Nigerian billionaire, Prince Arthur Eze, 62, is currently faced with a legal battle which may have him shelling the sum of £1 million in compensation bill to a British couple after he pulled out of a deal to buy the couple’s seven-bedroom home.
The Nigerian oil magnate was reported to have agreed to a sum of £5 million in payment for Richard and Deborah Conway’s mansion in Mill Hill.
The contract was reported to have been exchange in August 2015 before the Nigerian businessman pulled out of the deal which caused the Conways to take out an expensive bridging loan to complete their move to a new home in Cambridgeshire.
The couple were reported to eventually have found a new buyer for the home for £4.2 million.
The case which was called upon on Friday before the High Court Judge Andrew Keyser was ruled upon in favour of the couple as the court stated that they were due an £800,000 compensation along with a six-figure sum in costs which will see the total rise to at least £1 million.
The judge in his ruling said: “Prince Eze had signed.
He continued: “The only contractual term that remained outstanding was the completion date.”
Conway, 62, told the court he and his wife were approaching retirement and had wanted to “pay off” all their “debts and start again” when the deal was struck with Prince Arthur through a “go-between”
Eze however claimed the contract was void because the middleman took a “secret commission” from the fee charged.
He further added that he hadn’t seen the house before making an offer and putting a £500,000 deposit down.
He however claimed that he “thought something funny was going on” and pulled out.
The judge however maintained that Prince Eze’s £500,000 deposit would count towards the damages payment.