Abacha family property dispute: Parties urged to return to arbitration

The Abacha family and the developer involved in a Joint Venture (JV) Agreement for property at No. 68, Molade Okoya Thomas Street, Victoria Island, Lagos, are urged to adhere to the court process and return to arbitration, according to Segun Awosanya, Institutional Reforms Advocate and founder of SIAF. Awosanya expressed concern over the trajectory of the civil dispute that began in 2021 when the JV arrangement commenced, with the developer arriving at the site in 2022.

The project faced challenges from the outset due to encumbrances on the property, such as unpaid land use charge and occupying tenants who resisted eviction. The developer took on these liabilities, including costs for tax clearance and securing vacant possession, as additional investments. The land had been on the market for five years before the JV agreement, with the Abachas requiring a N100 million premium to proceed.

Awosanya alleged that the Abachas marketed the land to Zenith Bank while construction was underway and that the certificate of occupancy went missing. He claimed the family granted the developer power of attorney, which they later obstructed from registration at the Lagos State Land Bureau. The land was initially valued at N400 million, with the developer investing over N17 billion since then, based on potential earnings from the completed development worth N9 billion.

Awosanya noted the matter was before a competent court and recommended arbitration. He expressed concern over an ex parte order made without full disclosure, which appointed a receiver/manager over the development. Awosanya argued that such orders based on incomplete information were inconsistent with the duty of candour owed to the court and constituted an abuse of court process.

He also addressed the increasing publicity celebrating the ex parte order and vowed to address the issue in the coming week. Awosanya called on all parties to respect the court process, return to arbitration, and protect the investment, which he stated was already delivering value to all stakeholders.