Akin Kuponiyi
Dr. Ndidi Okereke-Onyiuke, former Director-General of the Nigerian Stock Exchange, NSE.
A Federal High Court Sitting in Lagos, southwest Nigeria, has adjourned till 15 April, 2016, a suit instituted by the Nigeria Stock Exchange (NSE) against its former Director-General, Nididi Okereke-Onyiuke and five others to recover a building alleged to have been fraudulently acquired, for either report of settlement or hearing.
Others joined as co-defendants in the property recovery suit are former Assistant-Director General of the NSE, Lance Musa Elakama, Hybrid Properties Limited, Oak Business and Finance Limited, the Minister of Land, Housing and Urban Development, and Federal Land Registry.
In a statement of claim filed before the court by a Lagos lawyer, Chief Bolaji Ayorinde (SAN), on behalf of NSE, it was alleged that sometime in 2012 NSE carried out an audit of its landed properties and discovered that it could not locate the original copy of Certificate of Occupancy of one of its landed property,
It was alleged that Dr Ndidi Okere-Onyiuke acting in concert with Lance Musa Elekama, upon a false resolution of the Nigeria Stock Exchange, unlawfully and illegally executed a Deed of Assignment dated 20 May, 2007, on Sunday which is a non working day by law, in favour of Hybrid Properties Limited and Oak Businesses and Finance Company Ltd. by which Nigeria Stock Exchange purportedly transferred its proprietary in a part of the NSE property situate, and known as 2, Temple Road, Ikoyi to the two companies.
Consequently enquiry was set in motion,upon conducting a search on 12 March, 2014 and obtained from the Federal Lands Registry, it was discovered that on 20 May, 2007, Minister of Land and Housing and Urban Development gave his consent to two Deeds of Assignment purportedly executed by NSE in favour of Hybrid Properties Ltd and Oak Business and Finance Company.
Dr Ndidi Okereke-Onyuike and Lance Musa Elekama while being Director-General and Assistant Director General of NSE respectively executed the deed of assignment in favour of the aforementioned companies. Nevertheless their identities did not appear on the said Deeds of Assignment.
It was discovered through search conducted at Corporate Affairs Commission (CAC) that Lance Musa Elekama was having 600,000 shares out of the 1,000,000 fully issued shares of Oak Business and Finance Limited, while Ndidi Okereke -Onyiuke was holding 800,000 shares in the share capital of Hybrid Properties as a majority shareholder while Lance Elekama is the person listed as holding 600,000 shares in the share capital of Hybrid Properties, also as a majority shareholder.
Consequently, the NSE execution of the aforementioned Deeds of Assignment was fraudulently done by Ndidi Okereke-Oyeuike and Lance Musa Elekama, irregularly consented to by the Minister of Lands, Housing and Urban Development and fraudulently registered by Federal Lands Registry with intention of illegally, unlawfully and permanently depriving NSE of its proprietary rights to the property.
It was further alleged that NSE, Ndidi Okereke-Onyiuke and Lance Elekama who are the majority shareholders of these two companies knew that NSE paid the sum of N420,750,000 as purchase price of the property, the two of them who were conversant with the inner working of NSE and its approval process as it relates to the execution of documents for and on behalf of NSE knew at the time of the execution of the Deeds of Assignment that they did not have the authority of NSE as it relates to documents under seal and title transfer documents to execute the said Deeds of Assignment in favour of the two companies as they were aware that the said execution was unlawful, illegal and clear violation of the Article o Association of NSE.
The two companies Hybrid Properties Limited and Oak Business and Finance Limited never paid any sums to NSE as consideration for transfer/sale of the NSE’s proprietary interest in the property, neither did Ndidi Okereke-Oyuike and Lance Elekama make any such payment.
Consequently, the claim against the defendants jointly and severally are as follows:
A declaration that Dr Ndidi Okereke-Onyiuke and Lance Musa Elekama acting alone or together are not empowered to execute for and on behalf of NSE any instrument of transfer of title to landed property.
An order of the court setting aside or striking down the Deeds of Assignment dated 20 May, 2007 purportedly executed by the NSE in favour of the two companies relating to the NSE proprietary interest at 2, Temple Road, Ikoyi, Lagos.
An order of the court directing the defendants to pay to the plaintiffs the sum of N36 million as solicitors’ fee.
When the matter was mentioned, the counsel representing various parties unanimously told the court that the parties are still exploring avenue of settling the matter out of court.
Consequently, the presiding judge, J. T. Daggat adjourned the matter till 15 April, 2016 for report of settlement.
Tussle over property: NSE, Okereke-Onyiuke, others to settle out of court
0 Comments: