News
Subscribers Drag Abuja Estate Developer, Others To Court, Demand N1.1bn Over Alleged Contract Breach
Subscribers of the Nelson Mandela Gardens Estate project in Abuja have dragged the developer of the estate, Otunba Adebiyi Olafisoye and A & G Estate Development Company Limited, before a High Court of the Federal Capital Territory (FCT) over an alleged breach of contractual agreement.
The aggrieved subscribers are asking the Abuja High Court to compel Olafisoye and A & G Estate Development Company Limited to pay them a whopping sum of N1.10 billion in damages due to the alleged contract breach.
Sued along with Olafisoye and A & G Estate Ltd is the African University of Science and Technology (AUST) described as the original owner of the land, which it sub-leased to the property development firm and on which the estate is built.
In the suit marked: CV/328/2022 filed by a Senior Advocate of Nigeria SAN, Mr Ibrahim Idris, the subscribers, who sued through six of their representatives, accused Olafisoye and A & G Estate Ltd of breaching the terms and conditions contained in the letters of offer issued to them.
READ ALSO: Crude Oil Exports: Malami Allegedly Paid $200m As Whistleblower Fees — Reps
They contended that Olafisoye and A & G Estate have refused to keep their promise to provide necessary facilities in the estate, declined to execute deeds of sub-lease of the unexpired terms granted A & G Estate Ltd by the African University of Science and Technology and had attempted to alter the name of the estate.
Listed as claimants are Mrs. A. N. Ijadunola, Alhaji Yusuf Yahaya, Mr. John Mshelia, Mr. Gabriel Afolabi, Mr. Akeem Atanda, Mr. Festus Ojekhephen and the Registered Trustees of Nelson Mandela Gardens Residents Association, Abuja.
In their statement of claim, the claimants described Olafisoye, who they claimed owns A & G Insurance Plc, as an individual with “an unimpressive and sordid track records in his business or commercial dealings”.
They claimed to have subscribed to the estate project between 2013 and 2019 and that soon after they “entered into the contractual relationship with the 2nd defendant (A & G Estate Ltd) they realized that they had been sold a dummy by the defendants, as the defendants, in a most bizarre manner, kept frustrating the claimants.”
READ ALSO: India Overtakes China As World’s Most Populous Country
They claimed to have complied with the terms and conditions contained in their various letters of offer by, amongst others, paying fully for the various allocated houses.
The claimants stated that the 2nd defendant, in alleged connivance with the 1st defendant (Olafisoye), failed to abide by the terms and conditions contained in the said letters of Offer.
They further stated that after receiving from them full payments in respect of the various allocated units of houses, the 2nd defendant unapologetically declined to provide any of the facilities or amenities it promised to provide in the estate.
The claimants added that part of the effects of the alleged continuous and unjustified refusal of the 2nd defendant to provide essential social facilities it promised has exposed their lives, those of their families and their properties to great risk and jeopardy.
READ ALSO: Wike Suffering From Post-election Trauma – Dino Melaye
They stated that to date, the exact tenor or term of the lease, donated to them by the 2nd defendant, has been kept away from them because the 2nd and 3rd defendants have been unwilling to disclose “the accurate tenor in the head lease and by extension, the sub-lease between the 2nd and 3rd defendants.”
They want the court to, among others, compel A & G Estate Ltd “to forthwith make available to the claimants, their various and respective duly executed deeds of sub-lease of the unexpired term granted to the 2nd defendant by the 3rd defendant in respect of Nelson Mandela Gardens Estate situate at Industrial Area II, Abuja.”
They are also seeking an injunction restraining the property owner from changing the name of the estate to Steamwood Garden and to desist from collecting any form of money from the claimants under the guise that it would be used for development purposes.
They are claiming N1 billion in damages and N10 million as the cost of prosecuting the suit.
The defendants have, however, denied the claimants’ claims, insisting that they did nothing wrong.
READ ALSO: How NJC Plans To Fill S’Court Vacancies Before Buhari Exit
In their joint statement of defence, Olafisoye and A & G Estate Ltd claimed to have provided many facilities but that their plan to do more was hampered by the alleged inability of some of the subscribers to pay for their houses fully.
AUST, in its statement of defence, stated that it was not privy to the contractual agreement between the claimants and the 2nd defendant. It blamed the subscribers for not exercising due diligence before subscribing to the project.
The 3rd defendant also queried the competence of the suit, arguing, among others, that it amounted to an abuse of the court process and that it was caught by the statute of limitation.
Meanwhile, Justice Modupe Osho- Adebiyi has fixed April 26 for hearing into the suit.
News
N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs
First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.
The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.
At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.
Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.
READ ALSO:I’ve Been Blacklisted In Music Industry For 13 Years – Seun Kuti
Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.
“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.
“Women-led enterprises are critical to economic activity, yet they face structural barriers.
This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”
“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).
READ ALSO:My Beef With Wizkid Is For Life – Seun Kuti
“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”
Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.
Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.
Applications for the zero-interest loan are now open.Apply now.
News
Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria
Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.
Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.
He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.
READ ALSO:South Africa To Investigate ‘Mystery’ Of Planeload Of Palestinians
“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.
He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.
“When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.
READ ALSO:South African Ambassador Found Dead Outside Paris Hotel
“We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.
DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.
News
IGP Orders Officers Display Name Tag On Uniform, Gives Update On State Police
The Inspector General of Police, IGP, Tunji Disu, has ordered all police personnel to always have their name tags on their uniforms for easy identification.
Disu disclosed that only police personnel who are undercover are exempted from displaying their name tags.
Speaking on Tuesday, Disu said: “All police officers should have their name tags. All of us on the high table have our names apart from the undercover among us so if you look at all the Commissioners of Police we have our name tags, so it’s not our standard.
READ ALSO:
“All the Commissioners of Police are here and that is why we called this meeting, we have list of things like this that we will want to discuss with the Commissioners of Police, we have told them earlier and we will still let them know that every that happens within their area of jurisdiction falls under their control.”
On the issue of state police, the IGP said: “Since we got the signal that the Federal Government of Nigeria intend to establish State Police and since we are the federal police, we decided to take the bull by the horn and put down our own side of what we believe on how the state police should be run.
“A lot of things were taken into consideration, a lot of comparative analysis was done and it has been transmitted to the National Assembly.”
-
Politics4 days ago2027: Tinubu’s Re-election May Put An End To Nigeria — Baba Ahmed Warns
-
Politics5 days agoBREAKING: 2027: Former Adamawa APC Guber Candidate, Aishatu Binani Defects To NDC
-
Business4 days agoJUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike
-
Politics5 days agoSenatorial Seat: Ogbakha-Edo Warns Against Imposition Of Candidates In Edo South
-
Entertainment5 days agoActress Eniola Badmus Gets New Federal Appointment
-
News2 days agoBREAKING: Wike Picks Alabo George For Rivers Governorship
-
News3 days agoOPINION: Why South Africans Murder Nigerians In Cold Blood
-
Politics4 days agoNDC Speaks On Peter Obi, Kwankwaso Joining Party
-
News4 days ago2027: Pastor Adeboye Speaks On Nigeria’s Next President
-
Politics5 days ago2027: Pondi, Otuaro, Other Delta South Stakeholders, Endorse Senator Joel-Onowakpo For Second Term
