10 things to know about N4.2bn damage

In a notable legal battle, boxing legend Floyd Mayweather Jr. has been ordered to pay N4.2 billion in damages to Nigerian company Zinni Media Concept Limited.

The ruling stems from a breach of contract regarding scheduled appearances in Africa. Here are the top ten things you need to know about this high-profile case:

•  The dispute began when Zinni Media Concept Limited contracted Floyd Mayweather Jr. in 2017 for appearances in Nigeria and Ghana. Mayweather failed to honour the agreement, cancelling without cause and refusing to return the advance payment.
•  Zinni Media had paid Mayweather a significant advance, which was not refunded despite the cancellation of the event, leading to legal action.
•  The Nigerian company sought compensation for breach of contract, unjust enrichment, and fraud, claiming they were “violated and robbed” when Mayweather cancelled.
• Mayweather’s legal team initially argued that because Zinni Media was not based in the U.S., they were under no obligation to refund the payment made.
• In October 2023, a lower court in California ruled in favour of Zinni Media, ordering Mayweather to pay $1.6 million in damages, plus interest and legal fees, totalling $2.3 million (N4.2 billion).
• Mayweather appealed the decision, but on August 27, 2024, the California Court of Appeal upheld the ruling, rejecting Mayweather’s defence.
•  Despite the rulings, Mayweather has yet to pay the full judgement amount, which continues to accrue interest at a rate of 10% per annum.
• To enforce the judgement, Zinni Media’s legal team, according to a statement from the firm, has targeted Mayweather’s luxury assets, including a 2015 Bugatti GSV and a 2015 Ferrari LaFerrari Aperta, which exceed the value of the owed amount.
• Zinni Media claims that Mayweather not only breached the contract but overstated his net worth, complicating the legal process and enforcement of the judgement.
•  With multiple legal challenges overcome, Zinni, according to a statement signed by Alex Nwankwo, who is the company’s media executive, is prepared to enforce the judgement, including seizing Mayweather’s assets if necessary, to recover the N4.2 billion owed.
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