The High Court sitting in Ifo, Ogun State, has ordered an accelerated hearing in a suit arising from an alleged breach of contract over the proposed sale of the assets of Dolphin Steels Limited, which is currently in receivership.
The suit, marked HCF/146/2026, was instituted by Prodigy Finance Limited against the receiver-manager of Dolphin Steels Limited, Olugbenga Ajala, and Zenith Bank Plc.
Ruling on Monday, Justice Ogunfowora declined the claimant’s application for an interlocutory injunction but directed that the substantive suit proceed on an accelerated basis to enable the issues in dispute to be determined on their merits.
The court observed that although Prodigy Finance had pleaded that the principal contractual sum under the disputed agreement had been refunded, its claims for damages arising from the alleged breach of contract remained live issues requiring determination at trial.
In the interest of justice, the judge abridged the time within which the defendants are to file their respective statements of defence to 21 days, while the claimant was given seven days to respond to the defence, if necessary.
The matter was subsequently adjourned to September 7, 2026, for the commencement of the pre-trial conference.
The dispute centres on an agreement for the sale of the assets of Dolphin Steels Limited located in Papalanto, Ifo Local Government Area of Ogun State.
Prodigy Finance is seeking, among other reliefs, an order of specific performance of the agreement, alleging that the defendants breached the contract.
At an earlier hearing on July 23, counsel to the claimant, Oluwatosin Olumakin, had urged the court to restrain the defendants from dealing with, disposing of or otherwise interfering with the assets pending the determination of the substantive suit.
The application was moved in the absence of the defendants, who were not represented in court.
After confirming that hearing notices had been duly served and noting that the defendants were already out of time to respond to the application, Justice Ogunfowora reserved ruling until August 3.
In the ruling, however, the court declined to grant the interlocutory relief sought, holding instead that the substantive case should proceed expeditiously so that the competing claims, particularly the demand for damages arising from the alleged breach of contract, could be fully considered at trial.
The court’s accelerated timetable is expected to bring the dispute concerning the proposed sale of Dolphin Steels Limited’s assets closer to substantive determination.