Court Slams N215m Damages on ‘Wonder Company’ From Tobi Soniyi in Abuja 13 Jul 2010 Font Size: a / A Fct An Abuja based wonder company, Easy Trade Concepts Limited, has been ordered by an Abuja High Court to pay N215m to one of its investors following its failure to meet its obligations to the investor. Justice Salisu Garba, ordered the company to pay the judgment debt to the investor, Ayodele Komolafe, who had invested N200m in the company with a promise that he would be paid 40 per cent as interest every month. The ‘wonder company’ had in June last year secured N200m from the said Komolafe with an agreement to pay out 40 percent interest on the money every month. The N200m was said to have been placed at the disposal of the ‘wonder company’ by Komolafe on behalf of his own company, Proforte Nigeria Ltd. with a view to making profit. However, less than three months after the deal was signed and sealed, the ‘wonder company’ suffered a major economic stress that prevented it from meeting up with obligations to the investors whose investment latter got trapped. Giving judgment in an undefended suit, Justice Salisu Garba, held that the ‘wonder company’ was liable to payment of the trapped investment in line with the provisions of the agreement freely signed by the two parties. Justice Garba ordered the company to pay to the plaintiff a sum of N196.5m being the balance of N200m investment on behalf of Proforte Limited. The Judge also ordered the ‘wonder company’ to pay N19.6m being 10 per cent interest on the judgment per annum till the judgment sum was fully liquidated. Komolafe, represented by his lawyer, Mr. Mark Ogar ,had sued the ‘wonder company’ claiming the sum of N196.5m being the balance of N200m he placed on behalf of Proforte Ltd at the disposal of the defendant and 10 per cent interest in the sum till the judgment was liquidated. In a 20-paragraph affidavit he deposed to, Komolafe claimed that he was empowered by the Board of Directors of Proforte Ltd to invest the N200m in the ‘wonder company’ with a view to making profit of 40 per cent on the sum monthly. He claimed that when the deal was terminated in September of the same year, the ‘wonder company’ refused to honour the agreement while all efforts to recover the trapped money proved abortive. According to him, the ‘wonder company’ in October 2009 in a letter admitted liability of N200m and promised to remit same but never did. Komolafe also averred that when action was instituted against the ‘wonder company,’ it refused to defend the suit despite the substituted service of the court processes. Justice Garba in his remark said that after careful look into the documentary evidence placed before him and blunt refusal of the defendant to show up in court, the only option left was to hear the case under the undefended suit and enter judgment in favour of the plaintiff. The Judge said he invoked order 21 Rule 4 of the Rules of FCT High court 2004 to enter judgment for the plaintiff against the defendant.
Posted on: Wed, 29 Oct 2014 09:59:38 +0000
Trending Topics
Recently Viewed Topics
© 2015