Court Takes Over Bode Akindele’s Billionaire Estate Amid Children’s Dispute Six Years After His Death

The High Court of Lagos State has taken control of the estate of late Nigerian industrialist, Chief Labode Oladimeji Akindele, placing it under the management of the state’s Administrator-General amid a bitter dispute among his children over the validity of his will.

Six years after Akindele’s death, Justice Tanimola Ajorin-Ajose appointed the Administrator-General of Lagos State as interim administrator of the estate pending the hearing and final determination of the substantive suit challenging the administration and validity of the deceased’s will.

The court directed the Administrator-General to operate under its immediate control and direction and to submit quarterly reports on the administration of the estate.

All parties were also ordered to cooperate with the interim administrator.

Letters of Administration have been issued and served on the parties, while notices and boards identifying properties now under the Administrator-General’s control are to be erected in accordance with the court’s directive.

The case, marked Suit No. LD/10/2020, was instituted by Oladipo Alade Akindele, who described himself as the seventh biological child and first son of the deceased.

The defendants include the deceased’s widows, children, relatives and long-standing associates, as well as the Registrar of the Probate Registry of the Lagos State High Court and the Administrator-General.

Among those named is prominent fashion designer Folake Folarin-Coker, founder of Tiffany Amber and daughter of the late industrialist.

At the heart of the legal battle is the validity of Akindele’s will.

The claimant is asking the court to declare the entire will invalid, alleging that it failed to comply with the applicable Wills Law and cannot therefore provide a lawful basis for administering the estate.

His challenge centres on alleged defects in the execution of the document, questions over an alteration to its execution date and the absence of a Family Protocol which, he contends, the will relied upon.

According to the claimant, several provisions of the will depended on the protocol.

He said that after obtaining a Certified True Copy of the will and later inspecting the original deposited at the Probate Registry, he discovered that the alleged Family Protocol was not attached.

He argued that its absence rendered the will incomplete and incapable of proper implementation.

The claimant also alleged that significant assets were not identified in the will, including properties in different parts of the United Kingdom and the family residence in Spain known as “Nigerian House.”

He further raised concerns over the management of rental properties belonging to the estate, alleging unpaid rents and inadequate accounting for income generated from some properties.

He argued that without an effective executor or administrator, the estate was exposed to possible waste, dissipation and mismanagement.

Defendants Reject Claims

The defendants have rejected the allegations.

In their Statement of Defence, they said the disputed document exists and identified it as the “Sir (Chief) Olabode Oladimeji Akindele Family Constitution.”

They stated that the Constitution was executed by the deceased, some of his children and another family member between October and November 2018.

The defendants contend that the Constitution was sufficiently incorporated and identified in the will and that its not being physically attached to the testament does not invalidate the will.

They also denied any attempt to exclude the claimant from his inheritance, arguing that his absence from certain family activities and publications was not evidence of a conspiracy against him.

On his complaint that he was not invited to the reading of the will at the Probate Registry on August 17, 2020, despite being a named beneficiary, the defendants said attendance had been restricted by the registry and that beneficiaries living abroad were not invited because of the short notice.

Some defendants opposed the application for the appointment of an interim administrator.

They argued that the properties said to form part of the estate had not been sufficiently identified and that the claimant’s allegations were vague and speculative.

They also questioned the Lagos court’s jurisdiction over assets located outside Lagos State and Nigeria.

Justice Ajorin-Ajose, however, held that the immediate issue at the interim stage was the preservation of the estate and prevention of waste.

The court found that it was not necessary to conclusively determine every property forming part of the estate before taking steps to protect the assets.

The appointment of the Administrator-General is therefore an interim measure pending the final determination of the substantive case.

The family dispute has also spilled into the United Kingdom.

The Lagos High Court had earlier issued Status Quo Orders on February 18, 2021, aimed at preserving the estate pending resolution of the dispute.

According to the claimant, court-appointed mediation in 2023 came close to resolving the Nigerian proceedings.

He said a settlement agreement prepared by the defendants’ lawyers was signed by him but was never executed by the other parties.

While awaiting completion of the settlement, he alleged that steps were taken to obtain probate in England and Wales after he failed to renew a caveat against the grant.

Proceedings concerning the Grant of Probate remain ongoing in the United Kingdom.

Chief Labode Oladimeji Akindele died on June 29, 2020, at his residence in Apapa, Lagos, aged 88.

Born in Ibadan, Akindele built the Modandola Group, named after his mother, into a major indigenous business empire with interests in maritime services, fishing, manufacturing, real estate, finance and flour milling.

His Nigerian interests included Standard Breweries, Diamond Foods in Ibadan and Standard Flour Mills in Lagos.

His British property portfolio was held through the London-based Fairgate Group, whose retail tenants reportedly included Sainsbury’s and Asda.

Fairgate Group Limited, Fairgate Estates Limited, Fairgate Investments Limited and Modandola Group are among the companies named in the Nigerian proceedings.

Akindele, who held the traditional title of Parakoyi of Ibadanland, founded the Bode Akindele Foundation in 1985 and established the ARAMED medical centre in Ibadan in honour of his mother.

The value of his estate has never been publicly established.

A 2013 survey by Ventures Africa estimated his fortune at approximately $1.19 billion, although no current independent valuation has been published.

The substantive trial commenced on July 3, 2026, with documentary and oral evidence still being heard.

Justice Ajorin-Ajose has adjourned the case to September 28, October 7 and October 8, 2026, for continuation of hearing.

Until the substantive dispute is finally determined, the Administrator-General of Lagos State will oversee the estate under the supervision and direction of the court.

By The Press Nigeria