Appeal Court urged to reject Union Bank’s bid to suspend ‘N13 billion’ Ikoyi property judgment 

The legal team representing Mrs. Olubunmi Ogunde, Yewande Ogunde, and others submitted a counter affidavit to the Appeal Court, dated November 7, 2024.

They argued that the property in dispute would now allegedly be worth N13 billion if pre-judgment and pro-rated post-judgment interest were calculated over the relevant years.

The disputed judgment on appeal involves a loan and mortgage matter (initially commenced in 1999 but amended by the claimants in 2017).

“The court awards the sum of N112,050,000.00, excluding the N60,000,000.00 (Sixty Million Naira) already paid, being the difference in what should have been realized from the sale of the property known as No. 6 Moore Road, Ikoyi, Lagos, and interest on the said balance from 1998 until today (the date of judgment) at the prevailing CBN rate, and thereafter from the date of judgment until the judgment debt is fully liquidated at the rate of 10% per annum,”  the judge had stated.

“The evidence the lower court relied on does not support the family’s claims regarding their perceived value of the property at the time of sale, as the prices of similar properties in the same vicinity (some on High Street) justify the reasonableness of the price at which the subject property was sold by Union Bank,” the bank submitted.

Opposing the bank’s request for a stay, Omotola Oni, a Litigation Executive at Olaniwun Ajayi Chambers, told the Appeal Court that the bank, despite the lower court’s order, continues to refuse to provide the respondents with the bank account statements of the estate, as previously noted by the High Court.

He argued that it would be unconscionable to grant a stay of execution, as the family is entitled to the immediate benefit of their judgment.

“It is only fair that the Applicant(Union Bank) pays the judgment sum into an interest-yielding account, with interest computed on a compound interest basis, in any commercial bank other than the Applicant,” he stated.