2016 NIGERIAN LAW SCHOOL BAR FINALS QUESTIONS AND ANSWERS IN PROPERTY LAW PRACTICE
NIGERIAN LAW SCHOOL
BWARI – ABUJA
BAR FINALS EXAMINATIONS
PROPERTY LAW PRACTICE
MONDAY AUGUST 29, 2016 TIME ALLOWED: 3 HOURS
INSTRUCTIONS:
THIS PAPER IS DIVIDED INTO TWO SECTIONS. TWO ANSWER BOOKLETS ARE PROVIDED. QUESTIONS FORM EACH SECTION SHOULD BE ANSWERED ON A SEPARATE ANSWER BOOKLET. QUESTIONS 1 AND 4 ARE COMPULSORY. ONE OTHER QUESTION FROM EACH SECTION SHOULD BE ATTEMPTED.
WRITE YOUR EXAMINATION NUMBER ON EACH ANSWER BOOKLET.
SECTION A
QUESTION 1 (COMPULSORY)
(a) Mr. Kokonsari Eleyinmi, a retiree of 104, Western Avenue Surulere, Lagos, is the owner of a 5-bedroom duplex at No. 30, Iyala Street, Ikeja, Lagos and a wrehouse at No. 5, Obanta Close, Ajah, Lagos. In order to augment irregular pensio he is considering ways of profitably maximising his properties.
i. As his lawyer, advise him on two options available to him in this regard.
ii. State three differences between the two ways you have mentioned to enable him make an informed decision.
iii. Mention three documents to be executed in order to effect the two options you have sugges ted to Mr. Eleyinmi.
iv. List five clauses to be included in the documents you have identified.
(b) Assuming Mr. Eleyinmi issued the following note in respect of the warehouse to Alhaji IDirise
“Received from Alhaj, Dirise, the sum of Five Million Naira
(N5 million) only being part payment ot the purchase price of
Fifteen million naira (N15 million) only for my warehouse at
No. 5, Obanta Close, Aja, Lagos.
Dated this: 29th day of April, 2016
Signed
Kokonsari Eleyinmi”
Mr. Eleyinmi died on, the 28th of June, 2016 at Agape Medical Centre, Somolu, Lagos before the completion of the transaction with Alhaji Dirise.
i. State the nature and the implication of the note given by Mr. Eleyinmi to Alhaji Dirise.
ii. Comment on the effect’ of Mr. Eleyinmi’s death on the the transaction with Alhaji Dirise.
iii. Silas Eleyinmi (son of Mr. Eleyinmi) and his mother, Mrs. Dorcas Eleyinmi, both of 104, Western Avenue, Surulere, Lagos have applied for ietters of Administration in respect of Mr. Eleyinmi’s estate, Complete the attached Form.
IV. ASsunming that before the letters of Administration were granted, Silas Sold the duplex to Mrs. Janis Cole and has given his girlfriend the money for the purpose of establishing a fashion house. Comment cn the propriety or otherwise of his conduct.
QUESTION 2
Mrs. Calistus Omije sold her plots of land covered by Certificates of Occupancy Nos. 204/18/09 and 205/20/09 at Onitiri, Ibafo, Lagos to Daniel Homes Plc (an estate developer) for the sum of one hundred million (N100 million) Naira. She acquired the plots of land from the Lagos State government in 1989 at 100,000.00 (One hundred Thousand naira) per plot.
She expended the sum of 50,000.00 in establishing the beacons per plot and another N150,000.00 on the perimeter fencing of the plots.
She advertised.the sale in the Daily Mirror Newspaper with N150,000.00, paid an estate firm 100,000.00 and the Law Firm of Intersmith & Co has sent a bill ot
450,000.00 as professional fee for negotiating the sale.
Answer the following questions:
(a) State and briefly explain three taxes the parties in the above transaction would be liable to pay in respect of the sale.
(b) Draft the opèrative part of the final document to be executed between Mrs. Calistus Omije and Daniel Homes Plc.
(c) i. Mention the steps you will follow in calculating the Capital Gains Tax
ii. Calculate Mrs. Calistus Omije’s Capital Gains Tax (C.G.T.) in respect of the sale.
