in response to its said letter, the Bank being fully aware of its instructions engaging it to find a buyer for its property, the Bank through its letter dated November 28, 2016, strangely stated its intention not to pay agency fees as agreed, despite the firm's efforts to secure the buyer.
The Claimant stated that, it was surprised that after the completion of the transaction, the Bank has bluntly refused to pay the agreed 4% agency fees, inspite of its several letters requesting for the fees.
Jetland Properties claimed that, it even wrote a petition to the Central Bank of Nigeria to intervene in the matter, all to no avail, as the Bank remained recalcitrant.
The firm said that, the untoward practice on the part of the Bank, led it to engage the services of its Lawyer, Messrs Dipo Okpeseyi, SAN & Co, to help recover its 4% agency fees, which ought have been paid since July 2017.
The Claimants however, are claiming before the court, the sum of N21 million at 35% interest rate per annum, being the total money from its 4% agency fees of N21 million, and N10 million being legal fees.