Metro

GTBank Loses Bid To Reclaim MKO Son’s Lagos Mansion

Published

11 months ago

June 20, 2025

The Court of Appeal, Lagos Division, has overturned a 2013 judgment of the Federal High Court, which allowed Guaranty Trust Bank Plc to foreclose on a N30bn 44-room mansion in Ikoyi, Lagos, belonging to Alhaji Agboola Abiola, son of the late business mogul and politician, Chief M.K.O. Abiola.

A Certified True Copy of the ruling in Appeal No. CA/L/888/2014, obtained by The PUNCH showed that the appellate court found significant discrepancies in the execution of the tripartite legal mortgage that GTBank relied on to secure the loan.

The unanimous judgment, delivered by Justice Paul Aimee Bassi, with Justices Polycarp Kwahar and Abdulaziz Anka concurring, held that the trial court erred in failing to properly evaluate serious allegations of forgery and fraud raised by the appellants.

The appeal stemmed from a June 20, 2014, decision by the Federal High Court in Lagos, which granted reliefs sought by GTBank in a motion filed on April 8, 2014.

Dissatisfied with the ruling, the appellants, represented by Dr Charles Adeogun-Phillips (SAN), filed a four-ground notice of appeal.

The main issues before the court included whether GTBank had the right to regularise its affidavit after the matter had been adjourned for judgment, whether the trial court rightly granted the bank’s reliefs, and whether a valid legal mortgage existed to justify the bank’s appointment of a receiver over the Ikoyi property.

In his lead judgment, Justice Bassi ruled that the mortgage instrument relied on by the bank was fundamentally flawed and incapable of conferring any right of foreclosure.

While the first appellant, RCN Networks Ltd, acknowledged executing the deed, the second appellant, Agboola Abiola, denied signing it.

He claimed that the execution page bearing his signature had been fraudulently lifted from a different document and inserted into the mortgage deed.

The appellants also accused GTBank of consolidating two separate loans one of N508m and another of N1bn without their consent.

They alleged that after liquidating the shares pledged as collateral under the N508m loan, the bank improperly attempted to use the same execution page to enforce the N1 bn loan.

Meanwhile, police investigations that were conducted yielded inconclusive results.

In one of the reports, arbitration was recommended between the parties, while another dismissed the forgery allegations.

Nevertheless, the appellate court held that such reports could not resolve the lingering doubts surrounding the authenticity of the document in question.

Justice Bassi noted several irregularities in the pagination of the deed.

The main pages were numbered from “2 of 9” to “9 of 9,” while the execution page carried the notation “11 of 17,” indicating that it was likely sourced from an entirely different document.

He criticised the trial court for overlooking these anomalies and focusing solely on the interpretation of Clause 6 of the mortgage deed.

According to the appellate court, a document whose authenticity is in dispute cannot form the basis for adjudicating parties’ rights and obligations.

Justice Bassi held: “The lower court erred by ruling on a document whose authenticity was seriously in question. This appeal succeeds.

“The judgment of the lower court dated June 20, 2014, is hereby set aside. Parties shall bear their respective costs.”
(PUNCH)

Metro

Edo Police Arrest Two Suspected Cultists

Published

15 hours ago

May 27, 2026

Editor

The Edo State Police Command on Wednesday said two suspected cultists were arrested in Ohonre community, off Adolor College Road, Benin.

This was disclosed in a statement by the command Public Relations Officer, Eno Ikoedem, and made available to newsmen electrically.

Ikoedem said the arrest was possible due to operatives response to a distress report concerning the movement and gathering of some suspected cult members within the community.

The statement reads: “The Edo State Police Command has recorded another operational breakthrough following the swift disruption of a suspected cultists’ gathering in Ohonre Community, off Adolor College Road, Benin City.

“On 21st May, 2026, at about 19:00hrs, operatives attached to Ugbowo Division who were on surveillance patrol responded to a distress report concerning the movement and gathering of some suspected cult members within the community.

