The plaintiff is accusing the bank of violating an agreement on a Safetower project developed by Macbosh Properties Limited (the first defendant).
The plaintiff, through his lawyer, Olatunde Busari (SAN), is claiming N254,158,904.11, being the second and third instalment payments as contained in a July 28, 2017 Terms of Settlement, along with interest at 16 per cent per annum from last October 31 until liquidation.
The Terms of Settlement followed a disagreement over a Memorandum of Understanding (MOU) between Macbosh Properties and Ogunmefun on the construction and purchase of 16 units of three-bedroom flats and two units of 50 bedroom pent duplexes forming part of Safetowers Estate on Lekki Penisula Scheme, Ikate, Etiosa, Lagos.
Ogunmefun is praying Justice Jose to declare that the terms of the duly executed Terms of Settlement by which the Macbosh Properties agreed to pay N804.15 million in three instalments on or before last December 31 were binding.
The applicant wants a declaration that the first respondent is in breach of the Terms of Settlement by failing to fulfil its obligation to timeously pay the first instalment of N550 million that ought to be paid on or before last July 31, the prescribed payment date.
The plaintiff sought for a declaration that having failed, refused and neglected to pay the second and third instalments of N127, 079,452,05, Macbosh Properties was in breach of the Terms of Settlement.
Ogunmefun urged the court to hold that having not made the payments, the respondents were obligated to immediately pay the outstanding sum of N254, 158, 904,11 with interest at the rate of 16 per cent per annum calculated from last October 31 2017.
He prayed for an order directing the respondents to immediately pay him N254,158,904.11, being the second and third instalment payments as contained in the Terms of Settlement, along with the interest.
The applicant is praying the court to determine whether the terms and provisions of the duly executed Terms of Settlement between him and Macbosh Properties by which it agreed to pay the total sum of N804,158,904,11 in three instalments on or before last December 31, in the manner prescribed in Paragraphs 3(3.1), (3.2) ( 3.3) and (3.4) of the Terms of Settlement, are binding on them