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UACN Loses Lekki Property in Court, Fined N20.3m

By Modupe Gbadeyanka

Justice Abisoye Bashua of the Lagos State High Court sitting in Ikeja has declared null and void the purchase of parcel of land in Lekki area of the metropolis by UACN Property Development Company Plc.

The land had been under dispute after it was sold to the firm by one Knight Rook Limited through Sterling Bank Plc.

UACN had gone ahead to fully developed the property now known as Alexander Miller Estate, but its ownership was contested by Grant Properties Limited and Fibigboye Estates Limited.

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At the court, N20 million was awarded against UACN as general damages for depriving the claimants of peaceful and quiet enjoyment of the property as well as N300,000 cost.

According to Justice Bashua, “The deed of assignment assigning 2.4321 hectares of land within Igbokushu Village, Eti-Osa Local Government Area, Lagos within the Victory Park Estate to the 1st defendant is null, void and of no effect.

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“An order is made nullifying the deed of assignment purportedly executed by Knight Rook Limited in favour of UACN Property Development Company Plc, covering 2.4321 hectares of land within Igbokushu Village, Eti-Osa Local Government Area, Lagos within the Victory Park Estate.

 “An order of perpetual injunction is hereby made restraining the 1st defendant, its servants, agents and/or privies, successors-in-title and assigns, including anyone acting for or on their behalf from further encroaching or trespassing on the parcel of land, measuring approximately 50.349 hectares situate at Igbokushu Village, behind Okunnu Housing Estate, Lekki Peninsula Scheme 11, Government Estate, Eti-Osa area of Lagos known as Victory Park Estate and covered by Certificate of Occupancy dated December 6, 2002 and registered as No. 28 at page 28 in volume 2003c in the land registry.”

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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