N54.8m Fees: Lawyer Sues Businessman For Breach of Agreement




By Ayo Jones


An Ikeja High Court  is billed to deliberate on a case of a breach of solicitor-client  relationship in which a   Lagos-based  lawyer, Mr. Ayodeji Acquah is suing a businessman and current Commissioner for Agriculture and Food Security in Ekiti state, Mr. Olabode Adetoyi over the latter’s refusal  to pay his professional fees .  

Mr. Acquah is demanding the sum of  N54,826,169.06   ( fifty four million, eight hundred and twenty six thousand, one hundred and sixty nine naira, six kobo), being professional fees in the bill of charges dated May 26, 2021 which Mr. Adetoyi has refused to pay. 

In a 101-page court process, Mr. Acquah through his counsel, Mr. Nathaniel Olagunju, is demanding the sum of N54,826,169.06 in addition to legal costs of N5m and interest of 21 per cent per annum on the sum from May 26 2021 till settlement .  

Specifically, Mr. Acquah stated in the court process that the professional services which Mr. Olabode Adetoyi initially agreed to pay for include:

*a preparation and contract for the purchase of a 5-bedroom house @Plot 646c, Oluwatoyin Eleoromo street, Omole Phase 2.

*A deed of assignment for the said property

*participation in meetings and offering legal opinions on restructuring of a  loan facility for the purchase of the same landed property.

* Consultation and legal opinion relating to the merger and acquisition of 65% shareholding of Hi-Nutrients International Limited by Neovia Invivo SA of France .

*Consultation and Legal opinion on the issue of Mr. Henry Odiachi and its resolution including preparation  of a  memo dated Thursday,  October  25, 2018 addressed to the defendant (Mr. Olabode Adetoyi)

* Consultation and legal opinion on Report of the activities of Neovia  Invivo  SA of France/ ADM dated  September  12,  2019 by Messrs Toye Sofayo and Co (Chattered Accountants) after the failed merger and acquisition of 65% shareholding of Hi-Nutrients International by Neovia Invivo SA of France.

* Writing of a petition dated September23,  2019 to EFCC for investigation into the activities of Neovia Invivo SA of France and ADM Animal Nutrition by Mr. Acquah

* Legal Opinion and letter dated September  27,  2019 to the President  of ADM Animal Nutrition on the aborted Board Meeting of Hi- Nutrients International Limited by Neovia Invivo SA of France previously scheduled  to hold on Friday,   September  27,  2019.

*Review of the legal opinion on events leading up to and after the Board Meeting of Hi-Nutrients International Limited  held on July 13, 2020 and decisions taken.

Mr.  Acquah  said he dutifully  carried out the numerous  tasks to the satisfaction of Mr. Adetoyi, to the extent that he (Adetoyi)   even  acknowledged same in his autobiography titled: The Entrepreneur: The Autobiography of Olabode Adetoyi.

Mr. Acquah noted that things went on well until the conclusion of merger and acquisition of the  business interests of Mr. Adetoyi and the foreign partners which subsequently led to the payment of N1,437 billion by the foreign investors who took over the shares of Hi-Nutrients International Limited .

The story changed after Mr. Adetoyi collected the said sum, and he  became  elusive and ignored calls and  text messages when Acquah sent his bill of charges  dated May 26 2021 made up of professional fees  totalling  N54,826,169.06 .     

In the bid to recover the outstanding sum, Acquah’s counsel wrote a demand letter dated June 21 2021 to Mr. Adetoyi, which was ignored. A reminder letter was also  written and sent  on September  1,  2021 with no response from Mr. Adetoyi who thereafter  shunned every opportunity for settlement.

The situation got so bad that Mr. Adetoyi evaded the service of the court processes relating to the matter . The court, at a point,  ordered that the papers should be pasted on his Lagos  residence @Plot 646c, Oluwatoyin Eleoromo street, Omole Phase 2.

The return date  to report service of the originating processes  on Mr. Adetoyi is now Wednesday, May 18,  2022.

Mr. Acquah who said Mr. Adetoyi’s refusal to pay for the professional services  has deprived him of access to funds, is now urging the   Court  to intervene through an order for an immediate payment of N54, 826, 169,06 (fifty four million, eight hundred and twenty six  thousand, one sixty nine naira and six kobo only)  as clearly spelt  out in the bill of charges dated May 26, 2021; legal costs of N5 million as well as  interest at the rate of 21% per annum  from May 26 2021 until the entire sum is liquidated.

No date has been fixed for the hearing of the suit.