THIS CONTRACT OF SALE

AGREEMENT
IS MADE THIS ________ DAY OF _________________, 2021

BETWEEN

ALHAJI Y.A QUADRI

AND

MR. AKOREDE BANJO

IN RESPECT OF:
ALL THAT PIECE OR PARCEL OF LAND MEASURING
APPROXIMATELY 743.793 SQ METRES IN DIMENSION AND
ABUTTAL WITH A FOUR (4) BEDROOM BUNGALOW AND FIVE (5)
SHOPS BUILDING THEREON AND MORE PARTICULARLY MARKED
AND DELINEATED IN SURVEY PLAN NO. AOP/2581/15/2017/LA
DATED THE 21/12/2017 SITUATE, LYING AND BEING AT NO. 2,
UNITY ROAD, BADORE TOWN (CLOSE TO COOPERATIVE VILLA
ESTATE) IN ETI-OSA EAST LOCAL GOVERNMENT AREA OF
LAGOS STATE.

PREPARED BY:
___________________
JUDE O. OGBEIDE ESQ
FOR: JUDE O. OGBEIDE & ASSOCIATES,
(BOULEVARD OF JUSTICE),
NO. 13/14, KOFO ABAYOMI STREET,
ETI-OSA, VICTORIA ISLAND,
LAGOS STATE.
 08065879079
THIS CONTRACT OF SALE AGREEMENT is made this
______day of _____________________, 2021.

BETWEEN

ALHAJI Y.A QUADRI of No. 2, Unity Road, Cooperative Villa,

Badore Ajah, Eti-Osa East Local Government Area, Lagos State
(hereinafter referred to as the “THE VENDOR”, which expression
shall where the context so admits include his heirs, assigns,
executors and administrators) of the one part.

AND

MR. AKOREDE BANJO of Suit H127, Ikota Shopping Complex, by

Union Bank Road 3, Ajah, Lekki, Lagos State (hereinafter referred
to as the “PURCHASER” which expression shall where the context so
admits include his heirs, successors, administrators executors, and
assign) of the other part.

WHEREAS:
1. The Moye Family of Badore Town became vested with a large
expanse of land at Badore Town, near Ajah, off Lagos-Epe
Expressway, Lagos State from time immemorial under the
Yoruba Customary Law. By principle of first settler, the said
Moye Family being the first (by their ancestor, a farmer
named Moye) to enter upon and settle on the said expanse of
land became the owners of the land.

2. In the exercise of powers conferred on him under the Land

Use Act, 1978, the Governor of Lagos State in 1993
compulsorily acquired lands at Badore Town including the
expanse of land vested in the Moye Family.

3. In further excise of State powers under relevant Laws, the

Governor of Lagos state excised certain lands previously
compulsorily acquired at Badore Town (including the lands
vested in the Moye Family) from State ownership and re-
vested them in the original owners which act of state was duly
published in Lagos State official Gazette No. 11 of 30 th May,
1997.
4. That the head, principal members and appointed
representatives of the Moye Family in an undated and
unregistered Deed of Assignment did transfer their interest in
all ALL THAT piece and parcel of land measuring approximately
743.793 SQ MTS and more particularly marked and delineated
in survey plan NO. LAY/1314/2003/112H dated the
05/06/2013 situate, lying and being at along No. 2, Unity Road,
Badore Town (close to Cooperative Villa Estate) in Eti-Osa East
Local Government Area of Lagos State to one CHIEF
CHARLES NJOKU.

5. That by an undated and unregistered Deed of Assignment the

said CHIEF CHARLES NJOKU transferred his interest in all
that piece or parcel of land recited in paragraph 4 above to one
MR. IME SAMUEL EKPENE.

6. That by a Deed of Assignment dated the 18 th day of December,

2017, the said MR. IME SAMUEL EKPENE transferred his
interest in all that piece or parcel of land recited in paragraph
4 and 5 above to the VENDOR.

7. The VENDOR herein who has been in peaceful possession of

the said land with Survey Plan no. AOP/2581/15/2017/LA
ever since has now agreed to transfer to the PUCHASER his
interest in and over all that piece or parcel of land measuring
approximately 743.793 SQ MTS with a four (4) bedroom
bungalow and five (5) shops building thereon, described in the
paragraphs of the recital above for a valuable consideration.

