Abacha Family Property Dispute: Analyst Seeks Amicable Resolution

A media analyst, Ujah David Abakpa, has urged members of the Abacha family and the developer involved in a joint venture over a property in Victoria Island, Lagos, to respect the court process and explore arbitration to resolve their dispute.

The dispute concerns a property at No. 68 Molade Okoya Thomas Street, off Ajose Adeogun Street, Victoria Island.

In a statement, Abakpa said the disagreement highlighted the complexities that can arise from property development agreements and the importance of resolving contractual differences through established legal processes.

He said the joint venture arrangement began in 2021, while the developer moved to the site in 2022.

According to Abakpa, the project involved challenges relating to the property, including outstanding land use charges, existing tenants and the costs associated with preparing the site for redevelopment.

He said the developer had reportedly undertaken financial commitments connected with the project, including expenses relating to outstanding charges and securing vacant possession.

Abakpa also said the parties’ agreement involved a land valuation of approximately ₦400 million at the time the arrangement was reached.

He claimed the developer had subsequently invested more than ₦17 billion in the project, attributing part of the reported increase in costs to economic changes following the removal of the fuel subsidy in 2023.

He further estimated that the landowners’ stake in the completed development could be worth approximately ₦9 billion, although the figures would require assessment against the relevant contractual and financial records.

Abakpa acknowledged that the dispute was before a competent court and urged the parties to respect the ongoing proceedings.

He also called on them to consider arbitration as a means of resolving their differences, where appropriate under their agreement and the applicable legal framework.

He stressed the importance of allowing the relevant documents, contractual terms and evidence to guide the resolution of the dispute.

Abakpa said a constructive approach could help the parties protect their respective interests and limit further uncertainty surrounding the development.

He urged both sides to pursue a lawful and timely resolution that takes account of their contractual obligations and the investment involved in the project.