A three-judge panel at the Lagos Division of the Court of Appeal revealed that GTBank’s foreclosure of a N30 billion, 44-room mansion belonging to Abdul Mumuni Abiola, son of the late June 12 hero MKO Abiola, was flawed.
The bank had acted on a 2013 federal court judgment that allowed it to seize and sell his property over an alleged debt.
However, the appellate court found serious inconsistencies in the mortgage documents among them missing signatures and suspicious handwritten additions.
The judges agreed these defects made the documents invalid and ruled that GTBank’s foreclosure was unlawful.
As a result, the bank’s claim has been dropped and full ownership of the mansion now legally belongs to Abdul Mumuni Abiola.
Legal representation came from senior lawyers Dr. Charles Adeogun-Phillips for Abiola and Mr. Norrison Quakers for GTBank.
