A Lagos High Court has ruled in favour of the estate of a de­ceased property owner, ordering a mortgagee, a leading Nigerian bank, to pay over N112 million in compensation for the wrong­ful sale of properties located in Ikoyi area of Lagos. The judgment, delivered by Justice L. O.

Harrison, high­lighted irregularities, fraud and bad faith in the sale of the property, which was underval­ued by more than half of its market price. The Claimants in the suit are Mrs. Olubunmi Ogunde, Master Olumuyiwa Ogunde, Miss Enio­la Ogunde (minor) (2nd and 3rd) claimants suing by their guard­ian ad-litem Olubunmi Ogunde, Mrs.

Yewande B. Ogunde, Ati­nuke Ogunde Afolabi Ogunde and Oyeniye Ogunde. While the respondents are Olushola Adetokunbo Ogunde, Olubunmi Abiola Ashiru, Ke­hinde Olugbenga Ogunde Olayinka Modupe Madden (executive to the estate of Otun­ba Adedoyin Olaide Ogunde – deceased, the Probate Regis­trar, High Court of Lagos, Union Bank of Nigeria plc.

Others are Prof. Olabisi Ogunfowora, Abel Omodele Ajayi, S.B Aomabojr, Michael Adebisi Popoola and Babatunde Timothy Oremade.

While delivering the judg­ment, Harrison noted that the case involving a multi-unit prop­erty at No. 6 Moore Road, Ikoyi, which had been mortgaged by the deceased’s estate to the bank to secure a loan. Follow­ing the death of the mortgagor, the bank sold the property to recover an outstanding debt of N14 million.

However, Justice Harri­son found that the bank’s sale of the property was not only.