Crime

See Reasons US Court Orders Floyd Mayweather to Pay Nigerian Firm Zinni Media N4.2 Billion

Published by Tope Fakinlede on October 6th, 2024.

See Reasons US Court Orders Floyd Mayweather to Pay Nigerian Firm Zinni Media N4.2 Billion

In a significant legal ruling, an appellate court in the United States has upheld a lower court’s decision requiring former world champion Floyd Mayweather Jr. to pay N4.2 billion to Zinni Media Concept Limited, a Nigerian company, due to a breach of contract and fraud.

According to a statement from Zinni Media’s media executive, Alex Nwankwo (AlexReports), the appellate court supported the earlier ruling that found Mayweather guilty of violating the terms of an agreement. The company expressed satisfaction with the court’s decision.

The contract in question involved Mayweather making multiple appearances in Africa, including a scheduled event in Nigeria in June 2017. However, Mayweather failed to honor the agreement, terminating it without cause and neglecting to refund the advance payment made by Zinni Media.

Initially, Zinni Media’s CEO, Prince Donatus Okonkwo, sought only reimbursement of the deposits, but Mayweather’s legal team suggested that because Zinni Media was not based in the U.S., he was not obligated to make any refunds.

Feeling wronged, Zinni Media sought legal counsel in the U.S. to pursue their claims. After multiple unsuccessful attempts to recover the appearance fees, the company filed a lawsuit against Mayweather in 2018, citing breach of contract, unjust enrichment, and fraud. The statement noted their gratitude for the two court rulings that supported their claims against Mayweather.

On October 31, 2023, a lower court ordered Mayweather to pay Zinni Media $1,638,542 in damages, along with additional fees and costs. Mayweather appealed the decision, but on August 27, 2024, the California Court of Appeal upheld the lower court’s ruling.

Court documents from the California Court of Appeals confirmed the judgment, with reference number (Second Appellate District, Case No. B334403; County Super. Ct. No. 19VECV00170). Zinni Media was represented by Okeke & Associates, while Mayweather’s defense was provided by Eisner LLP.

Despite the finality of the ruling, Mayweather has yet to comply with the payment, which continues to accrue interest at 10% per year. In response, the court has authorized U.S. attorneys to target Mayweather’s luxury vehicles, including a 2015 Bugatti GSV and a 2015 Ferrari LaFerrari Aperta, both valued significantly above the judgment amount.

Zinni Media’s statement noted their confidence in enforcing the judgment, citing past victories over Mayweather’s legal team. They also indicated that forensic investigations have revealed a substantial number of Mayweather’s assets, which may contradict his claimed net worth.

In a light-hearted moment, Prince Okonkwo remarked on the prospect of securing the Bugatti or Ferrari, saying, “These are very fast cars, but there are no good roads to drive them on in Nigeria.”

Prince Okonkwo is a well-known business figure, a former candidate for governor of Anambra, and currently serves as the Honor