A Lagos High Court, Ikeja Division holden at Tafawa Balewa Square Court complex, presided over by Justice Oluyinka  Gbaja-Biamilla, has entered judgement on suit No ID/1478/08 according to the terms of settlement reached and agreed between the Attorney-General of Lagos State (claimant) and Microhall Nigeria Limited, Lasaco Assurance Plc(defendants) in respect of the sum of N1,410,682.00 being  the balance of contract sum  due to Microhall Nigeria Limited (1st defendant) from the claimant. In the said terms of settlement dated October 15, 2009, it was said that on the final installation of the management and indexing of software in the claimant’s office by Microhall Nigeria Limited, the sum of N1, 410,682 remained as unpaid balance of the contract sum to first defendant from the claimant, the subject matter of the suit.
It was further said that a sister company of the first defendant, Armic Associates is indebted to the claimant in the sum of N1, 316,542.  In settling the matter out of court, the parties agreed on the first defendant’s request that the claimant should offset the indebtedness of the sister company Armic Associates which is N1, 316,542 from the amount of N1, 410,682 owed the first defendant by the claimant and pay the balance of N94, 140 to Microhall Nigeria Limited as full and final payment of the debt.
Justice Gbaja-Biamila declared “The court having seen these terms of settlement dated October 15, 2009 as executed by the parties hereto, their respective counsel being witnesses, this court hereby enters these terms as the judgement of this