Abacha family, developer urged to resolve Lagos property dispute through arbitration
By Boye Oyeyemi
An institutional reforms advocate, Segun Awosanya, popularly known as Segalink, has urged members of the Abacha family and the developer handling their joint venture property in Lagos to resolve their dispute through arbitration.
Awosanya made the call in a statement while commenting on the prolonged disagreement over the property at No. 68, Molade Okoya Thomas Street, off Ajose Adeogun Street, Victoria Island, Lagos.
He said the joint venture agreement was entered into in 2021, while the developer commenced construction at the site in 2022, adding that the project encountered several challenges, including outstanding land charges and resistance from tenants who were unwilling to vacate the property.
According to Awosanya, the developer assumed the financial burden of clearing the outstanding liabilities and securing vacant possession, while the landowners allegedly demanded a N100 million premium before the agreement could be concluded.
He further alleged that the property was subsequently marketed to Zenith Bank despite the commencement of construction, while the property’s certificate of occupancy was later reported missing.
Awosanya said the development eventually led to the granting of a power of attorney to the developer, whose registration was allegedly resisted. He valued the landowners’ contribution to the joint venture at about N400 million when the agreement was reached, while the developer had reportedly invested more than N17 billion in the project.
He added that the landowners could potentially earn about N9 billion from their stake in the completed development, noting that the dispute was already before a court and that arbitration had also been recommended.
Awosanya, however, criticised an ex parte order which he claimed resulted in the appointment of a receiver/manager over the development without full disclosure of relevant facts. He urged both parties to respect the judicial process, pursue arbitration and protect the investment in the project.
