In a dramatic turn of events, the children of the late Chief M.K.O. Abiola have accused their siblings of misappropriating the family’s inheritance.
The dispute centres on Summit Oil Company Limited, a business that was inherited by the Abiola family.
On September 10, 2024, four of Abiola’s children—Olalekan Abiola, Abdul Mumuni Abiola, Hafsat Abiola-Costello, and Khafila Abiola—issued a public statement disavowing the actions of Kola Abiola and Zulikat Wuraola Abiola.
They claim that these two siblings, who have self-appointed themselves as directors of Summit Oil, have made major financial decisions without consulting the other heirs.
The statement reveals that Kola and Wuraola entered into multi-million dollar transactions with Duport Midstream Company Limited without informing the other family members.
These transactions reportedly involve the sale of over 566,000 barrels of crude oil, worth more than $50 million.
However, there is a dispute over a sum of $5,636,397.01, which has not been accounted for.
The accusers are particularly alarmed by a petition filed by Wuraola on June 2, 2023, addressed to the Inspector General of Police.
In this petition, Wuraola accused Duport Midstream Company Limited of economic sabotage and diversion of funds.
Wuraola’s petition claims that Summit Oil was fully paid for the crude oil sold, except for the disputed amount.
The statement from the Abiola children underscores their shock and dismay at the actions of their siblings.
They claim that Kola and Wuraola misled them about the operational status of Summit Oil.
They assert that Summit Oil was not operational according to their siblings, a claim that now appears to be false.
Additionally, the statement refers to a subsequent court case involving the Inspector General of Police, Dr. Akintoye Akindele, and Duport Midstream Company Limited.
Documents filed in this case reveal that Summit Oil had also been engaged in profitable dealings with Suntera, a company invested in by the Government of India.
The Abiola children are calling for the Inspector General of Police to disregard Wuraola’s petition and retract any actions taken based on it.
They accuse Kola and Wuraola of using their positions to harass Dr. Akintoye Akindele and prevent him from settling the disputed sum of money.
Olalekan Abiola, one of the children making the accusation, stated, “We are deeply troubled by the actions of our siblings.
“They have acted unilaterally and without the consent of the other heirs. It is clear that they are trying to manipulate the system to their advantage.”
Abdul Mumuni Abiola added, “We are demanding that the Inspector General of Police take appropriate legal action against Kola and Wuraola for diverting funds and mismanaging the family’s assets.
“We want justice for all the heirs of Chief M.K.O. Abiola.”
The family feud highlights the ongoing struggles within the Abiola family over the management and distribution of their substantial inheritance.
The late Chief M.K.O. Abiola, a prominent Nigerian businessman and politician, left behind a legacy that now appears to be marred by discord among his heirs.
As the dispute continues, the public is left to wonder about the future of Summit Oil Company and the resolution of the family’s complex legal and financial issues.
The Abiola children have vowed to protect their rights and seek accountability for any mismanagement of their father’s estate.
In the coming weeks, further developments are expected as the legal battle unfolds.
The family’s internal conflict reflects broader issues of inheritance and management of legacy businesses in Nigeria, where family disputes over wealth are not uncommon.
