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By Lukman Olabiyi
Children of the late Lagos socialite, Chief Olatunji Ajisomo Alabi, aka Lord Rumens, have dragged the Bank of Industry Investment and Trust Company Ltd before the Lagos State High court over alleged mismanagement of the deceased’s property.
The claimants, namely Babatunde, Oladipo, Subuola, Awojuola, Rukayat, Olukemi and Adeola Alabi, in the suit filed on May 9, 2017, asked the court for an order removing BOI Investment and Trust Company as trustees of the estate of their late father.
The children also want the court to appoint new trustees for their father’s estate, while directing BOI trustees to give detailed financial account of the late Alabi’s estate from November 2009 to October 2010 and from 2011 till date.
Joined in the suit as co-defendant is the managing director of BOI Investment and Trust Company, Mrs. Betty Obaseki, and the company secretary, Mr. Simon Odomokwu.
The claimants, in their statement of claims, averred that their late father appointed BOI Investment and Trust Company Ltd as trustees of his estate in his will dated July 30, 1996.
They, however, alleged that since the demise of their father in 1998, BOI Investment and Trust Company has refused to give proper financial account to them.
The claimants further claimed that BOI trustees deliberately refused to gather their father’s estate together and only resorted to rent collection while paying meager sums as annual allowances to the beneficiaries of the estate.
According to them, the gross negligence of BOI trustees of not gathering all their father’s property together led to the loss of some properties to third parties.
The children claimed that, till date BOI Trustees continues to lease and collect huge rent for the buildings without giving account of the transactions to them.
As at the time of filing this report, BOI Investment was yet to file its response to the suit.
