Suit against UAC for hearing Oct 17

Justice Bashua of the Lagos High Court, Ikeja would on October 17 hear the suit filed against UAC Properties Development Company (UPDC) and UAC of Nigeria Plc over alleged property trespass by an estate development firms.

The claimants, Grant Properties Limited, Fibigboye Estate Limited and Knight Rook Limited had alleged that the defendants entered into their Victory Park Estate in Lekki, Lagos and began construction without their consent.

“Upon enquiries, the claimants discovered that the persons on the property were contractors employed by the defendants to fence off unspecified portions of the claimants land.

“There is also unconfirmed evidence that the defendants trespassed on the claimants property on the premise that Sterling Capital Limited assigned the property to defendants,” they claimed, adding that Sterling Capital has no interest, title or authority to sell any portion of the property.

The claimants however said they obtained facilities from a consortium of Banks which included Sterling Bank, Skye Bank, Unity Bank and Wema Bank and transferred it’s interest in the 3rd claimant (Knight Rook Limited) to the listed banks with an exit clause to deliver back to the claimants all rights and interest in property upon full liquidation of the facility as security for the facility, and in lieu of the execution of deed of legal mortgage.

“The four banks breached their contractual obligation under the memorandum of understanding referred to and pursuant to an arbitration clause, the claimants declared a dispute and requested the four banks to appoint an arbitrator, which they failed to do, up to date,” the claimants said.

They added that the banks have sold their interest and liabilities to the Asset Management Company of Nigeria (AMCON) and are equally aware of AMCON’s intervention towards resolving the issue and still went ahead to trespass on the property.