QUESTION 3
Mr. Akalaka Akpan is aPaediatric Consultant at the Institute for Tropical Medicine, Antwerp, Belgium. Due to a recent restriction on the transfer of funds to Nigeria from foreign countries, Mr. Akalaka has decided to use his properties to support his family who are based in Abuja. He wants to sell his undeveloped plot of land situate at Plot 575, Bakasi Street, Gwarinpa, Abuja FCT covered by a Cerificate of Occupancy No. AGIS/5/GW/3141
He also wants to use his 5 bedroom duplex at No. 18, Sarki Road, Bauchi, Bauchi State with title No. BST/5/9323, to secure a loan of N30 million from Gold Bank Plc.
On October 15, 2015, Mr. Akalaka, in a telephone conversation instructed the firm of Messrs Bright Loveday & Co. to arrange the sale of the land and the mortgage; and to transmit and execute all the relevant documents on his behalf:
Answer the following questions
a) Comment on the validity or otherwise of Mr. Akalaka’s instructions to Messrs Bright Loveday.
b)Assuming that an agreement has been concluded to sell the undeveloped property in Abuja to Alhaji Makudi Gambo of No. 6, Kawo Roai, Kaduna for 100 million, outline the steps to follow in order to obtain consent to transfer the interest in ‘the land to him.
c) Draft the operative part of the deed of assignment for the transaction in “b” above.
(C) Advise Gold Bank Plc on the options available to it in creating a legal mortgage. Would your answer be different if the property were in Lagos?
SECTION B
PLEASE USE ANOTHER BOOKLET FOR THIS SECTION
__________________________________________________________________________
QUESTION 4 ( COMPULSORY)
Prof Ahmadu Adomina, male, muslim, Nigerian citizen, lived at No. 184 Garnbari Crescent, Ilorin, Kwara State. He was travelling from Ilorin to Abuja to celebrate the Eid-el-ritr festival on June 17, 2016. He was accompanied on the journey by his wife, Alhaja Bisola Adomina (48 years), and 2 sons, Mohammed Adomina (22 years and Hamisu Adomina (20 years). The family was unfortunately involved in a ghastly motor accident along the way. They were evacuated to the May Day Medical Clinic at No. 2 Ahoy Road, Abuja, FCT but they all subsequerntly died. They were survived by 2 remaining children, Fatsa Adomina (21) and Safiyah Adomina (18 years).
After the 40 days Fidau prayers, Mr. Hara Saleh, a long time friend and Solicitor of Prof. Adomina informed the family that Prof. Adomina had written and left a Wil in his custody. He therefore fixed a time and venue for the reading of the Will. On the appointed day, he read he Will and also showed all present where Prof. Adomina had executed the Will and where his 2 witnesses, Mr. Salaudeen Ahmed (Businessman) of No. 43 Abidjan Close, llorin, Kwara State and Mr. Muturmi Yamu (Mechanic) of No. 15C Calabar Crescent, Ilorin, Kwara State, had signed. Prof. Adomina had appointed Sheikh Muktar Sanusi of No. 27 Iman Road, Ilorin and Alhaja Giwa Sabo of No. 224 Akwai Street, Ilorin rin as executors to his Will.
Some of the bequests in the Will are:
(a) I give mý Mercedes Benz salon car MLS with registration No. KW 112 TL to my wife, Alhaja Bisola Adomina of No. 184 Gambari Crescent, llorin, Kwara State.
(b) I give my house at No. 243 Yakubu Gowon Crescent, Area 1, Abuja to my son, Mohammed Adomina.
(c) I give my house at No. 2 Gambari Cresent, Ilorin, Kwara State, to my son, Hamisu Adomina.
(d) I give the sum of N2 million from my Zenith Bank account No. 001122333 to my sister, Mrs. Amina Saleh.
(e) I give the sum of N5 million to the Society of Muslim Brothers, Ilorin Branch.
(f) I give a Kia Picanto saloon car to my daughter, Fausat Adomina.
(g) I give the sunm of N1.5 million to my daughter Safiyah Abdomina of No. 248 Yakubu Crescent, Ilorin, Kwara State.
