Lagos High Court Bars IGI, Four H Nigeria from Selling Lekki Land Over N21.5bn Dispute
By Innocent Anaba
The High Court of Lagos State, sitting in Igbosere, has issued a series of pre-emptive restraining orders preventing Industrial and General Insurance Plc (IGI) and The Four H Nigeria Limited from transferring or dealing with a large tract of land in the Lekki Peninsula, following claims by Bravematt Property and Investment Limited that it had paid N21.5 billion for the property.
The orders were granted yesterday by Justice R. Olukolu, acting on an ex-parte application by Bravematt, which alleged that the defendants were attempting to renege on a concluded sale agreement and sell the 13.067-hectare property to third parties.
Bravematt told the court that it had entered into an agreement with IGI and Four H Nigeria Limited to purchase Plots 5, 6, 7, and 8 in the Malyegun Tourism Zone, Lekki Peninsula Scheme II, Ibeju-Lekki.
The land, covered by a 1988 Certificate of Occupancy, became disputed 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 Bravematt, the defendants appointed Bradfield Limited as their agent to market the property to potential buyers. Bravematt subsequently submitted an offer, which was allegedly accepted, and proceeded to make several payments totaling N21.5 billion, including a final tranche of N7.475 billion.
However, the defendants reportedly denied receiving the final payment, raising fears that they intended to back out of the deal and sell the land to other parties.
The claimant argued that urgent court intervention was necessary to prevent the defendants’ actions from “extinguishing the res” (the subject matter of the dispute) and frustrating attempts to comply with the pre-action protocol before filing a substantive suit.
Justice Olukolu reviewed 15 grounds supporting the motion and examined 17 documentary exhibits submitted by Bravematt. The court noted that the facts presented showed a significant risk of irreparable harm if the defendants proceeded with any sale or disposed of funds linked to the disputed transaction.
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 Practice Direction No. 2 of 2019, the judge invoked the court’s pre-emptive powers and granted two key orders:
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The defendants are barred from selling, transferring, assigning, or entering into any transaction affecting the property pending Bravematt’s completion of pre-action protocol requirements.
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IGI is restrained from withdrawing or dissipating funds in Keystone Bank Account No. 1012692681 below N7.475 billion, which represents the final payment made under the transaction.
The court held that preserving both the land and the funds was necessary to prevent injustice and maintain the status quo until Bravematt is able to file a full lawsuit.
The orders will remain in force for 14 days, during which Bravematt is expected to complete all pre-action protocol steps. The court also directed that the order be served on the defendants and the bank without delay.
