Court Takes Charge of Late Billionaire Akindele’s Estate Amid Will Dispute
- A Lagos High Court stepped in to take control of Chief Labode Akindele's estate after his first son filed a suit challenging the validity of his Will
- Oladipo Akindele sued 16 defendants, including widows, children, and court registry officials, claiming the Will did not comply with applicable Wills Law
- The Administrator-General was ordered to submit quarterly reports to the court while the substantive case over the disputed Will continues
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
A Lagos State High Court has placed the estate of late industrialist Chief Labode Oladimeji Akindele under the management of the Lagos State Administrator-General, after a legal challenge was raised over the validity of his Will.
Justice Tanimola Anjorin-Ajose issued the order on an interim basis, pending the full hearing and resolution of a suit brought by the deceased's first son, Mr Oladipo Alade Akindele, who is contesting the Will's legitimacy.
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Chief Akindele, an Ibadan-born businessman and Parakoyi of Ibadan, died on June 29, 2020, at his Lagos residence. He was 88.
Why the Estate Went to Court
Oladipo filed the suit against 16 defendants, among them his late father's widows, other children, relatives, associates, and officials of the Lagos State High Court Probate Registry. He is asking the court to declare the Will entirely invalid, arguing that it failed to meet the requirements set out under the applicable Wills Law and should not be used to guide the distribution of the estate.
At the centre of the court's concern was the risk that estate assets, including properties generating rental income, could be mismanaged or depleted while the legal battle drags on. Oladipo told the court that rental income from some of the properties had not been properly accounted for, and that unpaid rents had accumulated because no effective administrator was in place.
Defendants Push Back, Court Rules
Several defendants challenged the application, disputing the court's jurisdiction and arguing that properties forming part of the estate had not been properly identified. They also described parts of Oladipo's affidavit as vague and questioned whether Lagos State courts had authority over assets located outside the state and possibly beyond Nigeria.
Justice Anjorin-Ajose dismissed the objections at the interim stage, ruling that the court's immediate obligation was to protect the estate from potential waste while the core dispute is being heard.
The judge noted that with no executor or administrator in place and the Will itself under legal challenge, granting the application was the appropriate course.
The Administrator-General has been directed to file quarterly reports with the court and to act under its supervision. All parties have been ordered to cooperate with the interim administrator.
Source: Getty Images
The appointment does not resolve the question of whether the Will is valid. That issue remains before the court as the substantive case proceeds.
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Full details of the court judgment can be downloaded here.
Court orders Nigerian oil billionaire to pay twin daughters $43.51 million
In a related development, Legit.ng reported that a Federal High Court has ordered Oriental Energy, a leading oil company founded by billionaire Muhammadu Indimi, to pay $43.51 million to his twin daughters in a dispute over company dividends.
The ruling, reported by The Africa Report, was a major win for Ameena and Zara Indimi, who argued they were unfairly excluded from a dividend pool tied to Oriental Energy’s offshore earnings.
According to the sisters, they are entitled to a combined 10% stake, which should have entitled them to a share of roughly $435.1 million( over N588 billion) in dividends.
Source: Legit.ng
