Asalu’s Estate sued for N200m

An Estate Company, A. Group Properties Limited has slammed N200 million suit on Mrs. Laide Asalu,  widow of the former president of Shareholders Association of Nigeria over an  alleged breach of specific performance.

In a suit filed before an Ikeja high court, southwest Nigeria, by Barrister Oluwole Kehinde on behalf of A. Group Properties Company, it was alleged that the claimant who is a property and real estate developer is  tenant of Mrs. Laide Asalu, in respect of the property situate at 31B Remi Fani Kayode Street, GRA, Ikeja, Lagos State.

The claimant had evidenced an intention to buy the subject property from the late Joshua Akintunde Asalu, the former owner who also expressed his willingness to sell, but directed the company to pay the rent for the first term of two years, thereafter the parties would negotiate the purchase price for the property.

As a result of this mutual agreement, the claimant carried out extensive renovation works on the property running into millions of naira.

After the demise of Chief Akintunde Asalu, the claimant negotiated with Mrs Laide Asalu to buy the property at the price of N85 million, the defendant by her solicitor’s letter dated 21 October, 2008 unequivocally accepted the claimant’s offer to buy the property at the price stated.

Pursuant to this agreement, the claimant demonstrated its good gesture by issuing a cheque for the first instalment of N50 million.

However, due to the difficulty, the defendant had in furnishing the claimant her title to the property, the claimant had to stop the cheque of N50 million pending the perfection of the defendants title.

Subsequently, by a letter dated 9 June, 2011, the defendant’s solicitor confirmed to the claimant that the defendant had succeeded in perfecting her title to the property, but surprisingly purported to raise the price of the property to N150 million.

In response, the claimant through its solicitor confirmed its readiness to conclude the transaction for the purchase of the property on the previous offer which had been unequivocally accepted by the defendant.

The claimant averred that since then the defendant has failed or refused to make herself available to receive the purchase price of the property from the claimant, despite several efforts by the claimant to that effect.

The claimant averred further that it is ready and able to pay for the property, but is in serious apprehension that the defendant may breach the agreement she willingly made with it and sell the property to a third party without its knowledge.

In view of this development, the claimant is urging the court to issue an order of specific performance against the defendant to conclude the sale and transfer the property to the claimant.

The claimant, while urging the court to restrain the defendant and her agents from selling or transferring the property, is also demanding the sum of N200 million from the defendant as damages for breach of contract.