A aLagos State High Court has declared Isaac Morakinyo Jolapamo the beneficial owner of a disputed property in Ikoyi, ordering the defendants to refund over N410 million and remit rental income after finding that the property was held in trust for him.
The judgment, delivered by Justice O. O. Adewunmi-Oshin of the Lagos State High Court, Lands Division, resolved a long-running dispute over the property located at Plot 12, Block A5, Parkview Estate, Ikoyi.
Jolapamo, through his counsel from the chambers of Femi Falana, had approached the court seeking declarations that the property, identified as 23A and B Olusegun Aina Street, was acquired with proceeds from the sale of his vessels and held in trust by the defendants.
The defendants in the suit are Olufunke Olayinka Otti-Jolapamo, CTRS Group Limited, and CTRS Properties Limited.
In its ruling, the court dismissed the defendants’ objection to the claimant’s locus standi, holding that he had the legal right to institute the action.
“Since the company was dissolved before the property purchase, and the 1st Defendant admitted… to receiving the claimant’s money, the claimant has the standing to sue under equity,” the court held.
On the merit of the case, the court found that a resulting trust existed, noting that evidence presented showed the claimant provided the funds used to acquire the property.
“Evidence… showed the claimant provided the funds from the sale of the vessels ‘MT MOR PROSPERITY’ and ‘MT MOR POWER’… to purchase the Parkview property,” the judgment stated.
Justice Adewunmi-Oshin consequently declared that the property was held in trust for the claimant and affirmed his ownership.
The court ordered that “the claimant is the beneficial owner entitled to the property” and granted a perpetual injunction restraining the defendants from interfering with his title or possession.
On financial claims, the court directed the defendants to refund N410,347,000, being the outstanding balance from the proceeds of the vessel sales.
It also ordered the remittance of N63 million, representing rental income received between 2018 and 2021, as well as all subsequent rents collected from 2021 until full compliance with the judgment.
The court further awarded N5 million as general damages in favour of the claimant.
“The defendants are to render accounts and remit all rents collected… with interest,” the court added.
The suit, instituted in 2021, featured documentary and electronic evidence, including financial records and communications, which the court admitted and relied upon in reaching its decision.
