The Court of Appeal in Lagos has been urged to reject Union Bank Plc’s request to suspend a High Court judgment concerning the bank’s “wrongful” sale of a family’s property located at No. 6, Moore Road, Ikoyi, Lagos State, which was sold at a grossly undervalued price of N60 million.
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).
Facts of the case
- Nairametrics previously reported that, on May 31, 2024, the High Court ruled that both the sale of Plot 6A and the sale of Plots 6B, 6C, and 6D by the bank were grossly undervalued.
- The verdict relied on market research…