Metro

GTBank Loses Bid To Reclaim MKO Son’s Lagos Mansion

Published

11 months ago

June 20, 2025

Editor

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

Gunmen Kidnap Businessman In Ibadan

Published

1 day ago

May 4, 2026

Editor

Gunmen suspected to be kidnappers have abducted a 60-year-old man in Ibadan, the Oyo State capital.

The victim was kidnapped on Saturday while on his way to his residence.

The incident occurred at Jinarere, Alakia in Ibadan.

Public Relations Officer of the State Police command, Olayinka Ayanlade, when contacted, confirmed the incident.

Ayanlade in a statement made available to DAILY POST on Sunday, explained that efforts are ongoing to rescue the victim.

Ayanlade said, “Preliminary information reveals that the victim, a 60-year-old male and building materials trader, was accosted while returning home along the Jinarere axis of Alakia Road by four masked armed men, who forcefully whisked him away in an unregistered ash-coloured Toyota Corolla vehicle”.

Metro

Tragedy As Suspected Kidnappers Kill Young Entrepreneur In Edo

Published

2 days ago

May 3, 2026

Editor

A 30-year-old entrepreneur and CEO of Principle Takeout, Justice Abu Oshioke, has been killed by suspected kidnappers in Ekpoma, Esan West Local Government Area of Edo State.

He was reportedly attacked by the suspected kidnappers on Saturday while on his way to pick up an order made for his child’s dedication on Sunday morning.

Eyewitnesses said the attackers attempted to force him into a nearby bush in a kidnapping attempt. However, he reportedly resisted and tried to escape.

In the course of the struggle, the assailants opened fire, shooting him multiple times.

Concerned residents quickly rushed him to a nearby medical facility, but he was confirmed dead on arrival.

The deceased was said to have recently gotten married and welcomed a baby boy.

The tragic event has turned a joyous occasion into a moment of grief for the family.

The shocking development has left the Ekpoma community in deep sorrow, with many residents expressing outrage over the growing insecurity in the area.

Edo State Police Command’s spokesperson, Eno Ikoedem confirmed the incident and said the Commissioner of Police, Monday Agbonika has ordered a “full-scale investigation and intensified manhunt for those responsible.”

According to her, the Police, in collaboration with the military, local vigilantes, and hunters, are actively pursuing the perpetrators through coordinated operations.

Metro

Grandfathers Arrested For Drug Trafficking

Published

2 days ago

May 3, 2026

Editor

Two grandfathers, aged 83 and 78, are among several suspects apprehended by the National Drug Law Enforcement Agency (NDLEA) in a fresh nationwide crackdown on illicit drug trafficking.

Pa John Ofiel, 83, was arrested on Tuesday, 28 April during a raid in the Aba region of Abia State.

The NDLEA said that operatives acting on credible intelligence recovered 700 grams of skunk, a potent strain of cannabis already packaged into retail sachets.

The octogenarian, who claimed to be a professional shoemaker allegedly confessed to delving into the illicit trade.

In Ekiti State on Thursday 30 April 78 year old Ogunjobi Samuel was detained at his residence in Ilupeju-Ekiti where officers seized 350 grams of cannabis from him, identifying him as a local peddler.

Chairman and Chief Executive Officer of the NDLEA, (CCEO), Brig. Gen. Mohamed Marwa (Rtd), commended the various state commands for their drug supply reduction efforts.

He urged officers to maintain the current momentum, balancing enforcement with the agency’s War Against Drug Abuse (WADA) sensitisation activities.
The enforcement drive also led to the arrest of a notorious drug dealer in Oyo State Taofik Adeyemi, 49.

He was apprehended on Saturday, 2 May, at his residence in Ibadan after months of evading the authorities.

He was caught alongside his salesman, Mustapha Oyerinde, with 3.085kg of cannabis and a getaway vehicle.

Across other states, the NDLEA recorded significant seizures including over 140,000 pills and capsules of Tramadol intercepted in separate operations targeting transit routes from Damaturu to Hadejia.

A raid on Awolowo Market in Mushin area of Lagos state resulted in the recovery of 740kg of cannabis while in Kaduna, two suspects were caught on the Abuja-Jos highway with 290kg of compressed cannabis concealed in a Honda Ridgeline.

A 65-year-old driver was intercepted at the Ile-Ife toll gate in Osun state conveying skunk and methamphetamine, leading to a follow up arrest of the consignment’s owner in Ilesha.

In line with it’s mandate, the NDLEA continued its War Against Drug Abuse (WADA) advocacy, holding enlightenment lectures for students, Islamic schools, and commercial motorcyclists in Niger, Kano, Anambra, and Lagos states.

The NDLEA’s Director of Media and Advocacy, Femi Babafemi, noted that the agency remains committed to “cleansing the streets” of both notorious distributors and those who use age as a shield for criminal activity.