BOI Sued for Allegedly Mismanaging N5.6bn Estate
Some children of late Lagos socialite, Chief Olatunji Ajisomo Alabi, also known as Lord Rumens, have dragged Bank of Industry (BOI) Investment and Trust Company Ltd, before a Lagos Court for allegedly mismanaging their father's N5.6 billion estate.
The children namely Babatunde, Oladipo, Subuola, Awojuola, Rukayat, Olukemi and Adeola Alabi, in the suit filed on May 9, 2017, stated that their late father appointed BOI Investment and Trust Company Ltd as Trustee of his estate in his will dated July 30, 1996.
The children however, claimed that since the demise of their father in 1998, BOI Investment and Trust Company, has persistently mismanaged his estate, and has refused to give proper financial account to them.
Joined in the suit, as codefendant is the Managing Director of BOI Investment and Trust Company, Mrs. Betty Obaseki, and the Company Secretary, Mr. Simon Odomokwu.
In their statement of claim, the Alabi children averred that BOI Trustee from the onset, cleverly applied and got the probate for their late father's personal properties, and not his real properties.
Despite this action, the children claimed that BOI Trustee continued to administer the real properties of their late father.
They further claimed that BOI Trustee, deliberately refused to gather their father's estate together, and only resorted to rent collection, while paying meagre sums as annual allowances to the beneficiaries of the estate.
According to them, the gross negligence of BOI Trustee, of not gathering all their late father's property together, led to the loss of some properties to third parties.
List of properties allegedly lost as a result of BIO Trustee's negligence includes; 38 acres of land located at Mawuko, Abeokuta Ogun State; Property at 51 Majaro Street, Lagos; 23 Makoko Street, Yaba; 285, Akin Olugbade Street, Victoria island, Lagos; Property at Makoko fishing Village and John Street, Awodiora, Apapa, Lagos.
Items in the will allegedly mismanaged and unaccounted for by the Trustee according to the children include, 26,604 shares with United Bank for Africa, 22,500 shares in Nigerian Bottling Company, 50,000 shares in Total Nigeria Plc, 5268 shares in UAC Plc, and 6,615 shares in Union Bank Plc.
The children also claimed that four gold bars weighing 1000kg contained in their father's will, have been unaccounted for, as the Trustee insisted that it has not been able to find a local or international buyer for the gold bars.
They concluded that since the Trustee has refused to allow any of them to sight the gold bars, they believe that the Trustee may have sold them off and converted the proceeds, or is using same as security for advances for its personal benefit.
The claimants also averred that BOI Trustee has been receiving huge rents from their father's property at 39, Rumens Road, Ikoyi, Lagos, comprising of eight buildings on eight plots of land delineated as Plot 39 A-H, without giving account to them.
They further contended that BOI Trustee, at some point, claimed that their late father had released three of the eight buildings for settlement of his indebtedness to former Intercontinental Bank, but that several requests made by them for details of alleged debt owed by their father, were turned down.
The children claimed that till date, BOI Trustee continues to lease and collect huge rents for the building, without giving account of the transactions to them.
They further claimed that, some of the siblings are currently being persecuted by the Trustee, for demanding justice over the mismanagement of their father's will.
According to them, one of their siblings Babatunde Alabi, was recently arrested and charged before a Lagos Magistrates Court, for allegedly trespassing on a property where he lives with his family.
In light of the alleged mismanagement, the claimant are amongst other things, asking the court for an order removing BOI Investment and Trust Company, as Trustee of the Estate of late Chief Olatunji Ajisomo Alabi.
The claimant also wants the court to appoint a new trustees for their father's estate, while directing BOI Trustee to give a detailed financial account of late Chief Alabi's estate from November, 2009- October, 2010, and from 2011 till date.