Ujah David Abakpa Advocates Arbitration in Abacha Property Dispute

Ujah David Abakpa, a media analyst, has called for an amicable resolution to a property dispute involving the Abacha family and a developer in a joint venture concerning a property located at No. 68 Molade Okoya Thomas Street, off Ajose Adeogun Street, Victoria Island, Lagos. The joint venture began in 2021, with the developer commencing work on the site in 2022.

The dispute arises from challenges related to outstanding land use charges, existing tenants, and costs for site preparation. Abakpa noted that the developer has invested over ₦17 billion in the project, with the land valuation at approximately ₦400 million at the time of the agreement.

He estimated the landowners' stake in the completed development could be worth around ₦9 billion. Abakpa emphasized the importance of respecting the ongoing court proceedings and suggested arbitration as a means to resolve the differences, urging both parties to consider their contractual obligations and the investment involved.