A Lagos based real estate firm, Jetland Properties Limited, has dragged Ecobank Nigeria Limited before the Lagos State High Court sitting in Igbosere over alleged breach of contract amounting to N31m
Jetland Properties Limited in the suit claimed was engaged by Ecobank to find a buyer for its property located at Plot 7, Block 10, Layi Yusuf Crescent, Lekki Phase 1, Lagos after an agreement was reached by both parties to be paid five per cent of the purchase price of the property worth N525m.
In the 35-paragraph affidavit presented by the Managing Director, Jetland Properties Mr. Jude Azekwoh, claimed that it got the instruction to help Ecobank find a buyer for the said property through its then acting Head of Business Services, Mr. Mohammed Jalal, but after finding a buyer for the property which was sold for N525m, the bank reneged on the agreement and refused to pay despite repeated demands.
Azekwoh told the court that “in carrying out the respondent’s instructions, the applicant deployed all its efforts and resources in the search of a buyer for the said property as it is its custom of business as an estate agent and had taken several prospective buyers to the property. The first offer of N500,000,000 for the purchase of the said property which the applicant secured was rejected by the respondent. That after several months of painstaking efforts and contacts with other real estate firms to find purchasers, the applicant, as expected in its ordinary course of business, got an offer from another real estate firm, Messrs Barin Epega &Co. The applicant then introduced the offer of the prospective buyer of the property, Punuka Investment Ltd, to the respondent.”
