A billionaire property magnate , Chief Olajide Emmanuel Awosedo, died almost a year ago, aged 68.
This Odogbolu Ijebu in Ogun State, born businessman, died in the early hours of Tuesday,June 18, 2019 in the United Kingdom after a protracted illness.
Awosedo was born on November 4, 1951 to Rev. Joseph Olusanu Awosedo and Omo-Oba Arinola Adebimpe Awosedo and had his elementary education at St. Barnaba's Primary School, Okun-Owa, Ijebu and his secondary education at Ijebu Divisional Multilateral Grammar School, Okun-Owa between 1965 and 1969.
He later proceeded to Molusi College, Ijebu- Igbo for his Higher School Certificate between 1971 and 1972.
He holds a Bachelor of Science (B.Sc. Hons) Degree in Economics from the University of Ife (now Obafemi Awolowo University), Ile-Ife. He holds two Honorary Doctorate Degrees in Christian Missions and Theology as well as an Honorary D.Sc in Property Development from the European-American University, the Dominican Republic.
He was former governorship candidate of the Labour Party in Ogun State in 2011 under the platform of Labour Party and the Ogun East senatorial aspirant of the Peoples Democratic Party in 2007.
However, with all these impresive cv; this billionaire died wretched without a kobo.
It was just like a story told off a Nollywood movie : a successful business magnate who built his empire from the scratch into a multi-billion naira status. And then one day, everything was taken off him.
This is the sad story of one of Nigeria’s earlier successful real estate investors, Chief Olajide Awosedo.
According to source, he had been alleged to be indebted to a consortium of Nigerian banks to the tune of N13 billion. For some years, the Odogbolu, Ogun State-born businessman and politician had been having a running battle with the banks and later Asset Management Corporation of Nigeria, AMCON over the recovery of the debts.
The October 3, 2017 judgement of the Federal High Court, Lagos which ordered the takeover of his entire assets, his companies and that of his children –– Knight Rook Limited and Grant Properties Ltd, Olawunmi Olajide-Awosedo, Abimbola Olajide-Awosedo and Fibigboye Estates Ltd.
It was gathered that his prayer for a reprieve at the Court of Appeal also failed as the appellate court awarded a cumulative sum of N12.9 billion in favour of AMCON against Awosedo. This meant loss of everything he has ever worked for: multi-billion naira properties in Lagos, Ogun and the United Kingdom!
This comprises 14 hectares of land and buildings at Victory Park Estate, Igbokushu, Lekki; land at River View Estate, Isheri, Ogun State and entire Goshen Beach Estate, Lekki, Lagos, including his magnificent mansion inside the estate described as the most beautiful estate on the Lekki-Epe Expressway corridor.
A reliable source disclosed that the luxury estates were used as collateral by the late property merchant years ago. He also lost cars, generating plants and other valuable assets to the loans recovery agency. Definitely, this must have been too much for the businessman to take in as he died few days after the Appeal court’s decision.
The judgment delivered by Justice Ibrahim Buba of the Lagos division of the Federal high court on October 3, 2017 directing the takeover reads:
"Judgment in favour of the claimant against all the defendants for the immediate payment in the sum of N10,731,163,405.8 (ten billion, seven hundred and thirty one million, one hundred and sixty three thousand, four hundred and five naira and eight kobo) being the defendants indebtedness to the claimant as at 30th June 2016 in respect of its non performing credit facility obtained from Sterling Bank plc, Wema Bank plc, Skye bank plc and Unity Bank plc and purchased by the claimant as Eligible Bank Assets(EBAs) pursuant to the Asset Management Corporation Act 2010 (as amended). ”
“Judgment in favour of the claimant for the immediate payment of the interest due at the rate of 15% (as per Central Bank of Nigeria guideline) on the sum of N10,731,163,405.8 (ten billion, seven hundred and thirty one million, one hundred and sixty three thousand, four hundred and five naira and eight kobo) from 1st of July 2016 till judgement is entered in this suit. ”
“An order for foreclosure of the defendants equity right of redemption or such other rights in respect of all that properties of the defendants including the property being 14hectares of land lying, situate and known as victory park estate, Igbokushu, behind Femi Okunnu Housing Estate, Lekki Peninsula scheme II, Lagos State registered as No. 88 at page 88 in volume 2337 in the lands and registry, Alausa, Ikeja, Lagos State and such other properties, moveable and unmovable, comprising of buildings, fixtures, stocks, vehicles, machines and any other chattel whatsoever owned by the defendants, and apply proceeds of such disposal in the settlement of the defendants indebtedness to the claimant. ”
“An order empowering the claimant to take over all the movable and immovable properties of the defendants including but not limited to house j1 Olajide Awosedo Avenue, Goshen Beach Estate, Lekki, Lagos State registered as No. 96 volume 2184 in the lands registry,Alausa,Ikeja, Lagos for the satisfaction of the defendants indebtedness. ”
“An order against the defendants jointly and severally for the payment of N20,000,000.00(twenty million naira) being the cost of litigation. ”
“An order directing the Inspector General of Police of the Federal Republic of Nigeria and all other such officers under his command to provide necessary assistance to the bailiffs and/or deputy sheriff of this court in the enforcement of the judgment made by this court in this suit. ”
As a successful businessman, 68-year-old Awosedo lived life to the hilt. He was loved by many just as he was envied by many for his achievements. As a businessman, he tried to expand his business empire beyond the shores of the country, to the admiration of his far-flung fans. But like the general saying goes, he who goes a-borrowing, goes a-sorrowing as he obviously bit off more than he could chew.
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