The Lagos State High Court has moved decisively to stop what a property developer calls an attempted double sale of a massive Lekki land parcel worth N21.5 billion.
Justice R. O. Olukolu, presiding at the court’s Commercial Division in Igbosere, issued sweeping restraining orders against Industrial and General Insurance Plc (IGI) and The Four H Nigeria Limited. The judge barred them from selling, transferring, or tampering with over 13 hectares of land in the coveted Malyegun Tourism Zone of the Lekki Peninsula.
The orders follow claims by Bravematt Property and Investment Limited, which told the court it already paid N21.5bn for the land—only for the sellers to allegedly deny receiving the final payment and begin courting new buyers.
According to Bravematt, IGI and Four H had appointed Bradfield Limited to find a buyer for Plots 5–8 in the Lekki Scheme II. Bravematt submitted an offer, which it says the sellers accepted, and proceeded to make multiple payments, including a final tranche of N7.475bn.
But after the payments were made, the claimant alleges the sellers suddenly disavowed the last tranche and began acting in ways that suggested they intended to resell the land.
Fearing that the “res” — the disputed property — could vanish before it could even file a full suit, Bravematt asked the court for urgent intervention. Justice Olukolu reviewed 15 grounds and 17 supporting documents before ruling that the risk of irreversible harm was real and immediate.
Invoking its pre-emptive powers, the court ordered:
- A freeze on any sale, transfer, or dealings involving the land until Bravematt completes pre-action formalities.
- A preservation order preventing IGI from reducing the balance in its Keystone Bank account below N7.475bn, the amount Bravematt insists was its final payment.
Justice Olukolu held that preserving both the property and the funds was essential to prevent “injustice” and maintain the status quo.
The orders will remain in force for 14 days, giving Bravematt time to complete mandatory steps before filing its substantive lawsuit. The judge also ordered immediate service of the enrolment order on the defendants and the bank.
