Court Asked to Restrain BOI Trustees from Collecting Rent on Late Lord Rumens Properties

A Lagos High Court, has been asked to restrain Bank of Industry Investment and Trust Company, from collecting rent on the properties belonging to the late Businessman and Philanthropist, Chief Olatunji Ajisomo Alabi, popularly known as Lord Rumens.

Six children of the late Rumens, namely Babatunde, Subuola, Awojuola, Rukayat, Olukemi and Adeola Alabi, made this request in a restraining injunction which was filed on March 28, 2018.

They had dragged BOI Trustees before the court, over alleged mismanagement of their father’s N5.billion estate.

The children had stated in the suit, that their late father appointed BOI Trustees as trustees of his estate, in his will dated July 30, 1996.

Joined in the suit as co-Defendant, is the Managing Director of BOI Trustees, Mrs Betsy Obaseki and the Company Secretary, Mr. Simon Odomokwu.

The children in the suit filed through their lawyer, Mr. George Oguntade, SAN claim that BOI Trustees presently lacks the financial capacity to sustain its operations, and has embarked on a fund raising initiative to stay afloat to avoid winding up its business.

They further 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.

Since the suit was filed, the Defendants have not filed any response to the allegations raised by the children.

However, in a twist to the matter, the children are now seeking a restraining injunction against BOI Trustees, to particularly stop the firm from collecting rent on their late father's property located at No. 39 Rumens Road, Ikoyi, Lagos.

According to the children of the late Rumens, one of such fund raising initiatives by BOI, includes collecting huge rents on their father's property located in Ikoyi.

In an affidavit in support of the injunction being sought, one of the children, Babatunde Alabi, averred that BOI recently demanded huge rent arrears from County Estate Limited, the property firm managing the terrace houses built on the property.

He further averred that, in the light of the alleged financial predicament of BOI Trustees and its repeated failure to account for previous huge rents collected on his late father's estate, it will be in the interest of justice for the court to direct that any payment in lieu of the property, should be paid into the court's account pending the final determination of the suit.

The injunction reads: "an order directing that any payment, either as rent, income, damages or however called, that may be due and payable to BOI Trustees from County Estates Limited or any other occupant of and concerning the property at No. 39 Rumens Road, Ikoyi, Lagos State, be paid into court or into such other account as may be directed by the court, pending the hearing and determination of the suit herein”.