(h) I give my farmland at kilometre 10 Lagos-Ilorin EXpress Way to my Security Guard Mallam Aboki Yaro during his life time.
(i) I give the remainder ‘of my estate to my long time friend and Solicitor, Haruna Saleh.
Answer the following questions:
(a) State the type of legacies in a, b,.c, e, f, g, h and i above.
(b) What is the position of the law with respect to the gift in clauses ‘a’ and ‘b’ above?
(c) What is the nature of estate that will constitute the gift in clause’1 abOve
(d) Draft the commencement, execution and attestation clauses of the above Will
(e) Assuming that Mr, Haruna Saleh was to be remunerated tor services, draft the said clause.
(e) Assuming that Prof. Adomina had instructed you to draft his Wil, list 10 items on which you will take instructions.
(f) Assuming that Prof. Adomina died without a Will, mention in the correct order, those entitled to take out the relevant instrument for the administrationof his estate.
QUESTION 5
Mrs. Bukola Muibi of No. 3 Ikosi Road, Lagos and Mrs. Tinuade Temitope of 293 Agege Motor Road, Lagos are Executrices of their father’s estate. Their father, Prof Nicholas Dingham died on December 15, 2012 in Lagos. In the exercise of their powers, the executrices intend to carry out the following:
(a) Sell block of six flats (of three bed ooms each) located at Plot 45/47, Adamson Street, Ajah, Lagos to Safe Trust Bank Nigeria Limited, of Plot 366, Ahmadu Bello Way, Victoria Island, Lagos.
(b) Grant lease for a term of five years of a bungalow situate at No 3 Lejidu Street, Mushin, Lagos to Madam Adunni Ayilogu, an illiterate and a businesswoman, who intends to use the property as a warehouse.
(a) The Executrices delivered an abstract containing the following information
ABSTRACT OF TITLE
IN RE PROPERTY KNOWN AS 23, NEW LAYOUT, LEKKI EXTENSION, LAGOS
1. The Land known as 23, New Layout, Lekki Extension was acquired by Chief Nuru Onile from the Ajidahun Family in 1973.
2. Mrs. Priscilla Kamil mortgaged the property to First Bank Plc in 1990.
3. Lagos State GOvernment isstied a certificate of occupancy (Deemed Grant) in respect of property known as Plots 45/47, Adamson Street, Ajah, Lagos to Mr. Felix Damian on the 23rd September, 2001.
4. Mrs. Bukola Muibi and Mrs. Tinuade Temitope acting as Executrices to the Will of Late Prof. Nicholas Dingham want to sell to Safe Trust Bank Ngeria Limited.
Now answer the tollowing questions:
(i) Raise three (3) requisitions on the above abstract.
(ii) Mention the document that constitutes authority for the executrices to sell the property.
(iii) Draft the introductory and concluding parts of the final document that the parties would execute.
(iv) Assuming that Madam Aduni Avilogu authorized Prince Rutty Ade-Willy to act on her behalf, draft the concluding part of the document that will be executed with respect to the transaction between the executrices and Madam Ayilogu.
(v) Madam Ayilogu would like to know why a rent review clause and an option to renew clause were included in the document.
(vi) Advise the parties on the taxes payable in respect of the transaction.
QUESTION 6
Chief Ajagbe Clement, (Family Head), Mrs. Abike Solomon (Principal Member) and Mr. Akanji Clement (Principal Member) are representatives of the Clement Olowolafe Family of Ikosi, Lagos State. The Family is the owner of a large expanse of land, known as the Aroso Scheme, Isheri North, Lagos State.
The family wants Mr. ‘Akanji Clement, being a legal practitioner, to act on its behalf with respect to selling plots within the Scheme and granting terms of years to suitable individuals/companies.
Now answer the following questions
(a) (i) Mention the document that should be executed for this purpose;
(ii)Mention four clauses, to be included in the document.
(b). (i) The family decided to deal directly with prospective buyèrs and have agreed to sell three (3) plots of land to Good Governance Initiative, an NGO registered under the relevant laws. Draft the introductory and Concluding parts of the final document to be executed.
