Lagos Court Hands Billionaire Akindele’s Estate to Administrator-General Over Risk of Asset Dissipation

By Tony Enokela

The High Court of Lagos State has appointed the Administrator-General of Lagos State as interim administrator of the estate of late industrialist, Sir Chief Labode Oladimeji Akindele, amid concerns over the risk of waste, dissipation and unaccounted rental income from properties forming part of the disputed estate.

Justice Tanimola Ajorin-Ajose, in a ruling in Suit No. LD/10/2020, ordered the Administrator-General to take over the interim administration of the estate pending the hearing and determination of the substantive suit challenging the validity and administration of the deceased’s Will.

The court also directed the interim administrator to file quarterly reports detailing the administration of the estate and placed the administrator under its immediate control and direction.

Justice Ajorin-Ajose held that although the affidavit evidence before the court was contested, it disclosed sufficient material to justify preservative orders, particularly as the estate included properties generating rental income which, according to the claimant’s case, remained unaccounted for.

The judge said the court could not “shut its eyes to the risk of waste or dissipation” while the substantive dispute remained pending.

The court further held that at the interlocutory stage, it was not required to determine the precise properties forming part of the estate or resolve the substantive questions surrounding the deceased’s assets.

“Those issues pertain to the substantive determination of the estate and the scope of assets covered. At this interlocutory stage, the Court is not called upon to ascertain the precise properties forming part of the estate. That is a matter for trial,” the judge held.

The court relied on decisions of the Court of Appeal, including Odutola v. Togun-Bickersteth & Ors (2018) LPELR-44842 (CA) and Clark v. Togonu-Bickersteth & Ors (2018) LPELR-44096 (CA), which recognised the power of a court to make interim administration orders where necessary to prevent potential waste of an estate.

The ruling followed an application for interim administration of the estate while the wider litigation over the validity of the purported Will continues.

The substantive suit was instituted by Oladipo Alade Akindele, who describes himself as the seventh biological child and first son of the deceased.

He is challenging the validity of the purported Will and has asked the court to declare it invalid and incapable of determining the distribution and management of his late father’s estate.

Among the grounds of challenge are alleged defects in the execution of the Will, questions surrounding the date of its execution and the absence of a Family Protocol allegedly incorporated into the testament.

The claimant has also raised questions concerning the identification and treatment of assets belonging to the deceased outside Nigeria, including properties in the United Kingdom and a family residence in Spain known as “Nigerian House.”

A central issue in the dispute is the alleged Family Protocol, which the claimant contends was essential to the operation of several provisions of the Will.

According to his case, a Certified True Copy of the Will obtained from the Probate Registry did not have the alleged document attached to it, while an inspection of the original deposited at the Registry also allegedly failed to reveal its attachment.

The defendants have rejected the claimant’s allegations, maintaining that the document existed and was duly executed.

In their Statement of Defence, they identify the document as the “Sir (Chief) Olabode Oladimeji Akindele Family Constitution” and contend that it was executed by the deceased, some of his children and another family member between October and November 2018.

They further argue that the Constitution was sufficiently incorporated and identified in the Will and that its physical attachment to the testament was not a condition for its validity.

The defendants have also denied allegations that they unlawfully excluded the claimant from the estate, maintaining, among other things, that the deceased had during his lifetime disowned him.

The dispute has been further complicated by proceedings relating to the deceased’s assets and interests outside Nigeria.

The claimant has alleged that proceedings concerning a Grant of Probate issued by the Probate Registry of England and Wales are connected to the Nigerian estate dispute.

He also alleged that the parties had at one stage moved towards settlement following court-appointed mediation in 2023, but that the settlement agreement prepared by lawyers was not executed by all parties.

The Nigerian proceedings are therefore continuing against the backdrop of competing claims over the validity of the Will, the identity and extent of the deceased’s assets, and the proper administration of the estate.

Chief Akindele, who died at the age of 88 on June 29, 2020, was a prominent Nigerian industrialist whose business interests spanned maritime services, fishing, finance, real estate and international investments.

His business interests included companies such as Fairgate Group Limited, Fairgate Estates Limited, Fairgate Investments Limited and Madandola Group.

The estate dispute has consequently involved members of the deceased’s family, widows, relatives and other persons associated with the administration of his affairs.

The suit lists 16 defendants, including the Most Revd. Michael Kehinde Stephen, Professor Wale Tomori, Revd. Canon Professor Kolawole T. Jaiyeoba, Mrs. Oluwatoyin Omobola Isemede, Mrs. Abiola Olabisi Aderibigbe, Mrs. Abiodun Shubulola Duduyemi, Mrs. Ajoke Braithwaite, Mrs. Oluyemisi Kofoworola Oladapo, Mrs. Titilola Oluwabusola Madedor, Mrs. Afolake Eniola Coker, Miss Ayodele Olabimpe Akindele, Mr. Mobolaji Akanji Akindele, Mrs. Mojisola Iyabode Shonibare and Mrs. Roseline Atema Akindele.

The Registrar of the Probate Registry, High Court of Lagos State, and the Administrator-General of Lagos State are joined as the 15th and 16th defendants respectively.

The claimant has also alleged that he was not invited to the reading of the Will at the Probate Registry on August 17, 2020, despite being named as a beneficiary.

The defendants, however, dispute the allegation, contending that the Probate Registry had limited attendance and that beneficiaries residing abroad were not invited because of the short notice.

The claimant is seeking, among other reliefs, declarations invalidating the purported Will, an order restraining its use in administering the estate and an account of the assets, income, expenditure and transactions of the estate since the death of Chief Akindele.

The court’s latest order does not finally determine those substantive questions.

Rather, the appointment of the Administrator-General places the estate under interim, court-supervised administration while the court determines the competing claims.

The judge specifically directed all parties to cooperate with the interim administrator to ensure preservation of the estate.