Court Halts Transfer of 13-Hectare Lekki Property Amid N21.5bn Sale Controversy

The High Court of Lagos State, sitting in Igbosere, has issued sweeping interim orders stopping Industrial and General Insurance Plc (IGI) and The Four H Nigeria Limited from transferring or interfering with a 13.067-hectare parcel of land in the Lekki Peninsula.

The orders follow allegations by Bravematt Property and Investment Limited that it had already paid N21.5 billion for the land before the sellers allegedly attempted to invalidate the transaction.

Justice R. Olukolu granted the pre-emptive orders on Monday after considering an ex-parte application from Bravematt. The claimant accused the defendants of trying to back out of a concluded agreement and dispose of the property to other buyers.

Bravematt stated that it had entered into a purchase deal with IGI and Four H Nigeria Limited for Plots 5, 6, 7, and 8 in the Malyegun Tourism Zone, Lekki Peninsula Scheme II, Ibeju-Lekki.

The land, which is backed by a 1988 Certificate of Occupancy, became disputed after Bravematt alleged that the sellers were taking steps to undermine the agreement despite receiving substantial payments.

According to an 11-paragraph affidavit, the defendants had initially appointed Bradfield Limited as their agent to source buyers for the property. Bravematt said it submitted an offer which the defendants accepted, and thereafter made several payments—including a final tranche of N7.475 billion—bringing the total to N21.5 billion.

However, the claimant told the court that the defendants suddenly denied receiving the final payment, raising concerns that they intended to abandon the deal and resell the property to third parties.

Bravematt argued that urgent court intervention was necessary to prevent the defendants’ actions from “extinguishing the res”—the subject of the dispute—and frustrating compliance with mandatory pre-action protocols.

Justice Olukolu reviewed the 15 grounds supporting the motion and examined 17 documentary exhibits. The court found that the evidence showed a significant risk of irreparable harm should the defendants proceed with any transfer of the land or deplete funds tied to the 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 the Remedies Provisions of Practice Direction No. 2 (2019), the judge held that the situation warranted the use of the court’s pre-emptive powers.

Justice Olukolu then issued two key orders:

1. The defendants are restrained from selling, assigning, transferring, or entering into any transaction affecting the property pending Bravematt’s completion of the required pre-action protocol steps.
2. IGI is further barred from withdrawing or reducing funds in Keystone Bank Account No. 1012692681 below N7.475 billion, which Bravematt claims was its final payment for the transaction.

The court said preserving both the land and the funds was necessary to prevent injustice and maintain the status quo until Bravematt can file its substantive suit.

The orders will remain in effect for 14 days, during which the claimant must complete all pre-action protocol requirements. The court also instructed that the enrolment of the order be promptly served on the defendants and the bank.

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