(ii) Assuming that Chief Ajagbe Clement travelled abroad for medical treatment and was consequently absent during the execution of the document referred to in (b), comment on the validity of the sale made to the NGO in the circumstance.
(c) Assuming that the family wants to use part of the property to secure a loan of N300 millionfrom Millenium Bank Plc, comment on the steps to be taken towards perfecting the transaction.
(d) Would your answer be the same if Adzy Nigeria Limited is the one that is taking the loan, using its property at Plot 233, Zambia Crescent, Wuse, Abuja as security for th loan?
(e) Comment on the possibility of Millenium Bank Plc granting an additional sum of N50 million to Adzy Nigeria Limited, using the same property for the transaction.
COUNCIL OF LEGAL EDUCATION
NIGERIAN LAW SCHOOL
BAR PT II EXAMINATIONS
SEPTEMBER 2016
PROPERTY LAW PRACTICE
MARKING SCHEME
SECTION A
QUESTION 1
a.
i. The two options available to Mr. Eleyinmi are:
Lease/Sub-Leaşe/Tenancy
Sale
2 MARKS
ii. The differnces between the two transactions are
• The parties in a lease transaction are lessor and lessee (in a tenancy, they are Landlord/Tenant).
• The parties in a sale transaction are Vendor and Purcahser.
• The final docunent to be executed by the parties in a lease transaction is a lease (in a tenancy, the document to be executed is a Tenancy Agreement) while the final document to be executcd in a sale transaction is a deed of Assignment.,
• In a sale transaction the vendor transfers the unexpired residue whereas in a lease transaction, it is only a grant of term of years.
• In a lease agreement, rent is payable as the consideration while rent is not applicable to a sale of land transaction
• In a Sale agreement there is no reversionary interest whereas in a lease agreement there is reversionary interest.
{ANY THREE}. 3 MARKS
iv. Generally, Administrators of an Estate derive their power from the grant of Letters of Administration. Any interference with the assets of the estate before the issuance of the grant renders such a person liable as an Executor de son tort. Ojukwu v Kaine:
Adeniyi Johnson v. Martins. In the instant case, Mr Silas is an Executor de son tort and the sale is invalid. 4 MARKS
QUESTION 2
a.
CAPITAL GAINS TAX (CGT)
These are levies that are charged on the gains accruable on a disposal of assets. S. 2(1) CGTA. A disposal of assets occurs when any capital sum is derived from a sale, lease, transfer, assignment, compulsory acquisition or other disposition of assets — S. 13 CGTA.
The rate of the tax under the CGTA is 10% of the chargeable gain. -S. 13 CGTA.
STAMP DUTIES
These are duties (levies) imposed on registerable instrunments. Stamp Duties could be ad valorem or fixed. Ss. 23 & 28 SDA
PERSONAL INCOME TAX
Personal Income Tax is regulated by Personal Income Tax Act. This tax is paid by individual, a group or business and not a limited liability company. An individual may be assessed on the pay as you earn scheme -PAYE and upon payment of tax, a tax clearance certificate is usually given pursuant to S. 84(1) PITA .
CONSENT FEES: It is payable to obtain the consent of the Governor over property in the State. Section 5(1); Section 22 of the Land Use Act.
REGISTRATION FEES: It is payable to register all registrable instruments under the relevant Land Instrument Registration Law.
b. NOW THIS DEED WITNESSES as follows
In consideration of the sum of N100,000,000.00 (Hundred Million Naira) only already paid by the ASSIGNEE to the ASSIGNOR (the receipt of which the ASSIGNOR acknowledges), the ASSIGNOR as BENEFICIAL OWNER, Assigns to the Assignee ALL THAT PROPERTY (Twin plots) at Onitiri, Tbafo Lagos registered and covered by Certificates of Occupancy Nos 204/1S/09 and 205/20/09 at the Lagos State Land Registry, measuring…..and bounded by beacon Nos….survey plan no…..draywn by….licensed surveyor attached at the schedule to this deed.
TO HOLD UNTO THE ASSIGNEE the unexpired or residue of the Assignor’s right of OCCupancy subject to the provisions of the Land Use Act.
