Abacha Family, Developer to Return to Arbitration Over Victoria Island Property Dispute
- Segalink raised concerns about a joint venture dispute between the Abacha family and a developer over a property on Victoria Island, Lagos
- The developer reportedly invested over N17 billion in the project, while the landowners' stake is projected to be worth N9 billion upon completion
- Segalink questioned an ex parte court order appointing a receiver over the development, saying it was based on an incomplete picture
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Segun Awosanya, popularly known as Segalink, the President and Founder of the Social Intervention Advocacy Foundation (SIAF), has called on members of the Abacha family and their joint venture development partner to return to arbitration and allow the court process to run its course over a disputed property at No. 68, Molade Okoya Thomas Street, off Ajose Adeogun Street, Victoria Island, Lagos.
Awosanya, in a statement, said he had watched the civil dispute escalate with growing concern, noting that the joint venture arrangement between the Abacha family and the developer was entered into in 2021, with construction commencing the following year.
Source: Twitter
Property dispute: What segalink found
According to Awosanya, the project encountered difficulties from the start.
The land carried outstanding liabilities, including years of unpaid land use charges owed by Mrs Mariam Abacha to the Lagos State Government, as well as sitting tenants who resisted leaving the property.
He said the developer absorbed all these costs, treating them as additional investment.
Awosanya also noted that the land had been on the open market for five years before the joint venture agreement was signed, and that the landowners required a premium of N100 million to finalise the deal.
He further alleged that the Abacha family marketed the property to Zenith Bank after construction had already begun, and that the certificate of occupancy was subsequently reported missing.
He said this development compelled the family to grant the developer power of attorney, which the Abachas then reportedly blocked from being registered at the Lagos State Land Bureau. "All these intrigues were documented," he said.
At the time of the agreement, Awosanya said the land was valued at roughly N400 million, representing the landowners' contribution to the venture.
Since then, he said the developer had invested over N17 billion, a figure he partly attributed to the economic conditions that followed the removal of the fuel subsidy in 2023. He added that the landowners' projected share of earnings from the completed development stood at approximately N9 billion.
Segalink questions ex parte court order
While acknowledging that the matter was before a competent court, Awosanya expressed concern about an ex parte order that led to the appointment of a receiver over the development.
He argued the order was granted without full disclosure of material facts.
"Respectfully, I believe the order was made on an incomplete picture and should be set aside," he said, adding that obtaining such orders without full candour to the court amounted to an abuse of court process.
He also noted that earlier attempts to halt construction through security agencies had been found to lack legal basis.
Awosanya said he would address what he described as a growing volume of publicity celebrating the ex parte order in the coming week.
He urged all parties to protect the investment and resolve the dispute through arbitration.
Source: Legit.ng
