Court orders interim management of late billionaire Labode Akindele's estate after Will dispute

A Lagos State High Court has placed the estate of late industrialist Chief Labode Oladimeji Akindele under the management of the Lagos State Administrator-General. The interim order followed a suit by his first son, Oladipo Alade Akindele, challenging the validity of the Will.

Justice Tanimola Anjorin-Ajose issued the order pending the full hearing of the case. Chief Akindele, an Ibadan-born businessman and Parakoyi of Ibadan, died on June 29, 2020, at his Lagos residence. He was 88.

The Will challenge

Oladipo sued 16 defendants, including his late father's widows, other children, relatives, associates, and officials of the Lagos State High Court Probate Registry. He is asking the court to declare the Will invalid, arguing that it failed to meet the requirements under the applicable Wills Law.

The court was concerned that estate assets, including properties generating rental income, could be mismanaged or depleted while the legal battle continues. Oladipo told the court that rental income from some properties had not been properly accounted for, and unpaid rents had accumulated because no effective administrator was in place.

Court dismisses objections

Several defendants challenged the application, disputing the court's jurisdiction and arguing that properties forming part of the estate had not been properly identified. They also questioned whether Lagos State courts had authority over assets located outside the state and possibly outside Nigeria.

Justice Anjorin-Ajose dismissed the objections at the interim stage. The judge ruled that the court's immediate obligation was to protect the estate from potential waste while the core dispute is heard. With no executor or administrator in place and the Will itself under challenge, granting the application was appropriate.

What happens next

The Administrator-General has been directed to file quarterly reports with the court and act under its supervision. All parties have been ordered to cooperate. The appointment does not resolve the validity of the Will. That issue remains before the court.

In a related development, a Federal High Court ordered Oriental Energy, an oil company founded by billionaire Muhammadu Indimi, to pay $43.51 million to his twin daughters in a dispute over company dividends. Ameena and Zara Indimi argued they were unfairly excluded from a dividend pool tied to Oriental Energy's offshore earnings. They claim a combined 10% stake entitles them to a share of roughly $435.1 million, over N588 billion, in dividends.