Connect with us

Featured

Breach of Contract: Court Rules in Favour of R&B, Dismisses CMB’s Suit As Frivolous

Published

on

By Eric Elezuo

The Lagos State High Court sitting in Ikeja, and presided over by Justice A. O. Ipaye, has given judgment on the matter between R&B Nigeria Limited and CMB Building Maintenance and Investment Limited over breach of contract.

The suit, with number LD/7881GCM/2024, was decided in favour of  R & B Nigeria Limited, the owner of the Pearl Nuga Park Estate, Sangotedo, Lekki, Lagos, in which CMB Building Maintenance & Investment Limited, a property developer in Lagos owned by Mr. Kelechi Mbagwu, was mandated to perform every due diligence to R&B in terms of fulfillment of all agreed contracts rhat were breached as well as payment of all apurtenances.

Describing the landmark judgement, which has dragged for an upward of 14 years, a statement by the management of R&B, and made available to The Boss, noted as follows:

“This dispute typifies the inherent challenge in property development contracts where the developer such as Mr. Kelechi Mbagwu after taking advantage of the land owner’s property, seeks to evade his obligation to transfer an agreed part of the built property back to the landowner.

“The facts of the dispute are basic. On 22 April 2011, R & B Ltd entered into a developers contract with CMB Building, whereby CMB Building agreed to build 92 houses, comprising 38 units of 4-bedroom detached houses and 54 units of 3-bedroom terrace houses on the Pearl Nuga Park Estate, within 36 months from execution of the agreement. The parties also agreed that, CMB Building would deliver 28 housing units to R & B Ltd, comprising 19 units of 3-bedroom terrace and 9 units of 4-bedroom Detached houses, plus 10 plots of vacant land on the Estate.

“Regrettably, after constructing a total of 109 houses in the Estate, CMB Building reneged on the developer’s contract and failed, till date, to deliver a single housing unit to the land owner, R & B Ltd. This prompted R & B Ltd to invoke the arbitration clause in the contract in 2019, to recover its contractual entitlement of 28 housing units plus 10 plots of vacant land at the Estate, plus damages for loss of use of the houses and interest.

“Subsequently, the arbitration tribunal made up of three eminent jurists issued a Final Award dated 17th April 2023 (corrected on May 23, 2023) in favor of R & B Ltd. The arbitral tribunal ordered CMB Building to: (1) deliver vacant possession of 19 units of 3-bedroom terraces, 9 units of 4- bedroom detached houses and 10 plots of vacant land in the Estate to R & B Ltd; (2) pay a sum of money based on accrued charges for real estate, penalty and special damages to R & B Ltd for breach of contract; (3) refund to R & B Ltd the sum of N19,019,047.05 being the unused balance of the sum of N25,000,000.00 received by CMB Building for the construction of a personal residence for the owner of R & B Nig. Ltd (4) to pay the sum of N8,500,000.00 to R&B as cost of the arbitration paid solely by R&B Nig. Ltd; and (5) pay interest at the rate of 10% on the various monies ordered to be paid above.

“Following the publication of the award, CMB Building hastily filed a law suit at the Lagos High Court to set aside the arbitration award (Suit No: LD/7149GCM/2023) based on various accusations of misconduct levelled against the arbitral tribunal, all in a bid to delay execution of the judgment while CMB continues to develop and sell the property illegally as it has been fraudulently doing. In response, R & B Ltd also filed an application (Suit LD/7881GCM/2024) seeking for the enforcement of the arbitration award as if it were a judgment of the High Court of Lagos State.

“In her judgment, Honourable Justice A.O. Ipaye dismissed CMB Building’s law suit as a frivolous venture, and ordered that R & B Ltd’s rights, as granted by the arbitral tribunal, be fully enforced.

“Any past, present of future transactions with CMB Building with respect to this real estate development is at the owners risk.

“R & B Nigeria Ltd remains the bona fide and sole owner of this parcel of land in Lagos State.”

The judgment has therefore, put to rest years of loggerheads between the two contending parties.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured

Court Reserves Ruling in Times Multimedia Suit Against Afreximbank Over CAX IP Dispute

Published

on

By

By Andrew Orolua

The Federal High Court sitting in Lagos has reserved ruling in the intellectual property suit between Times Multimedia Ltd. and the African Export-Import Bank, Afreximbank, and others, following arguments on a preliminary objection challenging the court’s jurisdiction.

The matter came up on Thursday, July 2, 2026, before Honourable Justice Osiagor.

