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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here         Daily Independent Online.         * Wednesday, June 30, 2004. Breach of contract: Midfield Investment files N5b case against Metropolitan Bank By Rotimi Fadeyi, Senior Correspondent, Abuja A company, Midfield Investment Limited, has instituted a N5 billion suit against Metropolitan Bank Limited for alleged breach of contract, involving the construction of some houses at the Trans Amadi Garden, Port Harcourt, Rivers State. In the suit filed at an Abuja High Court through its counsel, Tony Anyanwu, Midfield is asking the court to declare that the bank unlawfully interfered with the agreement it reached with a developer, Bauhaus International Limited. Although Bauhaus and the bank had denied Midfield Investment’s claim, the company in its statement of claims, explained that pursuant to the understanding it reached with Bauhaus International, it sourced and secured a contract from the Federal Housing Authority (FHA) for the construction and completion of 471 housing units at the Trans Amadi Garden. Midfield further said that it held several meetings and consultations with FHA officials, incurring substantial expenses that culminated in the award of the contract in December 2000. According to the company, it signed a Memorandum Of Understanding (MOU) with the developer, which outlined their relationship and respective roles in the execution of the project. The MOU, Midfield said, stipulated that it was entitled to 12.5 per cent of the profit realised from the contract while the developer through the Metropolitan Bank agreed to fund the project. But the firm claimed that in the course of carrying out the project, Bauhaus and Metropolitan Bank reneged on the contract terms and, therefore, tampered with the agreement reached before the contract started. Midfield is, therefore, asking for an order, directing Metropolitan Bank to pay N25 million, representing 12.5 per cent of the net profit accruing from the project. The company also asked for an order, directing the defendant to pay N5 billion as punitive and exemplary damages. But Bauhaus in its defence said that it secured the contract from the FHA and that the contract was not secured by Midfield. It added that Metropolitan Bank came into the project through an agreement that it would fund it.       Copyright� 2002. All Rights Reserved Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.dailyindependentng.com e-mail: [email protected]

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