Lagos — The children of Late Babatunde Adeyemi, former Chairman of Temple and Golders Enterprises Nigeria Limited have dragged the National Deposit Insurance Commission (NDIC) to a Federal High Court sitting in Lagos for allegedly selling off their father's property located in Victoria Island in Lagos at a giveaway price.

In the suit now before the court, the children; Lucia Taiwo Adeyemi, Patricia Kehinde Adeyemi, Charles Ademola Adeyemi and Anthony Abayomi Adeyemi are claiming that NDIC, acting as the liquidator of defunct Icon Merchant Bank Limited in 2005 allegedly sold their father's 10 flats property for mere N150 million, saying that the property as at the time was worth about N1 billion.

NDIC allegedly sold the house to Mafagots Industry Limited which is also joined in the suit as the second defendant.

The plaintiffs in the suit are asking the court for an order setting aside the said sale of the property as well as an order of perpetual injunction restraining the defendants from further entering into, taking possession of, selling, leasing, mortgaging or taking any other step to disturb the quiet enjoyment of the plaintiffs in the property in dispute.

They are also asking the court for a declaration that the payment of N150 million by the second defendant to the first defendant for the property located in Victoria Island and having regard to the personal knowledge of the first and second defendant at the time of sale that the property in dispute was worth over N800 million renders the said sale by the first defendant as liquidator of Icon Merchant Bank Limited collusive, conspiratorial and therefore illegal and/or unenforceable, null and void."

The statement of claim further disclosed that their father's company in 1990 secured a loan from the bank in the ordinary course of its business and in the course of getting the loan; Late Adeyemi used the subject matter in this suit to secure the loan.

And that in 1997 when the bank had its banking license withdrawn and was consequently wound up by the Federal High Court; NDIC was appointed and empowered by the court to serve as its liquidator, to recover all debts due and payable to the bank.

The plaintiffs further averred that NDIC in disposing the property acted unilaterally without supervision of the court that appointed it the liquidator of the defunct bank.

"There is no record on the first defendant filing in this honourable court, details of the purported purchase of the property in dispute, the purchase price and other information to disclose the facts and circumstances of the sale. Even after the sale, the first defendant did not file in court the details of the price of sale, identity of purchaser, time of sale or other details disclosing the facts and circumstances of the sale of the property in dispute," the statement further claims.

The family in the suit claimed that one Anyadiegwu, an official of NDIC "directly in charge of the liquidation of Icon has taken the matter personal and openly boasted that he will deprive the plaintiffs of the property in dispute and leave them homeless."

The plaintiffs further said that NDIC had several opportunities and options to recover whatever debt was due to the bank without the need for the sale of the property in dispute, saying that the liquidator did not at any time disclose to the family that the assets of their company would not be enough to meet the company's liabilities.

They further alleged "on several occasions, and particularly on December 17, 2009, the third defendant (Akin Adeyeri, an estate surveyor and valuer), in the company of three police officers invaded the property in dispute and forcefully seized two flats in the property in dispute with the assistance of the police officers. The third defendant has since then been disturbing the quiet enjoyment of the plaintiffs on the property in dispute also threatening to continue to disturb the plaintiffs until they surrender possession of the property in dispute to him."