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.
Same Segalink that was chased out of Twitter? Maryann no enter 1 chance with this short maltex bottle o
ReplyDeleteZenith don buy all the lands and houses for Ajose Adeogun finish
ReplyDeleteInfact, that road should be named Zenith road 😊
DeleteAll these developers sef...person wey put property for their hands should be very careful.
ReplyDeleteThey are treacherous! Na wah ooo
DeleteThem No Dey Hear Abeg oooo
DeleteNa woooo
Such A Pity
This man money too long even after death
ReplyDeleteNa Nigeria money..short man devil..
DeleteThe same thing will happen to the families of our politheifians after their deaths.
ReplyDeleteStolen bread is sweet but will later turn to gravel in their mouth.
This matter no small at all. Family property plus joint venture most times if not always dey cause wahala. From wetin I read and understand, the developer don put over 17 billion while the land wey Abacha family contribute na only about 400 million. Once money don enter like that, disagreement go definitely show.
ReplyDeleteIn my personal opinion I go say make dem just go back to arbitration and respect the court process. All these ex parte order and drama no go help anybody for long run. The investment don already go far, so better make everybody calm down and protect wetin dem don build so the family too fit still benefit.
This one na also big lesson for people wey dey give out family land for joint venture. Once construction start and money enter, e hard to reverse.
Hopefully, the parties can find common ground.
DeleteAt this point, if a developer is too nice, too pushy, and too perfect, run. Do your search, verify at the land registry, and never pay without a real lawyer. They come with fine suits, sweet grammar, Instagram pages full of drone shots, and 3D designs. They promise you affordable payment plans, free documentation, and instant allocation. They act like they are helping you secure your future. They are the new thieves now. They act like they are helping you while they take what you own from you. Hian!🙄😒🙄
ReplyDeleteYou know them finish. Someone told me about 2 houses they have planned to develop...those houses are still sitting stiff after 5 years, no work, nothing. Very cunning people 🤣🤣
DeleteThats our money that you stole from us. Stella keeps pushing these reprobates in our faces. I dont know why
ReplyDeleteNigerians wealth
ReplyDelete