Court Of Appeal Restores ₦30bn Mansion To MKO Abiola’s Son In Landmark Victory Against GTBank.
In a significant legal triumph, the Court of Appeal in Lagos has overturned a 2014 Federal High Court ruling, nullifying Guaranty Trust Bank’s (GTBank) foreclosure of a ₦30 billion, 44-room mansion in Ikoyi, Lagos, owned by Alhaji Agboola Abiola, son of the late Nigerian business magnate and politician, Chief M.K.O. Abiola. The unanimous decision, delivered on 18 June 2025, declared the bank’s actions unlawful, citing serious irregularities and allegations of forgery in the mortgage documents used to justify the seizure.
The case, marked CA/L/888/2014, was brought by RCN Networks Ltd and Agboola Abiola, who challenged GTBank’s claim to the property, valued at ₦30 billion, over an alleged ₦970 million debt. The Federal High Court’s 2014 ruling had permitted GTBank to appoint a receiver and foreclose on the luxurious Ikoyi mansion, a decision that sparked controversy due to the high-profile nature of the Abiola family and the property’s significant value.
Delivering the lead judgment, Justice Paul Aimee Bassi, supported by Justices Polycarp Kwahar and Abdulaziz Anka, ruled that the lower court erred by ignoring “glaring discrepancies” in the tripartite legal mortgage presented by GTBank. Central to the appeal was Agboola Abiola’s claim that he never signed the mortgage deed, alleging that the execution page bearing his signature was fraudulently lifted from another document and attached to the mortgage agreement. The court noted inconsistencies in the document’s pagination, with the mortgage deed numbered “2 of 9” to “9 of 9,” while the execution page was marked “11 of 17,” suggesting it originated from a different set of documents. “This inconsistency alone casts a serious cloud over the authenticity of the mortgage deed,” Justice Bassi stated.
The appellants, represented by Dr Charles Adeogun-Phillips SAN, further accused GTBank of unilaterally consolidating two separate loans—a ₦508 million facility and a ₦1 billion facility—without their consent, using the disputed document to enforce both. The court found that the mortgage instrument was “fundamentally flawed” and incapable of conferring legal rights to foreclose on the property. Consequently, all charges and encumbrances levied by GTBank were discharged, restoring full ownership of the mansion to Agboola Abiola and RCN Networks Ltd.
The ruling has been hailed as a landmark victory for the Abiola family, whose patriarch, M.K.O. Abiola, was the acclaimed winner of Nigeria’s annulled June 12, 1993 presidential election. The decision also sets a significant precedent for the strict requirements of mortgage documentation in Nigeria’s land registration system, underscoring the judiciary’s role in protecting property rights against alleged fraudulent practices.
Dr Adeogun-Phillips, counsel for the appellants, expressed satisfaction with the verdict, noting that it vindicated his clients’ claims and reinforced the importance of due process. GTBank, represented by Mr Norrison Quakers SAN, was ordered to bear its own legal costs, as were the appellants.
The case has drawn significant attention on social media, with posts on X describing it as a major setback for GTBank and a triumph for borrower rights in Nigeria. The ruling comes amidst ongoing discussions about the Abiola family’s legacy, including a separate ₦45 billion contract debt claim against the Federal Government, highlighting their continued prominence in Nigeria’s socio-political landscape.
As the dust settles, the restoration of the Ikoyi mansion to Agboola Abiola marks a significant moment of justice for the family, reaffirming the judiciary’s commitment to upholding fairness and transparency in Nigeria’s legal system.