By Our Correspondent, Warri
A fresh legal battle has erupted over a prime property in Lagos’ Lekki axis following allegations that Indian businessman and oil trader, Ramesh Kasangra, is attempting to acquire land that is already the subject of a ₦21.5 billion transaction.
Kasangra, who is reported to control 11Plc, has been accused of seeking to take over the property despite an existing sale agreement between Bravematt Properties and Investment and the original vendors.
The allegations have culminated in a Lagos High Court issuing restraining orders to preserve the status quo pending the determination of the dispute.
According to sources familiar with the matter, Kasangra allegedly visited the property accompanied by armed police officers and other individuals said to be acting as thugs, with claims that parties connected to the transaction were intimidated.
It is further alleged that he offered to pay double the agreed purchase price to persuade Kabiru Ayinde to sell the property to him, provided Bravematt received a refund.
The disputed property, measuring 13.067 hectares, is located in the Maiyegun Tourism Zone, Ibeju-Lekki, Lagos State. It has previously been the subject of litigation in which Bravematt accused Four H Limited and Industrial and General Insurance (IGI) Plc of fraud.
The earlier dispute reportedly led to the arrest of Kabiru Ayinde and his associate, Akinlolu, by the Economic and Financial Crimes Commission (EFCC). However, they were not prosecuted after what sources described as an appeal to Bravematt.
It was also alleged that Ayinde, through Coopvest Nigeria Limited, defrauded a businessman, Chief Uduboh, of more than ₦6 billion in relation to the same property.
In December last year, Justice R. O. Olukolu of the Lagos High Court, Igbosere, issued interim orders restraining IGI and Four H Limited from selling, transferring, assigning or otherwise dealing with the disputed land pending the resolution of the case.
The court also ordered that IGI should not withdraw ₦7.475 billion from its Keystone Bank account, being the outstanding balance of the ₦21.5 billion purchase price reportedly paid by Bravematt for the property.
As of the time of filing this report, neither Ramesh Kasangra, 11Plc, Kabiru Ayinde nor the other parties mentioned had publicly responded to the allegations.
