LAGOS — Six years after the death of legendary Nigerian industrialist and Parakoyi of Ibadanland, Chief Labode Oladimeji Akindele, the Lagos State High Court has stripped private hands of his vast estate, placing it under the direct control of the state’s Administrator-General.
The decisive ruling by Justice Tanimola Ajorin-Ajose comes as a fierce family succession battle threatens to tear apart the multi-billion naira Modandola Group empire.
The legal confrontation, registered under Suit No. LD/10/2020, was instituted by the late billionaire’s first son and seventh biological child, Oladipo Alade Akindele. He has asked the court to strike down his late father’s will entirely, alleging foundational legal defects, unauthorized alterations to execution dates, and the glaring absence of a crucial “Family Protocol” referenced repeatedly in the testament.
A Disputed Testament and Missing Protocol
According to court filings, the core of the controversy centers on whether the will can stand without an annexed foundational document referred to as the “Sir (Chief) Olabode Oladimeji Akindele Family Constitution”.
The claimant argues that several key operative provisions of the will rely explicitly on this protocol to dictate asset governance and trustee responsibilities. Upon inspecting the original document deposited at the Probate Registry, however, he discovered that no such protocol was attached, rendering the will—in his view—incomplete and legally unenforceable.
Furthermore, the lawsuit alleges that the will failed to properly account for prominent global assets, including a high-profile portfolio of commercial properties across the United Kingdom (spanning London, Wembley, Leicester, Southampton, and other cities) and a Spanish family residence known as the “Nigerian House”. Concerns were also raised regarding uncollected rents and unverified financial flows that left the estate exposed to severe waste and dissipation.
Defendants Push Back
The defendants—comprising a broad array of the late tycoon’s widows, children (including prominent fashion designer and Tiffany Amber founder Folake Folarin-Coker), long-standing associates, and the Probate Registry—have fiercely rejected the allegations.
Defense counsels maintain that the Family Constitution was duly executed between October and November 2018 by the patriarch and several family members, arguing that it was sufficiently incorporated by reference and that physical detachment does not invalidate the primary testaments. They have also denied any intentional conspiracy to sideline the first son, noting that his exclusion from specific family publications and the initial reading of the will stemmed from procedural guidelines and his own estrangement from routine family affairs.
State Intervention and Cross-Border Fallout
Weighing the arguments, Justice Ajorin-Ajose rejected preliminary objections challenging the court’s territorial jurisdiction over international assets, emphasizing that the immediate priority of the court is the active preservation of the estate and the prevention of asset waste.
The court has formally directed the Lagos State Administrator-General to step in as interim administrator, manage ongoing rental properties, and submit strict quarterly financial reports. Letters of administration have already been served, and official notices are slated to mark properties under state control.
The local legal standoff runs parallel to separate contentious probate proceedings currently unfolding in the United Kingdom regarding the British arm of the empire, the Fairgate Group.
Trial proceedings for the high-stakes Nigerian suit commenced on July 3, 2026, and Justice Ajorin-Ajose has adjourned the matter for continuation of hearing on September 28, October 7, and October 8, 2026.
Do you want to advertise with us?
Do you need publicity for a product, service, or event?
Contact us on WhatsApp +2348033617468, +234 816 612 1513, +234 703 010 7174
or Email: validviewnetwork@gmail.com
CLICK TO JOIN OUR WHATSAPP GROUP
