Barely 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 is a fact 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. It was, however, administered a couple of days after his
burial last year by Dr. 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, Society Happenings gathered that the Lister Motors boss lived
on credit while alive. Sources close to the family claim that credit
institutions that overwhelmed Arisekola with depositors’ funds, which he
couldn’t offset before his death June last year, are now literally on
the neck of the 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 the majority of these properties have been inherited by
children and families as prayed 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
bear as he prayed that the expansive Oluwo-Kekere, Bodija mansion
belonging to him must become a permanent site for schools consisting
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.
We gathered that he also directed his trustees to establish an
educational endowment fund in favour of the following universities in
the sum of N5, 000, 000.00 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.
But Society Happenings gathered that some financial institutions, for
instance, 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.
culled from ThisDay
1 comment:
Kasala don burst! That is why you should not depend on other people's properties. Work hard and have yours.
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