Times Multimedia Ltd., a Nigerian media and events company, is the originator and registered proprietor of “CAX” – the Creative Africa Exchange.

Court documents state that Times Multimedia conceived CAX in 2017/2018 as a continental trade and investment platform designed to finance, market, and monetize Africa’s creative and cultural industries. In 2018, the company formally presented the CAX concept, framework, and business model to Afreximbank for partnership and institutional backing.

Following engagements with Times Multimedia on the CAX proposal, Afreximbank in 2020 launched its own initiative known as the Creative Africa Nexus, CANEX. Times Multimedia alleges that CANEX substantially adopted the core concept, objectives, and structure of CAX without license, attribution, or contractual agreement, leading to the present suit for intellectual property infringement.

Afreximbank and other defendants filed a Notice of Preliminary Objection, contending that the bank enjoys immunity from judicial proceedings in Nigeria under the _Afreximbank Establishment Agreement, 1993_, Section 9 of the _Diplomatic Immunities and Privileges Act_, Cap D1, LFN 2004, and the _African Export-Import Bank (Privileges and Immunities) Order, 2014_.

Afreximbank was established in October 1993 by African governments and investors to promote intra-African trade. Nigeria is a founding signatory. Article 50 of the Establishment Agreement provides that the Bank enjoys immunity from legal process except to the extent that it expressly waives such immunity.

Counsel to Times Multimedia Ltd. opposed the objection. Counsel argued that the immunity claimed by Afreximbank is not absolute, and that the same Establishment Agreement contains provisions contemplating circumstances where the bank may be sued or subjected to judicial proceedings, particularly in respect of commercial transactions.

The claimant’s legal team further urged the court to interpret the relevant instruments holistically and to avoid any construction that would unjustifiably deny an aggrieved Nigerian entity access to court in the absence of a clear and express exclusion of the court’s jurisdiction, as guaranteed under Section 6(6)(b) of the 1999 Constitution.

Counsel for both sides argued extensively for over one hour. At the end of proceedings, Justice Osiagor reserved the matter for ruling and adjourned the case to Monday, 29 September 2026.

The ruling will determine whether the suit can proceed against Afreximbank before the Federal High Court.

Continue Reading

Featured

Fake Agency Scandal: NDC Demands Gbajabiamila’s Sack

Published

on

By

The Nigeria Democratic Congress (NDC) has called on President Bola Tinubu to immediately remove his Chief of Staff, Femi Gbajabiamila, over allegations linking him to an alleged multi-billion-naira corruption scandal involving a purported non-existent  government agency, the Presidential Foreign Intervention Promotion Council (PFIPC).

In a statement issued on Friday by its National Publicity Secretary, Osa Director, the opposition party described the allegations as grave and said Gbajabiamila’s continued stay in office could compromise any credible investigation into the matter.

The NDC’s demand follows allegations made by Prince Mathew Adeniyi Adeyemi, who claims to be the Director-General of the PFIPC, an agency the Presidency has publicly denied exists.

According to the party, the allegations raise serious concerns about transparency, accountability and integrity within the Tinubu administration.

The NDC alleged that despite the Presidency’s denial of the agency’s existence, the PFIPC purportedly secured budgetary allocations in the 2026 Appropriation Act and opened a domiciliary account, a Pound Sterling account and a Treasury Single Account (TSA) domiciled with the Central Bank of Nigeria.

The party questioned how an agency described as non-existent could allegedly establish multiple high-level government financial accounts without official approval or the required documentation.

It also called on the Office of the Accountant-General of the Federation to explain whether forged documents were used in processing the accounts.

The statement further alleged that the Head of the Civil Service of the Federation approved 314 staff positions for the purported agency, describing the development as another issue requiring urgent explanation.

According to the NDC, the allegations also include claims that Gbajabiamila demanded 48 per cent of the agency’s take-off grant, reportedly valued at N27.39 billion, a request Adeyemi allegedly rejected.

The party also cited Adeyemi’s claim that he secured his appointment through the Chief of Staff after allegedly paying N600 million, of which N400 million was allegedly paid through proxies, while N200 million remained outstanding.

It said the alleged unpaid balance reportedly contributed to the Presidency’s subsequent denial of the agency’s existence.

The NDC further alleged that the claims point to a wider pattern of institutional corruption, including the alleged sale of public appointments.

The party also linked the controversy to the death of Babatunde Tanimola, whom it described as an intermediary between Adeyemi and the Chief of Staff.

