The Abacha family and a property developer involved in a dispute over a multimillion-naira development in Victoria Island, Lagos, have been urged to return to arbitration and seek an amicable resolution.
The call was made by institutional reforms advocate Segun Awosanya, popularly known as Segalink, following the escalation of the dispute involving the property at No. 68 Molade Okoya Thomas Street, off Ajose Adeogun Street, Victoria Island.
The dispute centres on a joint venture agreement entered into in 2021 between members of the Abacha family and Levitikal Realties & Construction Limited for the redevelopment of the property.
According to court documents, the agreement involved the development of 18 three-bedroom flats, with nine of the completed units expected to go to the developer as consideration for the construction work. The Abacha family later terminated the agreement, alleging breaches by the developer. Those allegations have not been finally determined by the court.
A Federal High Court in Lagos subsequently appointed an interim receiver/manager to take possession and control of the disputed property.
Justice Ambrose Lewis-Allagoa also restrained Levitikal Realties, its directors, agents and representatives from selling, transferring, mortgaging, leasing or otherwise dealing with the property pending further proceedings. The order followed an ex-parte application filed by Maryam Sani Abacha.
Reacting to the development, Awosanya expressed concern over the direction of the dispute and urged both sides to respect the court process while returning to the arbitration route provided for in their agreement.
He claimed that the developer had invested more than ₦17 billion in the project, while estimating that the landowners’ potential stake in the completed development could be worth about ₦9 billion.
Awosanya also alleged that the project encountered several challenges, including outstanding land charges and difficulties securing vacant possession because of existing tenants. He said the developer absorbed some of those costs as part of its investment.
He further questioned the circumstances surrounding the court’s ex-parte order appointing a receiver, arguing that relevant information may not have been fully presented before the order was made.
However, those assertions represent Awosanya’s account of the dispute and have not been established as facts by the court.
The disagreement has already entered the alternative dispute-resolution process, with a notice of dispute and request for mediation and/or arbitration dated September 7, 2026, reported in connection with the property.
Awosanya called on the parties to protect the investment already made in the development and allow both the judicial and arbitration processes to run their course.
The Federal High Court has adjourned the substantive matter until November 9, 2026, while the competing claims between the Abacha family and the developer remain unresolved.
