By Ado Oyeyemi
An institutional reforms advocate, Segun Awosanya, popularly known as Segalink, has called on members of the Abacha family and the developer involved in a disputed property in Victoria Island, Lagos, to return to arbitration and allow due process to resolve their differences.
Awosanya, who is the President and Founder of SIAF, made the appeal while expressing concern over the ongoing civil dispute involving the property located at 68, Molade Okoya Thomas Street, off Ajose Adeogun Street, Victoria Island.
He said the joint venture agreement between the Abacha family and the developer was entered into in 2021, while construction commenced in 2022, but the project had encountered several challenges.
According to him, the property had existing liabilities, including years of unpaid land use charges and tenants who resisted efforts to obtain vacant possession.
He said the developer subsequently assumed the financial burden of settling the outstanding obligations and securing possession of the property.
Awosanya further alleged that the property had been offered for sale for about five years before the joint venture agreement was reached, adding that the landowners also demanded a N100m premium as part of the transaction.
He claimed that the Abacha family later marketed the property to Zenith Bank despite the developer having commenced construction, while the property’s certificate of occupancy was subsequently reported missing.
He said the development eventually led to the family granting the developer a power of attorney, which he alleged was later obstructed from being registered at the Lagos State Land Bureau.
“All these intrigues were documented,” Awosanya said.
He put the estimated value of the land at about N400m when the joint venture agreement was executed, describing the amount as the landowners’ contribution to the project.
Awosanya, however, claimed that the developer had since invested more than N17bn in the project, attributing the increase partly to economic changes following the removal of the fuel subsidy in 2023.
He added that the landowners’ interest in the completed development could be worth about N9bn in potential returns.
The advocate said the dispute was already before a competent court, with arbitration recommended as a means of resolving the disagreement. He, however, raised concerns about an ex parte order which he said led to the appointment of a receiver/manager over the development.
Awosanya argued that material facts were allegedly not fully presented to the court before the order was granted, urging that it be reviewed and set aside.
He maintained that parties seeking such orders had a duty to make full disclosure to the court.
He also recalled earlier attempts to stop construction at the site through security agencies, saying those efforts were found to have no legal basis.
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Awosanya urged the parties to refrain from further escalation, return to the arbitration process and protect the investment already made in the development, which he said could provide significant value to both the developer and the landowners.
