A Federal High Court sitting in Lagos has been asked to declare a real estate company, Brickwall Global Investment Limited, insolvent and dispose its assets to settle its indebtedness.
In suit numbered FHC/L/CP/778/2020 filed by five subscribers of the company, they alleged that the company could no longer meet-up with its obligations to his customers and should be wound up in line with the provisions of the Companies and Allied Matters Act Cap. C20 LFN. 2004 and its assets be disposed-off to offset its indebtedness to them.
They had earlier in a petition dated June 9, 2020 sent to the Economic and Financial Crime Commission, EFCC, alleged that despite collecting funds from them for over three years, Brickwall Global Investment Limited failed to hand over their lands to them.
They described as a ruse and fraudulent the claim by the company that it had the capacity to deliver their lands to them.
The petitioners – Lawrence Imolode, Mrs. Saffron Imolode, Mr. Zephaniah Nwokeji, Mr. Ebuka Ezeocha, and Mr. Chukadibia Nwadialo – alleged that sometime in 2016 the Respondent obtained a total sum of N5, 780,000 (Five Million, Seven Hundred and Eighty Thousand Naira) from them on the pretense that it would grant possession of a piece of land at its May Flower Estate in Ikorodu, Lagos State to each of the petitioners.
The petitioners alleged that each of the petitioners paid the following sums: Lawrence Imolode – N1, 080,000 (One Million and Eighty Thousand Naira), Mrs. Saffron Imolode – N1, 080,000 (One Million and Eighty Thousand Naira), Mr. Zephaniah Nwokeji – N1, 380,000 (One Million Three Hundred and Eighty Thousand Naira), Mr. Ebuka Ezeocha – N1, 040,000 (One Million and Forty Thousand Naira), Mr. Chukadibia Nwadialo – N1, 200,000 (One Million Two Hundred Thousand Naira) respectively.
They stated that more than two years after these sums were paid, the Respondent (Brickwall Global Investment) without cause or justification refused to give them possession of the respective parcel of land, or in the alternative return the purchase price despite several demands.
The petitioners stated that on January 27, 2020, the respondent in its letter acknowledged that the 1st, 2nd, 3rd and 4th petitioners each paid a sum ranging between N1, 200,000 (One Million Two Hundred Thousand Naira), N1, 104,000 (One Million One Hundred and Four Thousand Naira and N900, 000 (Nine Hundred Thousand Naira) respectively.
It however failed to mention anything about the 5th Petitioner.
In the Petitioners Solicitors’ reply letter dated 18th February, 2020 the Respondent’s assertions above were refuted and the Petitioners reiterated their demand for the above sum from the Respondent with a warning that a Winding up Petition would follow should the Respondent fail to meet their demands.
Since the Petitioners’ Solicitors’ letter aforementioned, the Respondent has failed, refuse and or neglected to refund the Petitioners’ monies and its posture is that it is unable to pay or meet up its obligations to the Petitioners.
They stated that the Respondent was insolvent and unable to pay its debt adding that the their (Petitioners’) dream of owning a home had been thwarted.
But the Brickwall Global Investment Limited in two separate letters dated January 27, 2020 and February 26, 2020 respectively signed by Mr. O E Olorunshola denied that it collected money from its subscribers under false pretense.
The letter reads: “Contrary to your assumptions, the parcel of land situated at our Mayflower Garden estate, Ikorodu Lagos thus exist and our company have the authority to assign and transfer title over same’’.
While the company acknowledged payment for the land, it however stated that the petitioners were yet to pay for documentations of the land.
The company urged the petitioners to be patient.
