A Federal High Court in Ikoyi, Lagos, has adjourned hearing in a N3 billion land grabbing case involving Chief Eyitayo Ilori, his company, Harris Dredging Nigeria Limited and Mr. Okon E Okon, the company’s Secretary, to June 16, 2025.
Chief Eyitayo, his company and Mr. Okon (Applicants) had dragged the Economic and Financial Crimes Commission, EFCC, and two others – Mr. S.K. Oyeniran and Bureau of Public Enterprises (Respondents) to court in suit number FHC/L/CS/2305/24 seeking nine injunctions including “enforcement of their fundamental rights against persistent harassment, threat of arrest, unlawful arrest and re-arrest by the EFCC at the behest and instigation of the 2nd and 3rd Respondents for alleged conversion of a property.”
The Applicants also asked for N100 million for exemplary and general damages for the infringement of their fundamental rights as well as N20 million for incurred legal fees.
But in a 42 paragraph counter affidavit dated December 13, 2024, the EFCC revealed that it was acting on a petition from the 2nd Respondent (Mr. S.K Oyeniran) alleging fraudulent conversion of a 5,800 square meters of landed property worth about N3 billion (Three billion naira) against Chief Eyitayo and Harris Dredging Nigeria Limited.
The anti-graft agency said that it received another petition from Naston Engineering Limited dated November 23, 2024 bordering on conspiracy, stealing and fraudulent conversion of landed property by Chief Eyitayo and Harris Dredging Limited.
It stated among other things:
*That the petition alleged that the said Chief Harris Eyitayo llori who was acting on behalf of NICON Town Management Company illegally converted 5,800 square meters of land in the Community area of NICON Town Estate worth about N3 Billion belonging to three promoters, to wit, NICON Lekki Ltd, IFL Ventures Limited and Harris Dredging Limited. This he did by allocating to himself the 5,800 sq.m of land which was reserved for a Membership Club Only development and which was owned by the three promoters mentioned earlier.
*That Preliminary result from investigation revealed the following:
a. That the large expanse of land measuring about 5,800 Sq. m, being the subject matter of the criminal investigation, which forms part of the 60 Hectares of land covered by Certificate of Occupancy No. 57/57/19991N situate at Block 12, Lekki Peninsula Phase ll, Victoria Island, Lagos, was acquired by NICON Insurance Corporation in 1991.
b. That NICON Insurance Corporation appointed NICON Lekki Limited as its Attorney by way of an irrevocable Power of Attorney to act on its behalf in respect of the development of the 60 Hectares of land. By acting on its behalf the Power of Attorney gave NICON Lekki the power to take possession of the landed property measuring 60 Hectares situate at Block 12, Lekki Peninsula Phase ll, Victoria Island, Lagos, covered by Certificate of Occupancy No. 57/57/19991N. Other powers vested in NICON Lekki Limited by the Power of Attorney are to manage and superintend the management of the property, to sand fill and to develop it for building purposes and to enter into contracts, covenants and arrangements of all kinds of relation to it.
c. That NICON Lekki Limited entered into a Joint Venture agreement with Harris Dredging Limited on the 13th of August, 1998 and it was agreed that Harris Dredging Limited and IFL Ventures Limited would complete the dredging and sand filling works.
d. That because of the high capital required for the dredging and sand filling, NICON Lekki Limited entered into a 60/40 Joint Venture agreement with Harris Dredging Limited. Harris Dredging Limited subsequently employed the services of IFL Ventures Limited for the funding of the work, giving IFL Limited 24% and being left with 16%. Consequently, the property now has three promoters, to wit, NICON Lekki Limited, Harris Dredging Limited and IFL Ventures Limited and the ownership percentage ratio was 60/16/24 respectively.
e. That a Memorandum of understanding and Sales Agreement was entered into between NICON Lekki Limited, Harris Dredging Limited and IFL Ventures Limited on the one hand and Chevron Employees Cooperative Thrift and Credit Society on the other hand, for the sale of 200 plots of NICON Town land to Chevron.
f. That NICON Insurance Corporation through Nicon Lekki Limited assigned the property to Nicon Town Management Limited by a Deed of Assignment dated 23rd August, 2005. In 2006, the 2nd Applicant was appointed interim Chairman of the Nicon Town Management Company’s Board.
g. That after the sale of the plots of land to Chevron and other allottees, the three promoters still had for themselves collectively the 5,800 Sq.m of land reserved for a ‘Membership Club Only’ development, also still maintaining their percentage sharing ratios.
h. That a Deed of Sub-Lease in respect of the 5,800 Sq.m of land was entered into between Nicon Town Management Company and Harris Dredging Company (the 1st Applicant).
i. That the Deed of Sub-Lease was signed by Chief Harris Eyitayo on behalf of both Nicon Town Management Company and Harris Dredging Limited. In other words, Chief Harris Eyitayo llori signed for NICON Town Management Company and Harris Dredging Limited.
j. That there was no agreement by the Board of Directors of NICON Town Management Company or the three promoters to sub-lease the 5,800 Sq.m of land (belonging to the three promoters) to Harris Dredging Limited.
k. That Chief Harris Eyitayo llori did not seek the consent of the Board of Directors or the promoters of the land before sub-leasing the 5,800 Sq.m of land to his company, Harris Dredging Limited.
l. That the 2nd Applicant, on behalf of the 1st Applicant, allegedly fraudulently converted the 5,800 Sq.m of land reserved for Membership Club Only purpose and belonging to the three promoters to eight (8) residential plots to his own personal use.
m. That the 1st Respondent wrote to the Permanent Secretary Lands Bureau, Lagos, inquiring about the property.
n. That responses received from I.A Grillo, Deputy Director of the Governor’s Office, Lands Bureau of the Lagos State Government dated 9th October, 2024, revealed that there were inconsistencies in respect of the Deed of Sub-Lease between Nicon Town Management Company and Harris Dredging Limited.
o. That the 5,800 Sq.m of land in the Nicon Town Estate has become an object of economic and financial crimes in which greater part of the reserved 5,800 Sq.m is either being sold, or intended to be sold, or has been sold and or advertised for sale to unsuspecting members of the public, as the 2nd Applicant on behalf of the 1st Applicant has converted to his own use the land reserved for ‘Membership Club Only’ purpose to eight (8) residential plots without the consent or authorisation of the Board of Directors or promoters. This act amounts to fraudulent conversion of property and it is thus a financial crime.
p. That one of the promoters of the land in issue, IFL Ventures Ltd., also published an allegation of illegal conversion against the 1st and 2nd Applicants in The Guardian Newspaper dated 8th of April, 2024.
16. That the 2nd Respondent had no prior connection with the 1st Respondent. The only connection the 1st Respondent has with the 2nd Respondent is the petition the 1st Respondent received from the 2nd Respondent.
The EFCC said that contrary to the claims of the Applicants, it did not harass or intimidate the Applicants, neither has it caused disruption of their business activities. “This is evident in the bail granted the 3rd Applicant on the same day he was arrested. Moreover, the 3rd Applicant has been reporting at the office of the 1st Respondent.” EFCC said.
Consequently, the agency urged the court to dismiss their claims for monetary compensations.
Hearing continues before Justice Chukwujekwe Aneke on June 16, 2025.