LAGOS — A High Court of Lagos State, sitting in Igbosere, has issued sweeping interim orders restraining Industrial and General Insurance Plc (IGI) and The Four H Nigeria Limited from transferring or otherwise disposing of a 13.067‑hectare parcel of land in the Lekki Peninsula, following a contentious sale agreement in which a property developer claims to have paid ₦21.5 billion for the property.
The claimant, Bravematt Property and Investment Limited, told the court it entered into a purchase agreement with IGI and Four H Nigeria for Plots 5, 6, 7 and 8 in the Malyegun Tourism Zone, Lekki Peninsula Scheme II, Ibeju‑Lekki. The relevant parcels are backed by a 1988 Certificate of Occupancy. According to the affidavit filed by Bravematt, the company discharged payments totalling ₦21.5 billion including a final tranche of ₦7.475 billion in fulfillment of the sale agreement.
However, the defendants IGI and Four H allegedly denied receiving the final payment and thereafter reportedly appointed an agent to re‑market the land to other buyers, prompting fears of a back‑door resale. To forestall what it described as an attempt to “extinguish the res,” Bravematt filed for injunctive relief.
After reviewing 15 grounds and 17 documentary exhibits presented by the claimant, Justice R. Olukolu held that there was a credible risk of irreparable harm if the defendants were allowed to proceed with any transfer or disposal of the property, or dissipate funds associated with the transaction. The judge invoked the court’s pre‑emptive powers under the 2018 High Court Law of Lagos State and relevant civil procedure rules to grant the restraining orders.
The orders binding on IGI, Four H Nigeria, and associated agents prohibit:
-
any sale, assignment, transfer, or dealing in the property;
-
any withdrawal or dissipation of the funds in Keystone Bank Account No. 1012692681 falling below ₦7.475 billion, which represents the final payment made by Bravematt.
The orders will remain in force for 14 days, during which Bravematt is expected to complete pre‑action protocol steps necessary before filing its substantive suit; the defendants and the bank are to be served the enrolment order without delay.
Observers say this ruling underscores the fragile confidence many real estate investors and developers hold in property transactions in areas like Lekki, where certificate‑backed titles and multi‑billion‑naira deals continue to face legal challenges. The case may also reverberate across Nigeria’s property market sending a clear signal to developers, financial institutions, and investors about the necessity of transparent compliance and documentation before land deals are concluded.
Implications: The strong interim injunction by the Lagos court not only protects Bravematt’s claim for now, but also highlights the deeper structural risks in Lagos real estate from conflicting documentation and payment disputes to aggressive re‑marketing of allegedly sold properties. For potential buyers and investors, the ruling offers a warning: even substantial payment may not be sufficient shield against legal reversals unless the parties observe strict compliance with sale agreements and court‑approved protocols.