The Court docket of Appeal in Lagos has been urged to reject Union {Bank} Plc’s request to droop a Excessive Court docket judgment regarding the {bank}’s “wrongful” sale of a household’s property situated at No. 6, Moore Street, Ikoyi, Lagos State, which was offered at a grossly undervalued value of N60 million.
The authorized crew representing Mrs. Olubunmi Ogunde, Yewande Ogunde, and others submitted a counter affidavit to the Appeal Court docket, dated November 7, 2024.
They argued that the property in dispute would now allegedly be value N13 billion if pre-judgment and pro-rated post-judgment curiosity have been calculated over the related years.
The disputed judgment on attraction includes a mortgage and mortgage matter (initially commenced in 1999 however amended by the claimants in 2017).
“The court docket awards the sum of N112,050,000.00, excluding the N60,000,000.00 (Sixty Million Naira) already paid, being the distinction in what ought to have been realized from the sale of the property often known as No. 6 Moore Street, Ikoyi, Lagos, and curiosity on the stated stability from 1998 till right now (the date of judgment) on the prevailing CBN price, and thereafter from the date of judgment till the judgment debt is absolutely liquidated on the price of 10% each year,” the decide had acknowledged.
“The proof the decrease court docket relied on doesn’t help the household’s claims concerning their perceived worth of the property on the time of sale, as the costs of comparable properties in the identical neighborhood (some on Excessive Avenue) justify the reasonableness of the value at which the topic property was offered by Union {Bank},” the {bank} submitted.
Opposing the {bank}’s request for a keep, Omotola Oni, a Litigation Government at Olaniwun Ajayi Chambers, informed the Appeal Court docket that the {bank}, regardless of the decrease court docket’s order, continues to refuse to offer the respondents with the {bank account} statements of the property, as beforehand famous by the Excessive Court docket.
He argued that it might be unconscionable to grant a keep of execution, because the household is entitled to the speedy advantage of their judgment.
“It’s only honest that the Applicant(Union {Bank}) pays the judgment sum into an interest-yielding account, with curiosity computed on a compound curiosity foundation, in any business {bank} apart from the Applicant,” he acknowledged.
