The Anambra state-born billionaire and oil mogul, Prince Arthur Eze, is to pay £1m in damages to a British for pulling out of a £5m deal to buy their seven-bed London mansion after paying a 10 per cent deposit.
Prince Eze is Chairman of Atlas Petroleum International and Oranto Petroleum, a Nigerian privately-held, Africa-focused oil exploration and production group.
According to information reported by an online media on Monday, the Nigerian oil baron exchanged contracts with Richard and Deborah Conway on their seven-bedroom mansion in North London in August 2015.
He is said to have agreed to pay them £5m, but the deal was “aborted” before completion, London’s High Court heard.
The couple went on to sell the property to another buyer for £4.2m and later moved into a new £2.9m home in Great Shelford, Cambridgeshire.
According to the Online report, the Conways,sued the Anambra-born Philanthropist claiming that the family was left stranded on the property ladder when Eze pulled out of buying their mansion, sued him for £1.8m.
They claimed damages over the lower price their house sold for and the extra costs they faced in pushing through their move to the country.
Despite efforts made by the counsel to Eze na Ukpo to convince the Judge on why the deal was never consummated, Judge Andrew Keyser held that the deal was binding and awarded the Conway’s more than £1m in compensation for the losses and expenses caused by Eze’s pull-out.
The Judge in his ruling declares, “Prince Eze had signed…the only contractual term that remained outstanding was the completion date.”
Meanwhile an earlier deposited £500,000 by Prince Eze according to the judge would count towards the damages payment.