GTBank Loses N970 Million Against MKO Abiola’s Son

GTBank Loses N970 Million  Against MKO Abiola’s Son

The Court of Appeal in Lagos has overturned a 2014 ruling by the Federal High Court that previously upheld Guaranty Trust Bank Plc’s claim of a N970 million debt against RCN Networks Ltd and Agboola Abiola, reportedly one of the sons of the late MKO Abiola.

Justice Paul Bassi, who delivered the appeal court’s decision, dismissed the earlier judgment, which was based on a disputed contractual arrangement tied to a Deed of Tripartite Legal Mortgage signed on August 15, 2012.

The mortgage agreement involved Abiola’s property and was structured as a three-party contract between the borrower, the bank, and a third party to provide loan security, typically when the borrower’s personal assets are insufficient to cover the loan.

The appeal court’s ruling effectively clears RCN Networks and Agboola Abiola of the N970 million debt claim.