An appellate court in California has upheld a ruling ordering boxing legend Floyd Mayweather Jr. to pay N4.2 billion (equivalent to $5.3 million) in damages to Nigerian firm Zinni Media Concept Limited.
The judgement stems from a breach of contract dispute dating back to 2017.
The case, which has attracted significant attention due to Mayweather’s global fame, revolves around the boxer’s failure to honour a business agreement with Zinni Media, a Nigerian-based company.
Mayweather had initially agreed to appear in a series of events across Africa, including one in Nigeria.
However, the American boxer backed out of the agreement without cause, leading to a lengthy legal battle that has now reached its conclusion.
A Deal Gone Sour
In 2017, Zinni Media Concept Limited entered into a contract with Mayweather for a series of appearances in African countries, including Nigeria and Ghana.
The deal was set to elevate both parties’ profiles, with Mayweather making high-profile appearances at events sponsored by the Nigerian firm.
Zinni Media made a significant advance payment to Mayweather, fulfilling its part of the agreement.
But things took a sudden turn when Mayweather terminated the contract without any valid explanation.
The company, led by its CEO Prince Donatus Okonkwo, sought a refund of the advance payment.
Instead of cooperating, Mayweather’s legal representatives at the time claimed that Zinni Media, being a Nigerian-based company, was not entitled to a refund under U.S. law.
Feeling “violated and robbed,” Zinni Media pursued legal action to recover their funds.
After unsuccessful attempts to resolve the matter amicably, Zinni Media took Mayweather to court in 2018.
The company accused the boxing champion of breach of contract, fraud, and unjust enrichment.
The Legal Battle Begins
The lawsuit against Mayweather was filed in a California court in 2018.
Zinni Media sought damages for the losses incurred from the failed deal and the alleged unjust enrichment Mayweather received from the advance payment.
The legal team representing Zinni Media, led by Patrick I. Okeke of Okeke & Associates, worked tirelessly to present their case, highlighting Mayweather’s refusal to honour the agreement or return the funds.
The legal battle continued for several years, with Mayweather’s defence team, represented by Jeremiah Reynolds and Benjamin Kassis of Eisner LLP, arguing that the Nigerian firm was not entitled to a refund under U.S. law.
However, both the trial court and appellate court disagreed with Mayweather’s defence.
Court Ruling: Mayweather Must Pay
On October 31, 2023, the lower court ruled in favour of Zinni Media.
The total amount of damages stood at over N4.2 billion.
Despite the judgement, Mayweather filed an appeal in an attempt to overturn the ruling.
However, on August 27, 2024, the California Court of Appeal upheld the original decision, ruling in favour of Zinni Media.
Court documents signed by Eva McClintock, Clerk of the Court of Appeals of the State of California, confirmed the judgement, which stands as final.
The documents, referenced as (Second Appellate District, Case No. B334403; County Super. Ct. No. 19VECV00170), solidified Zinni Media’s claim against the former world boxing champion.
Mayweather’s Refusal to Pay
Despite losing the appeal, Mayweather has continued to refuse to pay the judgement amount.
Zinni Media, in a statement released by its media executive Alex Nwankwo, expressed frustration over Mayweather’s refusal to settle the debt.
The company revealed that the amount owed by Mayweather continues to grow at an interest rate of 10% per annum.
In a bid to enforce the judgement, Zinni Media’s attorneys have moved to target some of Mayweather’s high-value assets.
Among the assets being targeted for seizure are Mayweather’s 2015 Bugatti GSV and his 2015 Ferrari LaFerrari Aperta.
Both luxury cars are valued well above the total judgement amount.
“We have already defeated Mayweather and his attorneys on numerous occasions during the proceedings, so the enforcement of the judgement will be duly applied,” Nwankwo said in the statement.
Zinni Media also confirmed that forensic investigators had uncovered more of Mayweather’s assets, further demonstrating that the former boxing champion has the means to settle the judgement.
However, Mayweather has chosen to delay payment, despite his public displays of wealth and success.
In a light-hearted response to questions about whether his lawyers would succeed in securing Mayweather’s luxury cars, Okonkwo joked, “These are very fast cars, but no good roads to drive them on in Nigeria.”
Okonkwo, a businessman with a solid reputation, has shown resilience in pursuing justice for his company.
He is also a former governorship aspirant in Anambra State and currently serves as the Honorary Consul of the Democratic Republic of Congo to Nigeria.
As the founder and chairman of Tetrazzini Group of Companies, Okonkwo has built a name for himself in Nigeria’s business community.
