Olalekan Ojo & Co. has secured an amicable resolution in a long-running dispute arising from the MEMCOS Yellow Estate Project between MTNN Employees Multipurpose Cooperative Society Limited (MEMCOS) and Primavera Engineering Nigeria Limited (PRIMAVERA).
MEMCOS in 2009 engaged Primavera to acquire approximately 34.549 hectares for the proposed MEMCOS Yellow Estate Project; disagreements over performance of that engagement later gave rise to parallel civil and criminal proceedings.
The dispute escalated over time, prompting MEMCOS to petition the Economic and Financial Crimes Commission (EFCC) and leading to criminal and civil proceedings, at the High Court of Lagos State and the Federal High Court. Lagos division. Matters remained pending in court prior to the parties’ agreement to pursue a negotiated resolution and an out of court settlement.
Acting for PRIMAVERA, Olalekan Ojo SAN and Oluwaferanmi Ojo Esq proposed terms of settlement that were agreed and adopted between both parties.The parties have resolved not to publicly disclosed the detailed terms of the agreement.
The resolution preserves commercial interests associated with the project and creates space for parties to pursue alternative, non-litigious pathways for the land’s future development. The parties have declined further comment.
