Firm granted foreclosure order over N150m loan

An Ikeja High Court of Lagos State has granted a foreclosure order in favour of Citygate Global Investment Limited, empowering the company to take possession of and sell a mortgaged property belonging to businessman Hyginus Eze over an unpaid loan of N150m, Justice Mathias Dawodu, in a judgment delivered on May 14, 2026, in suit number ID/9743GCM/2025, held that the claimant had successfully established its right to enforce the security created under a Deed of Legal Mortgage and Memorandum of Deposit executed by the defendant in December 2024. Citygate Global Investment Limited, through its counsel, Barrister Adeniyi Joshua, had approached the court by originating summons filed in August 2025, asking for declarations that it was entitled to enforce its mortgage rights and foreclose on the property, located at No. 4 Chidi Duru Street, formerly Eboma Street, off Havana Street, Ago Palace Way, Okota, Lagos State. The company also sought orders granting immediate possession and sale of the property, a perpetual injunction restraining the defendant and his agents, as well as security assistance to enforce the judgment. According to the claimant, Eze obtained a loan facility of N150m in December 2024 for 10 months at an interest rate of four per cent, with the Okota property used as collateral. The company said the repayment structure required the businessman to pay a cumulative sum of N210m between January and October 2025. Citygate alleged that although Eze made some repayments, he later defaulted, leaving a substantial balance unpaid. Eze, in his defence, disputed the claimant’s position, insisting that he received only N135m and not N150m. He also claimed to have repaid over N90m and said he had requested reconciliation and restructuring of the facility. The court, however, found that he failed to produce documentary evidence to support the alleged repayments. Related News TikToker nude photo case adjourned as court awaits settlement report Court orders Virgin Atlantic to pay N13m for missed flight $6m drug trafficking: Court convicts 11 Indian sailors Delivering judgment, Justice Dawodu held that the burden of proof rested on the defendant in respect of his claims of substantial repayment. He ruled that bare assertions in an affidavit, without supporting documents, could not override the claimant’s records. The judge also observed that the defendant’s correspondence tendered before the court amounted to admissions of indebtedness. Relying on established authorities on mortgage transactions, Justice Dawodu reaffirmed that a mortgagee was entitled to exerci