American former professional boxer Floyd Mayweather is to pay the sum of ₦4.2 billion in damages against Nigerian company, Zinni Media Concept Limited, over breach of contract and fraud. He was, based on a 2017 agreement, expected to make a series of appearances in several African countries, including Nigeria, but unilaterally called off without refunding the advance payment.
Notwithstanding an appeal by Mayweather to escape liability, the judgment was affirmed by the California Court of Appeal. In the words of the media executive of Zinni Media, Alex Nwankwo, “After several unsuccessful attempts to recover the appearance fees from the American boxer, the company instituted legal action against Mayweather in 2018, alleging breach of contract, unjust enrichment, and fraud”.
He now faces the possibility of losing prized assets to satisfy the judgment, among them his prized Bugatti and Ferrari. Nwankwo, of Zinni Media, said, “We are committed to ensuring the enforcement of the judgment. Mayweather cannot escape this.” Interest continued to mount at 10% annually as the firm pursues the recovery of the debt owed.
