Banks Set To Seize Late Alao Arisekola’s Properties, Over Unpaid Loans

imageBarely a year after the late industrialist and Aare Musulumi of Nigeria, Abdul Azeez Alao Arisekola, passed on, there appears to be controversy over his vast estate.

It was learnt that the late philanthropist didn’t die intestate, as he had prepared his will certified by the Oyo State High Court of Justice in August 2013. The will was administered a couple of days after his burial, by his best friend, Mr. Oba Otudeko.

Consequently, the liquid and landed properties of the late entrepreneur had been distributed and utilised, according to the details in the will.

Apparently, the properties were shared among 32 children, three wives and three relations. He also lavished his generosity on some individuals, as contained in the will.

However, findings revealed that popular industrialist lived on credit while alive. Family sources disclosed that credit institutions that overwhelmed Arisekola with depositors’ funds, which he couldn’t pay before he died, are now breathing down on the neck of his family.

As a result, the banks, we gathered, have concluded plans, following a court order, to confiscate most of his landed properties that were used as collateral for the credit facilities he obtained from them.

Although, some of these properties have been inherited by children and families, as stipulated in his will, we gathered that the properties are set to be retrieved from their new landlords by the banks in order to offset the credit facilities.

Three people were said to have found eternal favour in the sight of Aare and he thanked them and showed his appreciation also in kind. The first was his elder sister, who is to be given $1million. His most senior driver is to receive $250,000, while his long serving cook will also have no cause to be poor again as he is to be given $250,000.

Apparently, the fleet of properties were shared among 32 children, 3 wives and 3 relations of the late mogul as listed in the will. He also directed that an estate account be opened in which monies realised from sales or let of any of the properties shall be deposited for further expenses required by individuals liable to the prayers of the will.

Interestingly, the humanitarian gesture of the business icon came to the fore, as he prayed that his expansive Oluwo-Kekere, Bodija mansion, must become a permanent site for schools, mainly, primary, secondary and tertiary institutions within three years. He also prayed that the family must continue to be responsible for sponsoring people to Umrah and hajj every year.

It was gathered that Aare Arisekola also directed his trustees to establish an educational endowment fund in favour of the following universities in the sum of N5million each for the research and development in Arabic and Islamic studies, Law, Medicine, Engineering, and Accountancy: 1) University of Ibadan, 2) Obafemi Awolowo University, 3) University of Lagos, 4) Uthman Dan Fodio University, 5) Ahmadu Bello University.

However, it is gathered that some financial institutions, notably, GT Bank and First Bank, have written to members of the family, warning them not to trespass on those properties, which include Lister Flour Mills of Nigeria Limited and the expansive Oluwo-Kekere, Bodija mansion that he directed to be used as schools.

These properties, it was further learnt, had been used as collateral for a loan to the tune of N7 billion.

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