Primary Mortgage Bank, Safetrust Mortgage Bank Limited, says it has given financial support to Macbosh Properties Limited to fully refund the investment made by Mr Kunle Ogunmefun on Safetowers.
This is contained in a statement by the Head, Marketing and Corporate Communications of Safetrust Mortgage Bank Limited, Mr Maurice Ibie, after a Federal High Court Sitting in Lagos granted an order of interim forfeiture on Safetowers Estate.
According to him, the statement is aimed at disclosing the truth and protecting the banks “hard built integrity”.
Mr Ibie affirmed that Macbosh Properties Limited had entered into a commercial transaction with Mr Ogunmefun on Safetowers which is located along the Lekki – Epe Expressway.
Concerning the transaction that led to the legal dispute, he said, “Safetowers consists of 3 high-rise blocks of flats, and pent house duplexes. Mr. Ogunmefun indicated interest in the project and subscribed to a block which has 16 units of 3 bedroom apartments and 2 units of 5 bedroom Penthouse duplexes. The estimated construction and delivery time was for a period of 24 months at a total price of N710,000,000.00.”
Prior to this, Mr Ibie said Ogunmefun had bought some units in a previous development – Safecourt Apartments – financed by Safetrust Mortgage Bank, “which was more than twice the size of Safetowers in monetary terms” and that the project was developed successfully and delivered accordingly.
He explained that although the Saftetower transaction was affected by delayed payment and the economic crisis, the matter has been settled with the refund of the paid sum.
The statement said it was mutually agreed with Ogunmefun under the terms of Memorandum of Understanding (MoU) executed between Macbosh Properties and him that “on receipt of consideration as a whole (the entire sum of N710,000,000.00), not in instalments,” Macbosh Properties would complete the property within a time frame of 24 months.
“However contrary to the terms of the MoU, the total sum was not paid up-front, rather the sum of N550,000,000.00 was paid in tranches through a company called Currant Limited,” the statement said.
The bank said Macbosh Properties, nevertheless, commenced the construction of the property in line with its obligation in the MoU “in good faith”.
It, however, said the economic crisis that bedevilled Nigeria in 2015 led to hike in construction, stressing that if payment had been made at the agreed time, the unnecessary delay would not lead to hike in construction cost.
To resolve the situation, Safetrust said although it was not normal practice to make refund without selling any property or getting a new buyer, Macbosh Properties proposed that a refund of payment till date be done in two instalments “and it showed faith to make an initial payment of N275,000,000.00 despite not having resold the units” but the proposal was rejected.
“However, with the Bank’s staunch support, Macbosh Properties has fully refunded the outstanding balance of N275,000,000.00 to Mr. Ogunmefun, making the total amount refunded to be N550,000,000.00 representing the total investment made by him. This payment brings the transaction to an end,” the statement said.
The post Legal Dispute: Safetrust Says It Has Refunded Investment In Safetowers appeared first on Channels Television.
Legal Dispute: Safetrust Says It Has Refunded Investment In Safetowers