4 MARKS
2 (c) (i) STEPS IN THE CALCULATION OF CAPITAL GAIN TAX
1. Mention the Selling Price
2. State the Allowable Expenditure including cost of acquisition of the asset.
3. Ascertain the Chargeable Gain which is Seling Price-Allowable Expenditure
4. Calculate the Capital Gain Tax
2 MARKS
2(c) (ii)
1. Selling Price-N100,000,000.00
2. Allowable Expenditure
Cost of purchase. 200,000.00
Cost of beacons for the two plots. 100,000
Cost of perimeter fencing 150,000:00
Cost of advertising for the Sale 150,000
Proicssioal Fees. 450,000:00
Estate Fees. 100,000:00
Total: 1, 150,000.00
3. Capital Gain= Selling Price-Allowable Expenditure
N100,000,000.00- N1,150,000 (N98,850,000.00
4.Capital Gain Tax =10% Chargeable Gain
10/100 x 98,850,000.00
=N9,885,000
3 MARKS
QUESTION 3
a. A valid power of attorney should have the following features:
It should be in writing. The parties should be juristic persons. It should be signed by the donor. It should also be by deed if the attorney is required to execute a deed. ABINA v. FARHAT; POWELL v. LONDON PROVINCIAL BANK; NBN v. KORBAN BROTHERS NIGERIA LTD; UDE v. NWARA..
In this case, the power of attorney is not valid because it was given by Mr.Akalaka to Messrs Bright Loveday. Messrs Bright Loveday is not a juristic person; the instrument was not by deed as it was required to be by deed. Also, it was not signed by the Mr. Akalaka.
4 MARKS
b. Steps to obtaining Governor’s Consent
An application is made seeking consent to transfer the property accompanied by the following:
Covering letter
Application for consent form
Copies of duly executed deed of assignment
Copy of original title deed Inspection
3 years Tax clearance certificate of both parties
Evidence of payment of: -consent fee -Development Levy -Inspection Fec -chartin g Fee -rates and charges
Where recommendation for consent is given and ground for consent is met, consent is given on payment ot requisite fees.
2½ MARKS
c. NOW THIS DEED WITNESSES AS FOLLOWS:
In consideration of the sum of one hundred Milion naira (N100, 000,000)Sum of one hundred Million naira(N100, 000,000) paid by the Assignee to the Assignor (the receipt of which the Assignor acknowledges) the Owner hereby assigns to the Assignee ALL THAT property situate at Plot at Plot 575 Bakasi Street, Gwarimpa Abuja FCT with certificate of Occupancy No. AGIS/5IGWIB141 and more particularly described in survey attached to this deed and in the schedule to this Deed TO HOLD
UNTO the Assignee the unexpired residue of right of occupancy subject to the unexpired residue of right of occupancy subject to the consent of the Governor.
4 MARKS
COUNCIL OF LEGAL EDUCATION
NIGERIAN LAW SCHOOL
BAR PT II EXAMINATIONS
SEPTEMBER 2016
PROPERTY LAW PRACTICE
MARKING SCHEME
SECTION B
QUESTION 4:
a.
Specific legacy
Specific legacy
Specific legacy
Pecuniary legacy
General Legacy
Pecuniary Legacy
Specific legacy
Residual Legacy
4 MARKS
b. Both gifts in (a) and (b), being specific legacy, are subject to ademption. This means that the beneficiaries will lose the gifts if they are not part of the estate at the time of the death of the testator. A!so, the gift of the house to the would require an assent to be issued to him by the personal representatives.
3 MARKS
C. The estate in clause (i) is residual legacy. This covers all assets not Speciiically gjveen out by the testator; those not mentioned in the Will;, those Properties the testator may have acquired after writing of the Will and those accruing to the estate after the death of the testator (including failed gifts).
