BUSINESS

COURT STOPS GTBANK FROM TAKING OVER MKO ABIOLA’S SON’S IKOYI MANSION
The Court of Appeal in Lagos has delivered a major ruling in favour of Alhaji Agboola Abiola, son of the late business icon and politician Chief M.K.O. Abiola, by reversing a previous judgment that allowed GTBank to seize his sprawling 44-room mansion in Ikoyi, Lagos, reportedly worth ₦30 billion.
The legal battle, which has dragged on for over a decade, centered on a disputed mortgage agreement that the bank used to justify its attempt to foreclose on the property.
Why the Appeal Court Ruled Against GTBank
In a unanimous decision delivered by Justice Paul Aimee Bassi, alongside Justices Polycarp Kwahar and Abdulaziz Anka, the Court of Appeal ruled that the mortgage deed used by the bank was flawed and lacked the authenticity needed to support foreclosure.
One of the key issues was the execution page of the mortgage document. Agboola Abiola claimed his signature had been fraudulently copied from another document and inserted into the deed without his consent. The pagination also raised eyebrows—while the main pages were numbered “2 of 9” to “9 of 9,” the signature page was marked “11 of 17,” strongly suggesting it came from a different agreement altogether.
Two Loans, One Big Problem
The case also highlighted confusion over two different loans—one for ₦508 million and another for ₦1 billion. The appellants argued that GTBank merged both loans without their consent and then tried to enforce the mortgage terms based on questionable documentation.
While some police investigations suggested arbitration, others dismissed the forgery claims. However, the Court of Appeal said these reports did not conclusively clear up doubts surrounding the authenticity of the document.
“Lower Court Got It Wrong” – Appeal Court
Justice Bassi was critical of the earlier ruling by the Federal High Court in 2014, which he said failed to address the serious issues of fraud and forgery. According to him:
“The lower court erred by ruling on a document whose authenticity was seriously in question. This appeal succeeds.”
He added that no party should have their rights determined based on a document that’s still under suspicion.
The Final Verdict
With this ruling, the Federal High Court’s decision from June 2014 has been set aside, and GTBank can no longer proceed with foreclosing on the Ikoyi mansion. Each party was ordered to bear its own legal costs.
This victory marks a major legal win for Agboola Abiola and underscores the importance of due diligence in executing and relying on legal documents—especially in high-stake property and loan disputes.
"This represents a significant development in our ongoing coverage of current events."— Editorial Board