From Lateef Dada, Osogbo
An Osun State-based firm, Equity Evergreen Firm Ltd has dragged the IITA-business incubation platform Ltd to the court for breach of contract to the tune of N56,322,376.
The firm and its director, Waseeu Adebayo, in a motion on notice filed before the High Court, Oyo State, a copy of which was made available to our correspondent, joined IITA-BIP and its CEO, Frederick Schreurs, as respondents in the suit.
The claimants in their application supported by a 35-paragraph affidavit, sought an order of the court entering judgment in the sum of N19,914,376 being the amount owed the claimants.
They also sought an order, granting leave to the claimants to prove the sum of N36,408,000 being challenged by the respondents.
In the written address in support of the application filed by Olutayo Oyewale & Co., dated 28th April 2023, the claimants explained that the respondents had breached the agreement on the N19,914,376 invested in an agricultural business with the respondents.
The claimants stated that the respondents failed to fulfill their part of the contracts while the money invested which was projected to yield N36,408,000 at the end of the growth circle was not released by the respondents.
“We humbly urge your Lordship to grant the order sought by the applicants that the court enter judgment in the sum of N19,914,376.00 being sum admitted by the respondents in their letter dated 13th April 2023.
“The applicant invested his hard-earned money in the respondents’ project which was duly backed up by a contractual agreement containing the responsibilities of both parties amongst other contents. The Applicant upheld his part of the agreement by paying into the account of the Respondent the sum of N19,914,376.00.
“However, the Applicants found it rather disappointing that the Respondents did not come through on their part of the agreement which was to pay the principal sum with accrued interest. We humbly state without mincing words that the applicant is entitled to be paid his money as it is a business duly covered by a contract which the respondents have breached blatantly,” the claimants said.