5 MARKS
Commement of he Will of Prof. Adomiua
THIS IS THE LAST WILL/TESTATMIENT of me, PROFESSOR ADOMINA of No. 184, Gambari Crescent, Ilorin, Kwara State, made this…day of…
2 MARKS
Execution and Attestation Clauscs
SIGNED by theTestator, Professor Adomina——————-in our joint presence of us who in his presence and that of each other later attested our names as witnesses
_________________________
PROF. ADOMINA
TESTATOR
_________________________
Mr. Salaudaeen Ahmed
(Witness)
_________________________
Mr. Motumi Yamufu
(Witness)
3 MARKS
c. I DECLARE that Mr. Baruna Saleh, being a legal practitioner shall be entitled to his charges and be paid his usual professional fees for work done, time spent and services rendered by him in the administration of my estate.
2 MARKS
f. Check List of Information that may be required from Prof. Adomina
Particulars oftestator
Existing will
Marital status
Beneficiaries.
Executors
Witnesses
Composition of estate
Survivorship
solicitor’s remuneration
Funeral arrangement
Debts and liabilities.
Residuary estate
Properties disposed to take effect at death
Properties given out inter vivos
List of realties
Particulars of shares and other chose in action
Priorities in beneficiaries
manner of distribution
Alternative beneficiaries
(Any 10). 5 MARKS
g. If Prof, Adomina died intestate, his next-of-kin will apply for letters of administration.
1 MARK
QUESTION 5
(i) The requisitions that could be raised are
What is the relationship between No 23, New Layout, Lekki Extension, Lagos, and Plot 45/47, Adamson Street, Ajah, Lagos?
How did Mrs. Priscillia Kamil become entitled to the property?
Has the mortgage to First Bank Plc been discliarged? If so, can the evidence of discharge be inspected?
How did Felix Demian acquire title to the property?
How did the title to the property vest in Professor Nicholas Dingham?
Has the Will been admitted to probate?
(ANY THREE) 1½ MARKS
(ii)The document that Constiiutes authority for the executrices to sell the property is the probate.
1 MARK
INTRODUCTORY AND CONCLUDNG PART OF DEED OF ASSIGNMENT
Introductory part
THIS DEED OF ASSIGNMENT is made this …….. day of……………., 20.. BETWEEN:
Mrs. Bukola Muibi of 1No.3, Ikosi Road, Lagos and Mrs. Tinuade Temitope of 293, Agage Motor Road, Lagos (Executrices of the Estate of Prof. Nicholas Dingham (Deceased) (‘the Assignors) of the one part;
AND Safe Trust Bank Nigeria Limited, a company incorporated under of the Companies & Allied Matters Act, Cap C20, Laws of the Federation of Nigeria, 2004, and having its registered office at Plot 366, Ahmadu Bello Way, Victoria Island, Lagos (The Assignee) of the other part. WHEREAS/ BACKGROUND/ THIS DEED RECITES
2½ MARKS
Concluding part
In witness of Which the parties have executed this Deed in the manner below the day and year first above written.
OR
In wtiness of wlhich the Assignors have set their hands and seals and the Assignee has caused itS Common seal to be affxed in the manner below the day and year first above written.
½ MARK
SIGNED, SEALED& DELIVERED by the within-named ASSIGNOR: _______________________________
MRS. BUKOLA MUIBI
IN THE PRESENCE OF: NAME: ……………………………………………………… ADDRESS: ……………………………………….. OCCUPATION:…………………………………………….. SIGNATURE:…………………………………………………………….
THE COMMON SEAL of Safe Trust Bank Limited was affixed to this Deed and this deed was duly delivered
In the presence of:
………………………………. ………………………………..
DIRECTOR. SECRETARY
3 MARKS
In witness of Which the parties have executed this Deed in the manner below the day and year first above written.
OR
In wtiness of wlhich the Assignors have set their hands and seals and the Assignee has caused itS Common seal to be affxed in the manner below the day and year first above written.
½ MARK
SIGNED, SEALED& DELIVERED by the within-named ASSIGNOR: _______________________________
MRS. BUKOLA MUIBI
_______________________________
Tinuade Temitope
IN THE PRESENCE OF:
NAME: ………………………………………………………
ADDRESS: ………………………………………..
OCCUPATION:……………………………………………..
SIGNATURE:…………………………………………………………….
