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Court fixes Nov 17 for continuation of trial in suit against UAC

By Yetunde Ayobami Ojo
01 November 2016   |   2:14 am
The trial judge adjourned the matter after listening to the defendants’ witness, Mrs Afolake Kalaro, who testified and was cross examined by the claimants’ counsel, Mr. Bonojo Badejo (SAN).
Group Managing Director, UAC of Nigeria Plc, Larry Ettah (left); Chairman, Daniel Owowr Agbor and Company Secretary, Godwin Samuel.

Group Managing Director, UAC of Nigeria Plc, Larry Ettah (left); Chairman, Daniel Owowr Agbor and Company Secretary, Godwin Samuel.

Justice Abisoye Jubril Bashua ‎of a Lagos High court, Ikeja has fixed continuation of hearing in the suit filed by Grant Properties Limited and others against UAC Properties Development Company Plc and UAC Nigeria Plc to November 17.

The trial judge adjourned the matter after listening to the defendants’ witness, Mrs Afolake Kalaro, who testified and was cross examined by the claimants’ counsel, Mr. Bonojo Badejo (SAN).

Kalaro is a legal practitioner working with the 1st defendant,‎ UAC Properties Development Company Plc.

The claimants in the suit are: Grant Property limited, Fibigboye Estates Limited against UAC Properties Development Company Plc, Knight Rook Limited‎ as first and second defendants respectively.

The claimants in it statement of claim stated that “by virtue of a ‎Certificate of Occupancy dated 6th December,2002 and registered as no 28 at page 28 in volume 2003C of the Lagos State Land Registry, Lagos , the claimant company Knight Rook Limited became seized of a parcel of land measuring 50.349 hectres situated at Igboshuku village, behinde Femi Okunnu Housing estate, Lekki Peninsula Scheme 11, Government Estate in Eti Osa area of Lagos know as Victory Park Estate.

The claimants stated that ‘as ‎security for the facility and in lieu of execution of a deed of legal mortgage, the claimant transferred it’s interest in Knight Rook limited to the Sterling Bank Plc,Skye Bank Plc,Unity Bank Plc and Wema Bank Plc with an exit clause to deliver back to the claimants all rights and interest in the property upon full liquidation of a facility taken from the banks.

Also, the claimants stated that by virtue of a memorandum of understanding the control of the estate is vested in the project implementation Committee consisting of representatives of Sterling Bank and the 1st claimant.

The claimants said they were still in possession of the land before the alleged acts of trespass by the agents of the defendants.

UAC in its statement of defence said “ since the execution of the MOU and STA in 2006, the claimants have ceased to control and take decision on behalf of the 2nd defendant having transferred same to the consortium.

“The consortium of banks still hold the authority and powers over the affairs, direction and management of the 2nd defendant as it remains the shareholders and directors of the 2nd defendant to the exclusion of any other party or person who are not such shareholders and director of the company as required by law,” they stated.

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