Abacha family urged to enter arbitration over Lagos property dispute

Segun Awosanya, the President and Founder of SIAF known as Segalink, has called on the Abacha family and a property developer to return to arbitration to resolve a civil dispute regarding a property in Victoria Island, Lagos.

The dispute concerns a joint venture agreement established in 2021 for a property located at 68, Molade Okoya Thomas Street. While the land was valued at approximately N400 million at the start of the agreement, Awosanya claims the developer has since invested more than N17 billion in the project.

Awosanya highlighted several complications, noting that the developer assumed responsibility for existing liabilities, including unpaid land use charges owed to the Lagos State Government and the cost of securing vacant possession from resisting tenants. He further alleged that the Abacha family marketed the property to Zenith Bank after construction had already begun and claimed that the property’s certificate of occupancy was reported missing. Additionally, he alleged that the family obstructed the registration of a power of attorney at the Lagos State Land Bureau.