8. The VENDOR has agreed to sell to the PURCHASER all his

interest in the said piece or parcel of land with a four (4)
bedroom bungalow and five (5) shops building thereon , mentioned
in paragraph 7 above for the sum of N28,000,000.00 (Twenty
Eight Million Naira) only.

9. The PURCHASER has agreed to pay the sum of

N28,000,000.00 (Twenty Eight Million Naira) only for the said
land with a four (4) bedroom bungalow and five (5) shops.

10. The PURCHASER has agreed to make a part payment of

N15,000,000.00 (Fifteen Million Naira) only which the
 VENDOR herein acknowledges before signing this contract of
sale agreement.

NOW THIS CONTRACT OF SALE WITNESSES AS

FOLLOWS:
In consideration of the part payment of N15,000,000.00 (Fifteen
Million Naira) paid by the PURCHASER, receipt of which is hereby
acknowledged by the VENDOR, the parties hereby agree as follows:

1. TERMS OF PAYMENT OF OUTSTANDING BALANCE:

a. The PURCHASER shall pay the sum of N6,500,000 (Six

Million Five Hundred Thousand Naira) at first installment on
or before the 30th day of April, 2021.

b. The VENDOR shall deliver to the PURCHASER a Deed of

Assignment, duly executed in favour of the PURCHASER,
upon the payment of the outstanding balance of
N6,500,000 (Six Million Five Hundred Thousand Naira)
which is to be paid on or before the 31st day of May, 2021.

c. The commencement date of this agreement shall be the

date of receipt of the first part payment which is 29 th day
of January, 2021.

d. In the event that the PURCHASER is unable to pay the said

balance sum of N6,500,000 (Six Million Five Hundred
Thousand Naira) on or before the 31st day of May, 2021.
That a 14 (Fourteen) days’ notice shall be given to the
PURCHASER to pay up.

e. That failure by the PURCHASER to pay the balance sum

after the expiration of the 14 (Fourteen) days’ notice, the
VENDOR shall have no power of re-sale unless the
PURCHASER has been given a notice in writing of the
VENDOR’S intention to sell.
 f. The VENDOR shall refund to the PURCHASER the said sum
paid by the PURCHASER in the event that the VENDOR
resells the said land as a result of the PURCHASER’S
inability to pay the balance sum.

2. FORCE MAJEURE:
a. The PURCHASER hereto shall be under no liability
whatsoever for non-performance in whole or in part of its
obligations under this agreement due to causes beyond his
control.
b. Force Majeure events shall be limited to Acts of God,
pandemic and Government direct interventions on the
project.
c. Consequences of Force Majeure: Where there is any Force
Majeure event, the period of time provided in this
agreement shall be extended to cover any loss of time
occasioned by such Force Majeure event.

3. MEDIATION:
Parties shall only resolve any conflict herein through
Mediation. It shall be made up of 3 (Three) mediators. Each
party shall invite One (1) person each of their interest for the
mediation process, the third person shall be a person agreed
upon by both parties. The Mediation process shall last for 10
(Ten) days only and where parties fail to agree, the Court of
Law shall be the final and only place to seek redress.

4. INDEMNITY:
The VENDOR covenants with the PURCHASER that he shall
refund to the PURCHASER in full, the consideration plus all
incidental expenses incurred by him in the course of this
transaction in the event that his title to the land herein
transferred is defective.

IN WITNESS WHEREOF the parties hereunto set their

respective hands and seal the day and year first above written.
SIGNED, SEALED AND DELIVERED
by the within named VENDOR.
……..….……………………………..
ALHAJI Y.A QUADRI
IN THE PRESENCE OF:

NAME: __________________________________

ADDRESS: ________________________________

_________________________________________

OCCUPATION: _____________________________

SIGNATURE:_______________________________

SIGNED, SEALED AND DELIVERED

by the within name “PURCHASER”

__________________
MR. AKOREDE BANJO
IN THE PRESENCE OF:

NAME: __________________________________

ADDRESS: ________________________________

_________________________________________

OCCUPATION: _____________________________

SIGNATURE:_______________________________