He overstated his net worth , US Court orders Floyd Mayweather to pay Nigerian firm N4.2bn
A United States appeal court has upheld a decision directing former world champion Floyd Mayweather Jr. to reimburse Nigerian firm Zinni Media Concept Limited for N4.2 billion in damages due to fraud and breach of contract.
The company’s media chief, Alex Nwankwo, issued a statement stating that the appellate court upheld the lower court’s finding that Mayweather had broken a contract.
The agreement required Mayweather to make appearances in Africa, including Nigeria, in June 2017. However, Mayweather failed to fulfil his contractual obligations, cancelled the agreement without cause, and refused to refund the advance payment made by Zinni Media.
Prince Donatus Okonkwo, CEO of Zinni Media Ltd, initially sought only reimbursement for the deposits paid.
However, Mayweather’s legal team argued that, since the company was not based in the U.S., they were not obligated to issue a refund.
Feeling “violated and robbed,” Zinni Media pursued legal action in 2018, alleging breach of contract, unjust enrichment, and fraud
On October 31, 2023, a lower court ruled in favour of Zinni Media, ordering Mayweather to pay $1,638,542 in damages, $721,881.32 in prejudgment interest, $16,270 in attorney fees, and $285 in costs.
Mayweather appealed the decision, but on August 27, 2024, the California Court of Appeal upheld the lower court’s ruling.
The judgment was confirmed by court documents dated August 27, 2024, and signed by Eva McClintock, Clerk of the Court of Appeals of the State of California.
Despite the ruling, Mayweather has yet to pay the judgement, which continues to accumulate interest at a rate of 10% per annum.
In response, the court has instructed attorneys in the U.S. to target Mayweather’s 2015 Bugatti GSV or his 2015 Ferrari LaFerrari Aperta, both valued higher than the judgement amount, as part of the enforcement process.
Zinni Media noted that they had successfully overcome multiple legal challenges from Mayweather’s team and were prepared to proceed with enforcing the judgement.