SIGNED, SEALED& DELIVERED by the within-named Lessee through her attorney, Prince Ruffy and Willy by virtue of a Power of Attorney dated the……… day of……..20… and registered as No…..Page….. Volume…….. at the land Registry in Lagos State.
_______________________________
PRINCE RUFFY
IN THE PRESENCE OF:
NAME: ………………………………………………………
ADDRESS: ………………………………………..
OCCUPATION:……………………………………………..
SIGNATURE:…………………………………………..
(1) Rent Review clause is included because it enables the lessor take advantage of capital appreciation of the property and charge accordingiy.
1 MARK
(ii) Option to renew clause is included:
a. To ensure that the tenant is given a fresh lease of the same property at the expiration oi the current lease subject to terms to be agreed upon.
b. To prevent the leşsor from letting out the property to another person at the end of the curent lease.
1 Mark
vi.
Taxes payable are
a. Capital Gain Tax
b. Personal Income Tax
C. Land Use charge.
d. Stamp Duties.
e. Cosent fee
f. Registration fee
g: Value Added Tax
1 MARK. ANY FOUR
QUESTION 6.
(i) The document that should be executed to enable Mr. Akanji Clement act on behalf of the family is a Power of Attorney
1 MARK
(ii)
1 Commencement clause
2. Appointment clause
3. Power clause.
4. irrevocability clause
5. Testimonium
6. Execution and Attestation clause
(ANY FOUR) 1 MARK
(b)
H
THIS DEED OF ASSIGNMENT is made this …….. day of ……………., 20..BETWEEN: CHIEF AJAGBE CLEMENT (Head of family), Mrs. ABIKE SOLOMON (principal member) AND MR. AKANJI CLEMENT (principal member) (for themselves and as representatives of Clement Olowolafe Family (Assignees) of the one part. AND
The Registered Trustees of Good Governance initiative
body registered under Part C of the Companies & Allied Matters Act, Cap C20, Laws of the Federation of Nigeria, 2004, and having its registered office at ……… (Assignee) of the other part.
WHEREAS/BACKGROUND/THIS DEED RECITES AS FOLLOWS:
3 MARKS
CONCLUDING PART.
In Witness of which the parties have executed this Deed, in the manner below tthe day and year written above.
OR
In Witness of which the parties have set thet hands And seals and the assignees have causecd their common seal to be affixed the day and year first above written
1 MARK
SIGNED, SEALED AND DELIVERED by the withir named Assignors
………………………………
Chief Ajagbe Clement
Family Head
………………………………
MrS Abike Solomon
Principal Member
………………………………
Mr. Akanji Clement.
Principal Member
IN THE PRESENCE OF:
NAME: ………………………………………………………
ADDRESS: ………………………………………..
OCCUPATION:……………………………………………..
SIGNATURE:…………………………………………..
2 MARKS
THE COMMON SEAL of The Registered Trustees ot Good Governance Initiative
was affixed to this Deed and this Deed was duly delivered In the presence of
………………………………. ……………………………
TRUSTEE TRUSTEE
2 MARKS
(ii)
Where a land belonging to a family is sold without the consent of
Head of the family, the sale is void. EKPENDU v.ERIKA. Where
the head of family conscnted to the sale of the family property, such
sale Valid even if he did not sign the transfcr document. ln this Case,Chief Ajagbe Clement participated in the sale transaction but was unable to sign the deed of assignment due to his absence on ground of I’ll health. The sale was therefore made with his consent. The sale is valid despıte thathe did not sign the deed of assignment.
2 MARKS
(c) Steps to be taken to perfect the transaction are: the family will apply for governor’s consent, stamping of the deed of mortgage and registration of the deed at the land registry, Lagos.
1½ MARKS
(d) My answer would be different. First, the consent of the, Minister of the FCT would be sought instead of that of the governor. Also, the, company Will file the necessary forms at the Corporate Affairs Commission.
1 MARK
(e) The bank can grant additional loan of N50 million to Adzy Nigeria Ltd using the same property as security provided the value of the property is able to cover both loans. However, the bank would have to up-stamp the instrument to cover the additional loan
1 MARK
