Mrs. Obaseki, the wife of Governor Godwin Obaseki of Edo State, and the management of Bank of Industry Investment and Trust Company Ltd are accused by the children of Mr. Alabi of mismanaging their late father’s N5.6 billion estate. Babatunde, Oladipo, Subuola, Awojuola, Rukayat, Olukemi and Adeola Alabi stated in the suit that their late father appointed BOI Trustees as trustees of his estate in his will dated July 30, 1996. Since the demise of Mr. Alabi in 1998, the children said, BOI Investment and Trust Company has persistently mismanaged his estates and has refused to give proper financial account to them. Joined as defendants in the suit are Mrs. Obaseki and Simon Odomokwu, the BOI Trustees company secretary. The plaintiffs have served the court papers on BOI Trustees and Mr. Odomokwu but were unable to serve Mrs. Obaseki prompting them to file a motion for substituted service. Moving the motion, a lawyer from the law firm of DMO Legal, Olasubomi Durojaiye, stated that her office had made three attempts to serve the court papers on Mrs. Obaseki but that on each occasion, they were told that she was unavailable. Mrs. Olasubomi prayed the court for an order to serve the defendant by pasting the court papers at the premises of BOI office in Lagos as all effort to personally serve Mrs Obaseki has failed. Granting the motion for substituted service, Justice M. A Savage ordered that Mrs. Obaseki rather be served through the company’s secretary who is also a party in the suit.

He subsequently adjourned the matter to November 14 for hearing. In their statement of claims, the plaintiffs stated that BOI trustees 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 Trustees continued to administer the real properties of their late father. They further claimed that BOI Trustees 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 estate. They accused the company of gross negligence by not gathering all their later father’s properties together, which they said led to the loss of some properties to third parties. List of properties allegedly lost as a result of BOI Trustees negligence include 38 Acres of land located at Mawuko, Abeokuta Ogun State; properties at 51 Majaro Street, Lagos, 23 Makoko Street, Yaba, 285 Akin Olugbade Street, Victoria Island; as well properties at Makoko fishing Village and Carrara Mabel, Awodiora, Apapa, Lagos. Items in the will allegedly mismanaged and unaccounted for by the trustee 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 has been unaccounted for as the trustees insisted that it has not been able to find a local or international buyer for gold bars. They stated 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 proceed or is using same a security for advances for its personal benefit.]]>

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