The Directors and Executives of NFLL will need to explain to Nigeria public the rationale that led them as Nigeria Professional Football League supremos to compromise a whopping N1.2 billion judgement sum started by the board of Chief Oyuiki Obaseki in Suit Nos LD/451/2010
Several years after a High Court in Lagos under Justice A Olateru-Olagbegi awarded the Nigeria Football League Limited a judgement sum of N1.2bn after one of its partners/sponsors reneged in the payment of the 2009/2010 sponsorship deal, there has been a grave yard silence by football authorities about the alleged stupendous misappropriation by NFLL which would have provided opportunities for the development of the football league in Nigeria.
The alleged compromise also brought about additional huge debts which today’s ILMC must pay. This arose because the compromise led the NFLL lawyer to sue the successor to NFLL, which is the LMC Ltd for his legal fees. The refusal of LMC Ltd to honour the debt on the grounds that it’s not a successor to NFLL Ltd became a court dragged issue that went all the way to Supreme Court.
There are still more very worrisome fallouts from the League. Without the then Premier League board which compromised this award of the judgement sum to take into consideration the payment of the bank loan debt it owes a bank, which is alleged to be about N500m incurred to purchase its Karaye NFLL owned headquarters, and save the building, it went on its self interest voyage, never paid a dime and lost this building.
Add the loss of the Karaye building, which given the years of this sordid exercise, may be worth about N900m today to N1.2b and N244m awarded the lawyer for legal fees, the league must have lost about N4 to N5 billion.