Abacha family property dispute: Parties urged to return to arbitration

A media analyst, Ujah David Abakpa, has urged members of the Abacha family and the developer engaged under a Joint Venture (JV) Agreement for their property at No. 68, Molade Okoya Thomas Street, off Ajose Adeogun Street, Victoria Island, Lagos, to respect the court process and return to arbitration.

Abakpa, in a statement, said he had followed with growing concern the trajectory of the civil dispute between members of the Abacha family and the developer over the property.

He said the JV arrangement began in 2021, while the developer moved to site in 2022, adding that, from his understanding of the record, the project had faced obstacles from the outset.

According to him, the property carried encumbrances, including years of unpaid land use charge and sitting tenants who resisted eviction.

According to Segalink, the developer absorbed the liabilities, including the cost of clearing all accrued taxes owed by Mrs Mariam Abacha to the Lagos State Government on the land and securing vacant possession, as additional investment and liabilities.

Abakpa said the land had been on sale in the property market for five years before the JV agreement, adding that the landowners also required a premium of N100 million to conclude the agreement.

He alleged that the Abachas marketed the land to Zenith Bank even after the joint venture partner had commenced construction and that the certificate of occupancy was subsequently reported missing.

According to him, the development forced the family to grant the developer power of attorney, which he said the Abachas subsequently obstructed from being registered at the Lagos State Land Bureau.

“All these intrigues were documented,” he said.

Awosanya said the land was valued at approximately N400 million at the time of the agreement, which represented the landowners’ contribution.

Since then, he said in his finding, the developer had reportedly invested over N17 billion, a figure he attributed in part to the economic changes that followed the removal of the fuel subsidy in 2023.

He added that, by the same estimates, the landowners’ stake in the completed development was worth a projected N9 billion in potential earnings.

Abakpa noted that the matter was before a competent court and that arbitration had been recommended.

He, however, expressed concern over an ex parte order which, according to him, did not disclose material facts to the court and resulted in the appointment of a receiver/manager over the development.

“Respectfully, I believe the order was made on an incomplete picture and should be set aside,” he said.

He argued that obtaining such orders without full disclosure was inconsistent with the duty of candour owed to the court and amounted to an abuse of court process.

Abakpa also said earlier efforts to halt work on the site, including through the deployment of security agencies, were found to lack legal basis.

He further expressed concern over what he described as a growing volume of publicity celebrating the ex parte order, saying he would address the issue in the coming week.

He called on all parties to respect the court process, return to the arbitration route and protect the investment, which he said was already delivering substantial value to all sides, including the landowners.