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Nigeria: Mortgage Firm Sued for Default
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Leadership (Abuja)
14 May 2008
Posted to the web 14 May 2008
Godwin Emakpe
Abuja
Some directors in a telecommunication company in Abuja, has dragged First Generation Homes Saving and Loans Limited before an Abuja High Court for allegedly refusing to release houses purchased under mortgaged agreement.
The plaintiffs, Uba Joseph Ochendu, Uba Boniface Ejike and Uba Roland Ikenna, all directors in a telecommunication company located in Abuja alleged to have applied for national housing fund loan from the Federal Mortgage Bank of Nigeria (FMBN) through First Generation Home Savings and Loans Limited to procure some of the houses built by EFAB properties.
The plaintiffs in their affidavit noted that "after making the choices at the Estate for houses No. 13,211 road, No. 9211 road and No. 11,211 road all at EFAB estate Mboro, Abuja, they retained the services of Kenneth Ikeh & Co., a firm of Barristers, Solicitors and Real realtors located in Abuja.
The trio are praying the court to declare that they are the beneficial owners, allottees or holders of the letters of offer over the said properties.
Also, they are asking for an order directing First Generation Homes Saving and Loans to give possession of the houses herein stated to them.
Furthermore, they are seeking for an order of perpetual injunction restraining the First Generation Homes, Savings and Loans, their servants, agents, assigns from diverting, confiscating or reacquiring the said houses with intent to allot or sell same to any other person.
Similarly, they are asking for a declaration that the defendants shall renovate or refurbish and handover the houses to them in their original quality and standard or the sum of N2,500,000 on each of the houses to fully bring them back to their original status after malicious disuse by the tenants of the defendant.
They sought an order of the court directing the defendant to fully disclose and hand over the proceeds of the lease of the three units of two bedroom terrace houses to the plaintiffs.
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The matter has been referred to the Abuja multi-door court for settlement by the chief judge of Abuja High Court, Justice Lawal Gummi.
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