By Huldah Shado
The Lagos Division of the Court of Appeal has ruled in favor of Alhaji Agboola Abiola, son of the late MKO Abiola, in a high-profile property dispute involving a 44-room mansion valued at N30 billion on Queens Drive, Ikoyi, Lagos.
The appellate court overturned a 2013 Federal High Court judgment that had permitted Guaranty Trust Bank (GTBank), to foreclose on the property.
In its decision, the court declared that the mortgage document presented by GTBank was defective and did not confer any legal ownership rights.
According to the court, the mortgage agreement lacked the signature of Alhaji Abiola and contained handwritten alterations at the footer, which were absent from other pages of the document.
These irregularities rendered the mortgage invalid, the court ruled, and incapable of transferring any interest in the property to GTBank.
The judgment also discharged all encumbrances and claims GTBank had levied on the property in favor of RCN Networks Ltd, a company linked to the Abiola family.
This legal victory is seen as a major win for the family and a landmark decision on the importance of proper documentation in mortgage transactions under Nigerian law.
Senior Advocate of Nigeria Dr. Charles Adeogun-Phillips represented the Abiola family, while GTBank was represented by Mr. Norrison Quakers, SAN.
