By Ado Oyeyemi
A media analyst, Ujah David Abakpa, has called on members of the Abacha family and the developer handling their joint venture property in Victoria Island, Lagos, to return to arbitration and allow the legal process to resolve the dispute.
The dispute centres on the property located at No. 68, Molade Okoya Thomas Street, off Ajose Adeogun Street, Victoria Island, which is being developed under a Joint Venture Agreement between the family and the developer.
Abakpa, in a statement, said he had followed the dispute with concern, urging both parties to avoid actions that could further jeopardise the development and the investments already committed to the project.
He said the joint venture agreement was entered into in 2021, while the developer commenced work on the site in 2022, adding that the project encountered several challenges from the beginning.
According to him, the property had existing encumbrances, including outstanding land use charges and tenants who resisted efforts to obtain vacant possession.
Abakpa alleged that the developer subsequently took responsibility for the liabilities associated with the property, including the payment of accumulated taxes owed to the Lagos State Government and the cost of securing vacant possession.
He also claimed that the property had been offered for sale for about five years before the joint venture was reached, adding that the landowners demanded a N100m premium as part of the agreement.
The analyst further alleged that the property was later marketed to Zenith Bank despite the developer having commenced construction, while the certificate of occupancy was subsequently reported missing.
He said the circumstances eventually led to the Abacha 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,” he said.
Abakpa said the property was valued at about N400m when the joint venture agreement was executed, representing the contribution of the landowners to the partnership.
He claimed that the developer had since invested more than N17bn in the project, noting that the value of the investment had been affected by changes in the economy following the removal of the fuel subsidy in 2023.
According to his estimates, the landowners could potentially earn about N9bn from their stake in the completed development.
The analyst noted that the dispute was already before a competent court and that arbitration had been recommended as a means of resolving the disagreement.
He, however, expressed concern over an ex parte order which he alleged was obtained without the disclosure of material facts 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,” Abakpa said.
He argued that parties seeking judicial orders had a duty to make full disclosure to the court, maintaining that failure to do so could undermine the judicial process.
Abakpa also claimed that previous attempts to stop construction at the site, including the involvement of security agencies, were found to have no legal basis.
He expressed concern about what he described as increasing publicity surrounding the ex parte order, saying he intended to provide further clarification on the matter.
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The analyst urged the Abacha family and the developer to respect the court process, return to arbitration and protect the investment, which he said could deliver substantial value to all parties, including the landowners.
