Ogunde Family Urged Court Of Appeal To Reject Union Bank’s Plea To Suspend Judgment

 

The Court of Appeal in Lagos has been urged to reject Union Bank Plc’s attempt to suspend a High Court judgment regarding the controversial sale of a prime (Ogunde) family property in Ikoyi, Lagos State.

This property, located at No. 6 Moore Road, has been at the center of a protracted legal tussle between Union Bank and the Ogunde family for over 25 years.

The bank’s sale of the property, deemed “wrongful” by the High Court, was executed at an undervalued price of #60 million, despite its prime location in the upscale Ikoyi area. Today, the property is said to be worth a staggering #13 billion, factoring in pre-judgment and pro-rated interest accrued over the years.

In a counter-affidavit filed at the Court of Appeal on November 7, 2024, the legal representatives of Mrs. Olubunmi Ogunde, Yewande Ogunde, and others argued that Union Bank’s application for a stay of execution lacks merit. They maintained that the bank’s actions have caused severe financial and emotional harm to the family, and further delays in justice would only compound the injury.

The family’s legal team also pointed out that the initial sale price was grossly disproportionate to the property’s true value, underscoring the gravity of the alleged injustice. “The Court should deny Union Bank’s application and uphold the original High Court judgment, ensuring accountability for this wrongful act,” the affidavit stated.

This case, which has spanned decades, highlights a broader issue of accountability and transparency in property transactions involving financial institutions in Nigeria. For the Ogunde family, it is not just about reclaiming a physical asset but also about obtaining justice for what they describe as years of systemic abuse by a powerful corporate entity.

The Ogunde property, a symbol of their family’s legacy, has seen its value multiply exponentially since the disputed sale, reflecting both its intrinsic worth and the economic growth of the Ikoyi area. Market analysts familiar with the region noted that the current valuation aligns with trends in high-demand real estate locations, further emphasizing the magnitude of the undervaluation in 1999.

The impending ruling from the Court of Appeal carries significant implications for the Nigerian judicial system, particularly in how it addresses long-standing cases involving financial institutions and individuals. Legal experts believe the case will set a precedent for handling disputes related to wrongful property sales and the duty of care expected of banks in their dealings with clients.

As the 25-year legal battle nears a critical juncture, both parties await the Court of Appeal’s decision, which may finally bring closure to a dispute that has defined the Ogunde family’s pursuit of justice against one of Nigeria’s foremost financial institutions.
By Folake Sokoya