A Lagos High Court will on October 14 hear two cases involving former Group Executive Director of National Petroleum Investment Management Services (NAPIMS) and former Pro-Chancellor of the University of Nigeria, Nsukka, Chief Michael Olorunfemi and his son-in-law, Wale Sola over multi-million-dollar debt and equity stakes dispute.

The two related cases marked LD/10621GCMW/2023 and LD/10559GCMW/2023 would be heard on the same date – one for a mention, the other for report of service before different judges.

The debt suit is pending before Justice Rasul Olukolu, while the equity suit is before Justice Olabisi Ogungbesan.The claimant in both cases is Toyin Oginni, while Sola, Olorunfemi and Mak-Mera Nigeria Limited are the three defendants too.

According to the statement of claim, the claimant said he loaned several sums of money to the 1st defendant, as well as to Mak-Mera Upstream Inc., Mak-Mera Capital Corporation, and Mak-Mera Upstream Limited (companies affiliated to 1st and 3rd defendants) at a compound interest accruing to well over £3,655,410.31 and $1,109,688.10.

The claimant stated that the 1st defendant took these loans to fund his clothing business and his oil and gas projects between 2007 and 2019.

The claimant averred that the borrowed sums remain unpaid despite several demands giving rise to the suit. In the equity suit, he claimed that the 1st defendant invited him to be his business partner and equally share the profits from the oil and gas transactions they undertook together.

In furtherance of this agreement, the claimant acted as Chief Operating Officer (COO) of the oil and gas projects as consideration for his 50 per cent stake in the projects.

He claimed that the 1st defendant reneged on the agreement giving rise to the equity stakes suit, adding that he leveraged the reputation of his father-in-law to convince him to invest and become his business partner.

Culled From Guardian