According to the statement, Tanimola reportedly died in a fire incident at a hotel in Utako, Abuja, on October 22, 2025, a day after the police reportedly received a petition from the Chief of Staff.

The NDC also referenced Adeyemi’s claims that he survived multiple assassination attempts, including an attack along the Abuja-Kaduna Expressway on September 7, 2025, and alleged that certain individuals within government are plotting to eliminate him.

Against the backdrop of the allegations, the party demanded the immediate removal of Gbajabiamila to allow what it described as a full and impartial investigation.

It also called on President Tinubu to establish an independent investigative panel to examine the alleged operations of the PFIPC, including its budgetary allocations, financial transactions, account openings and staff recruitment.

The NDC further urged investigators to probe the circumstances surrounding Tanimola’s death and the alleged assassination attempts on Adeyemi, while recommending that Adeyemi be granted witness protection.

The party also demanded that the Chief of Staff produce all official documents signed since assuming office for forensic examination.

In addition, it called for the questioning of officials of the Central Bank of Nigeria (CBN), the Office of the Accountant-General of the Federation, and the Office of the Head of the Civil Service of the Federation over their alleged roles in the matter.

The opposition party also urged the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Nigeria Police Force to commence what it described as a thorough investigation without fear or favour.

“The NDC will not accept the usual tactic of issuing a mere defensive press release from the Presidency as a deflective ploy. Nigerians deserve to know the truth through a transparent process that promotes fairness and justice,” the statement said.

The Presidency has previously maintained that the PFIPC is not a recognised government agency.

As of the time of filing this report, neither the Presidency nor Chief of Staff Femi Gbajabiamila had responded to the fresh allegations contained in the NDC statement.

Continue Reading

Featured

Glo-sponsored African Voices Features Former CNN Anchor, Isha Sesay

Published

on

By

Accomplished journalist and former Cable News Network (CNN) International anchor, Isha Sesay, will this week return to the studios of the global news network, not as an interviewer, but as the subject of its celebrated 30-minute magazine programme, African Voices, sponsored by telecommunications giant, Globacom.

The episode will shine a spotlight on the remarkable journey of the distinguished broadcaster whose career has traversed some of the most influential corridors of international journalism.

The 50-year-old British-Sierra Leonean media personality, born on January 6, 1976, rose to prominence through an illustrious career at CNN, which she joined as a news anchor in 2005 after distinguished stints with the British Broadcasting Corporation (BBC) and Sky News. Over the years, Sesay became one of the most recognisable and respected faces in global television news, bringing clarity and composure to some of the world’s most consequential stories.

An alumna of Trinity College, Cambridge, United Kingdom, Sesay steadily carved a distinctive niche for herself in broadcast journalism. In 2009, she became the host of the inaugural edition of International Desk, CNN’s weekly news programme, further cementing her reputation as a journalist of substance and international standing.

Her career afforded her the opportunity to engage with numerous eminent personalities, including former Nigerian President Olusegun Obasanjo and his successor, the late President Umaru Yar’Adua, among other notable global figures.

Sesay also contributed to Anderson Cooper 360° as presenter of the 360 Bulletin, a role she assumed on January 17, 2011. Subsequently, she was reassigned as anchor of another flagship news programme, CNN NewsCenter, continuing a professional trajectory that reflected both versatility and excellence.

Beyond the newsroom, Sesay has demonstrated a deep commitment to social impact. In 2014, she launched her educational and humanitarian non-profit advocacy initiative for the African girl-child. The organisation, aptly named Women Everywhere Can Lead, has since provided educational support and empowerment opportunities aimed at nurturing a new generation of female leaders across the continent.

More recently, Sesay captured public attention with her personal journey into motherhood, welcoming her first child through In-Vitro Fertilisation (IVF) as a single mother. Her experience has resonated with many women around the world, adding another compelling chapter to a life story already rich in courage, resilience and inspiration.

On this edition of African Voices, Sesay will share insights into her distinguished career, her enduring advocacy for girls’ education and empowerment, as well as her new and deeply personal adventure into motherhood. The programme will air on Saturday at 7.30am.

Repeat broadcasts will follow at 11.00am on the same day, while additional screenings are scheduled for Sunday at 3.30am and 6.00pm. Further rebroadcasts will air on Monday at 3.00am and 5.45pm, and on Tuesday at 5.45 pm, with the same time belt continuing into the following week until Monday at 3.00am

Continue Reading

Trending