“Acting promptly on the information, the police team mobilized to the location. On sighting the operatives, the suspects fled in an attempt to evade arrest. The operatives immediately gave them a hot chase, leading to the arrest of two suspects identified as Victor Peter ‘M’, 21 years and Iyemoma Ogbewe ‘M’, 35 years.

“A search conducted on the suspects led to the recovery of one cut-to-size gun believed to have been in their possession for unlawful purposes.

“Upon investigation, the suspects confessed to being members of the notorious Maphite cult group. Efforts are ongoing to identify and apprehend other fleeing gang members.”

She said the Commissioner of Police, Monday Agbonika, commended the swift response of the operatives and reiterated the Command’s resolve to deny criminal elements any opportunity within Edo State.

He further urged residents to continue providing timely and credible information to the Police, assuring that all reports would receive prompt attention.

Metro

Troops Eliminate Two Terrorists, Foil Pipeline Attack

Published

2 days ago

May 26, 2026

Editor

The Nigerian Army says troops have, in the last 24 hours, eliminated two terrorists, rescued four kidnapped victims and foiled pipeline attacks in a series of coordinated military operations across Taraba, Kogi and Rivers.

This is contained in operational updates issued to reporters on Tuesday in Abuja.

According to the reports, troops of 93 Battalion deployed at Akate in the Donga Local Government Area of Taraba engaged suspected terrorists in a forested area, killing two of them.

According to the report, items recovered from the scene include an AK-47 rifle, ammunition, magazines, mobile phones and other personal effects.

In Kogi, it said the troops of 21 Battalion, in collaboration with vigilantes, rescued four kidnapped passengers along the Anyigba–Itobe road in Ofu Local Government Area.

It added that the victims were reportedly abandoned by their captors while attempting to cross a seasonal stream due to sustained pressure from advancing troops.

According to the military, efforts are ongoing to rescue other victims still in captivity.

The report said that troops of 12 Brigade successfully repelled an ambush along Kabba–Okene road while withdrawing from an earlier operation, forcing the assailants to flee with gunshot wounds.

“Meanwhile, in Rivers, troops of 5 Battalion acting on credible intelligence, foiled an attempt by suspected vandals to detonate a crude oil pipeline in Ahoada West Local Government Area.

“The swift response of the troops disrupted the operation before it could be executed, with the suspects fleeing the scene,” it said.

Metro

Police Arrest Private Chef Over Alleged N150m Theft, Drugging Of Employer, Burglary

Published

2 days ago

May 26, 2026

Editor

The Nigeria Police Force has arrested a chef, John Cosmos Govi, over his alleged involvement in a burglary operation at a residence in Abuja, where luxury items and valuables worth about N150 million were reportedly stolen.

The arrest was announced on Monday, May 25, 2026, by the Force Public Relations Officer, DCP Anthony Placid, who said the suspect was apprehended by operatives of the Force Intelligence Department Intelligence Response Team (FID-IRT) after investigations into allegations of criminal conspiracy, housebreaking, theft, malicious damage and administering harmful substances.

According to police findings, Govi, who allegedly gained employment as a chef at the residence, was said to have studied the movement of occupants, internal routine and security setup before allegedly carrying out the operation on April 23, 2026.

Investigators said he reportedly worked with two accomplices identified as Peter and Moses, who are currently on the run.

Police alleged that food prepared in the house was laced with a suspected sedative substance to weaken the occupants and security personnel.

After they reportedly became unconscious, the suspects allegedly broke into the property, damaged CCTV installations and stole 20 luxury wristwatches valued at about N150 million, alongside other valuables.

Speaking on the development, DCP Anthony Placid said the suspect was intercepted around the Gwagwalada axis of the Federal Capital Territory while attempting to flee to Lagos. He added that an iPhone 17 Pro Max, believed to belong to the victim, and a suspected chemical substance were recovered.

“We remain committed to dismantling organised criminal networks and ensuring that all fleeing accomplices are brought to justice,” Placid said.

Police said efforts are ongoing to arrest the fleeing suspects and conclude investigations into the case.