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.
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