A court of appeal in Lagos has reversed an earlier decision that allowed GTBank to seize a N30 billion mansion in Ikoyi linked to Agboola Abiola, son of the late Chief M.K.O. Abiola.
The appellate court ruled that the legal process used by the bank to justify the foreclosure was flawed. The judgment found serious questions around the authenticity of key documents, including claims of forged signatures and irregular paperwork.
GTBank had based its claim on a legal mortgage document, but the court said the document couldn’t be trusted due to several discrepancies, including mismatched page numbers and alleged tampering.
The decision overturns a 2014 Federal High Court ruling that had favoured the bank. It also means the 44-room luxury property can no longer be claimed by GTBank, at least for now.
The case centered on disputed loan agreements, allegations of document misuse, and unresolved claims of fraud. The appeal judges agreed that the lower court failed to properly assess these issues.
