Bravematt Property and Investment Limited has alleged a coordinated attempt to take over its N21.5 billion property at Maiyegun Tourism Zone, Lekki, Lagos, naming the Surveyor-General of the Federation, a businessman identified as Ramesh Kasangra and a Nigerian Army officer among those it says are connected with the dispute.
The allegations are contained in the company’s account of its acquisition and subsequent possession of the 13.067-hectare property comprising Plots 5, 6, 7 and 8, Maiyegun Tourism Zone, Lekki Peninsula Scheme II, Ibeju, Eti-Osa Local Government Area.
The property, situated along the Lagos-Calabar Coastal Highway, is covered by a Lagos State Certificate of Occupancy dated July 15, 1988.
According to court processes filed by Bravematt, the company acquired the property from Industrial and General Insurance Plc (IGI) and its sister company, 4H Nigeria Limited, following negotiations that culminated in an Agreement for Sale.
The company said the property was initially offered to it for N22 billion through Bradfield Limited, which had been appointed by the vendors as their agent to procure buyers.
Bravematt subsequently made a counter-offer of N21.5 billion in a letter dated June 5, 2025.
The company said 4H accepted the offer in writing on June 13, 2025, communicated the terms of payment, while IGI, in whose name the property was registered, subsequently approved the transaction through a board resolution.
An Agreement for Sale was thereafter executed.
Bravematt said it paid N10 billion and N2 billion respectively, followed by a further N7.475 billion, bringing the total amount it says it paid to N21.475 billion.
The company said the final payment was made in accordance with the agreed terms but that the vendors subsequently disputed receipt of the final instalment and sought to withdraw from the transaction.
The dispute prompted Bravematt to approach the Lagos State High Court for urgent protection of its interest in the property.
On December 10, 2025, Justice (Dr.) R. O. Olukolu of the Lagos State High Court, sitting in the Commercial/Fast-Track Division, restrained IGI and 4H, their agents, privies, licensees and prospective purchasers from entering into any transaction, undertaking or commitment that could lead to the assignment or transfer of their interest in the property or any part thereof.
The court also prohibited the respondents from dealing with the property in any manner capable of altering its state pending compliance with the applicable pre-action protocol.
In a related order, the court restrained the respondents from withdrawing funds from 4H’s Keystone Bank account in a manner that would reduce the balance below N7.475 billion.
In granting the application, Justice Olukolu held that the circumstances presented by Bravematt and supported by documentary exhibits disclosed a “prima facie serious mischief” warranting the intervention of the court.
The order was made pending compliance with the applicable pre-action protocol within 14 days.
Bravematt said the dispute subsequently came under the scrutiny of the Economic and Financial Crimes Commission (EFCC) after Kabiru Ayinde Tukur allegedly disputed receipt of the purchase price.
According to the company, the EFCC obtained relevant Keystone Bank records which it said confirmed that the payment was received into the designated account on November 28, 2025, at about 9:02 a.m.
Bravematt further alleged that Tukur subsequently acknowledged receipt of the funds.
The company also alleged that the EFCC investigation brought to light another transaction involving the property.
According to Bravematt, Tukur had purportedly entered into a separate transaction involving a portion of the property with Chief Ekomieyefa Uduboh, from whom more than N6.6 billion had allegedly been collected as of December 2025.
Bravematt said the development led to questions concerning the competing transactions involving the property.
The company further alleged that Tukur subsequently sought leniency and offered to refund the money allegedly collected from Uduboh while restoring and confirming the property in favour of Bravematt.
Bravematt said Tukur subsequently executed a Deed of Assignment transferring the property to the company and acknowledging receipt of the purchase price in full.
The company added that the execution of the documents was captured on video and that relevant title and transaction documents were handed over to it, except the original Certificate of Occupancy.
According to Bravematt, the documentation and transfer process were substantially completed in February 2026, after which it was formally put into possession.
The company subsequently erected its signboard, commenced a fresh survey and began perimeter fencing.
Bravematt said it remained in possession for several months before the latest confrontation over the property.
According to the company, on or about July 12, 2026, it received information that the Managing Director and Company Secretary respectively of IGI Plc had sold 4H Limited to an unidentified entity and transferred the original Certificate of Occupancy relating to the property to that entity.
