High Court of Lagos at Yaba/Surulere has restrained Patricia Technologies from selling or dealing with 15.021 hectares of land at Idera Scheme.
Justice E. Ashade ruled that the order will subsist until the claimant/applicant – Veritasi Homes & Properties – complies with Lagos State High Court Practice Direction No. 2 of 2019 on the pre-action protocol.
The judge adjourned to Monday for a report of compliance.
The court made the order on November 29 following an ex-parte motion filed by Veritasi Homes & Properties on November 13 after hearing the claimant’s counsel, O.A. Alao with Mrs. A.D. Edekha
The real estate firm informed the court that it paid Patricia Technologies N600 million as the full purchase price for the land, but the firm – contrary to the contract – failed to transfer ownership of the land to Veritasi Homes & Properties.
Rather, and according to the claimant/applicant, Patricia Technologies allegedly continued advertising the land for sale and continued selling portions of it, even after receiving and retaining the N600 million.
There was no legal representation for the defendant.
Justice Ashade held: “The defendant, whether by itself, its directors, members of staff, agents, privies, assigns, associates, nominees, servants or any special task force, paramilitary officers or other person(s) howsoever described and called are restrained from using or dealing with 15.021 hectares of land at plots 6, 7, & 8 Block 4 Idera Scheme Lagos State properly delineated with Survey Plan No. LS/D/BK 416/4/6, 7 & 8 dated July 27, 2021 signed by Surveyor General of Lagos State and covered by Lagos State Certificate of Occupancy No. 87/87/2021F dated December 17,, 2021, in any manner pending claimant/applicant’s compliance with Lagos State High Court Practice Direction No. 2 of 2019 on Pre-Action Protocol.
“The defendant, whether by itself, its directors, members of staff, agents, privies or any person or agency through the defendant are restrained from marketing, attempting to sell and or selling, transferring, alienating or assigning 15.021 hectares of land, pending claimant/applicant’s compliance with Lagos State High Court Practice Direction No. 2 of 2019 on Pre-Action Protocol.
“Leave is granted to the claimant to notify the public of the orders on the defendant vide media/newspaper alerting the unsuspecting public.
“It is ordered that the claimant or counsel shall file an undertaking that the claimant/applicant shall comply with the Pre-Action Protocol.”
Veritasi Homes & Properties set out its case in the affidavit sworn by its Operations manager, Quazeem Famuyiwa.
Famuyiwa said Veritasi Homes & Properties and Patricia Technologies – Lagos-based fintech firm – executed a contract of sale agreement on January 5, 2023, whereby the defendant/respondent agreed to sell/transfer/alienate/assign to the claimant/applicant 15.021 hectares for N600 million.
Patricia Technologies said it was indebted to a firm for N300m and needed to repay that debt from the purchase price of the land.
The parties agreed to an initial payment of N300m so that the defendant could use that to defray its loan obligations to its creditors and release the title documents to the Claimant/Applicant to aid marketing.
Famuyiwa added: “The agreement between the claimant and the defendant was that once the Claimant had paid about the sum of N300million toward the purchase price, the defendant would release the original title documents to the claimant and transfer them to the claimant in the advancement of the Sale of Land transaction between parties.
“That the claimant in fulfilment of his obligation towards the Defendant had paid the defendant the total sum of N600m toward the purchase price, which is well beyond the agreed N300m threshold, as agreed by parties.
“Despite this substantial payment made by the claimant which the defendant acknowledged by its letters, the defendant has not yet paid off the outstanding loan balance with its creditors nor released the original title documents as agreed to the applicant, instead the defendant engaged independent marketers to start marketing the parcel of land to unsuspecting individuals of the public.”
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