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Illegal Acquisition of Property: NSE, Ndidi Okereke, Five Others To Settle Out of Court

A federal high court sitting in Lagos south west Nigeria has adjourned till 15th of April.2016, suit instituted by
 Nigeria Stock Exchange (NSE) against its former Director General Nididi Okereke Onyiuke and five others to recover a building alleged to have been fraudulently acquired for either report of settlement or hearing.
       Others joined as co-defendants in the ensuing property recovery suit are former Assistant-Director General of the NSE Lance Musa Elakama, Hybrid Properties Limited, Oak Business and Finance Limited, The Minister of Land, Housing and Urban Development, Federal Land Registry.
      In a statement of claim filed before a Federal high court in Lagos south west Nigeria, by a Lagos lawyer Chief Bolaji Ayorinde SAN, on behalf Nigerian Stock Exchange NSE, it was alleged that sometime in 2012 NSE carried out an audit of its landed properties and discovered that it could not locate the original copy of certificate of occupancy of one of his landed property,
     It was alleged that Dr Ndidi Okere-onyiuke acting in concert with Lance Musa Elekama, upon a false resolution of the Nigeria Stock Exchange, unlawfully and illegally executed a Deed of Assignment dated 20th May,2007, on Sunday which is non-working day by law in favour of Hybrid Properties Limited and Oak Businesses and Finance Company Ltd. by which Nigeria Stock Exchange purportedly transferred its proprietary in a part of the NSE property situate, and known as 2 Temple Road, Ikoyi to the two companies.
     consequently enquiry was set in motion, upon conducting a search on the 12th of March, 2014 and obtained from the federal Lands Registry, it was discovered that on the 20th of May, 2007 Minister of land and housing and urban Development gave his consent to two deed of assignment purportedly executed by NSE in favour of HY Bybrid Properties Ltd and Oak Business and Finance company
   Dr Ndidi Okereke Onyuike and Lance Musa Elekama while being Director-General and Assistant Director General of NSE respectively executed the deed of assignment in favour of the aforementioned companies, nevertheless their identities did not appear on the said  Deeds of Assignment.
   It was discovered through  Search conducted at corporate Affairs commission  that Lance Musa Elekama was having 600,000 shares out of the 1,000,000 fully issued shares of Oak and Finance company while Ndidi Okereke -Onyuike was holding 800,000.shares in the shares of in the share capital of Hybrid Properties as a majority shareholder while Lance Elekama is the person listed as holding 600,000 shares in the share capital of Hybrid Properties, also as a majority shareholder
    consequently the NSE execution of the aforementioned Deeds of Assignment was fraudulently done by Ndidi Okereke -Oyeuike and Lance Musa Elekama, irregularly consented to by minister of Lands, housing and urban Development and fraudulently registered by Federal Lands Registry with intention of illegally, unlawfully and permanently depriving NSE of its proprietary rights to the property.
   It was further alleged that NSE to the knowledge of Ndidi Okereke and Lance Elekama who are the majority shareholders of these two companies that NSE Paid the sum of N420,750,000 as purchase price of the property, the two of them who were conversant with the inner working of NSE and its approval process as it relates to the execution of documents for and on behalf of NSE knew at the time of the execution of the Deed of Assignments that they did not have the authority of NSE as it relates to documents under seal and title transfer documents to execute the said Deeds of Assignment in favour of the two companies as they were aware that the said execution was unlawful, illegal and clear violation of the Article o Association of NSE
    The two companies Hybrid Properties Limited, Oak Business and Finance Limited never paid any sums to NSE as consideration for transfer/sale of the NSE's proprietary interest in the property, neither did Ndidi Okereke-Oyuike and Lance Elekama make any such payment
     Consequently, the claim against the defendants jointly and severally are as follows:
    A declaration that Dr Ndidi okere and Lance Musa Elekama acting alone or together are not empower to execute for and on behalf of NSE any instrument of transfer of title to landed property.
     An order of the court setting aside or striking down the deed Assignment dated 20th May 2007 purportedly executed by the NSE in favour of the two companies relating to the NSE proprietary interest in 2 Temple Road, Ikoyi Lagos.
    An order of the court directing the Defendants to pay to the plaintiffs the sum of N36million as Solicitors fee.
      When the matter was mentioned, the counsels representing various parties unanimously told the court that the parties are still exploring avenue of settling the matter out of court, consequently the presiding judge, J T Daggat till 15th of April, 2016 for report of settlement.

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