Details of the late Billionaire Businessman’s will Aare Arisekola Alao(Disinherited some children)
The passing of the influential Ibadan business magnate and religious leader Aare Arisekola Alao,is approaching a year and ensuing from his death his last will and testament has been read to his children and family members.However the contents of the will seems to have sprung up few surprises,in addition his death has unwittingly laid bare the quantum of debt he was steeped in while alive.
According to close family sources the late billionaire philantrophist owed number of Nigerian banks tens of billions of Naira,the debt he was unable to offset before he died.
The banks were said to have been patient hoping that provisions would have been made for them in his will,when his will was read however they were neither mentioned nor provision made to settle the bank debts.In view of this development the group of bankers he is owing have concluded plans armed with court order to confiscate most of his landed properties that were used as collateral for the credit facilities he obtained from the banks.
In addition the late Arisekola also sprang an unpleasant surprise on some of the immediate family members as they learnt through the will that they had been disowned and disinherited. One of those he reportedly disowned in the Will, we gathered, was one of his prominent sons along with five other children for a number of reasons.
We also gathered that a prominent lady said to be married to him and lives in the UK was also disowned and dis-inherited along with two of her young children for reason some claim could be based on the long list of men associated with her even, while her husband was still hale and hearty.
The will also briefly mentioned the other children that were disinherited but does not go into details.
His daughter Mrs Adijat bolanle Asunke Alao Straub appears to have been his favourite as the will overwhelmingly favoured her,in addition three other people were said to have found favour in the sight of Aare,he thanked them and showed his appreciation also in kind, the first was the elder sister, who is to be given $1Million, his most senior driver is to receive $250,000, while his long serving cook will also have no cause to be poor again as he is to be given $250,000 also.
Below are excerpts from the final Will drafted, signed and acknowledged by the late Aare Arisekola Alao himself in the presence of three witnesses and his legal team and certified by Oyo State High Court of Justice, dated August 19th, 2013:
THIS IS THE LAST WILL AND TESTAMENT of me ABDUL-AZEEZ ARISEKOLA ALAO of Oluwo Area, Ikolaba, New Bodija, Ibadan, Oyo State of Nigeria.
I APPOINT (1) Mrs. Adijat Bolanle Asunke Alao-Straub, (2)Mrs. Fatima Arike Alao- Are (3) Mr. Idris Ajao Alao, (4)Mr. Mustapha Ajadi Alao, (5) Mr. Luqman Ajagbe Alao, (6) Mr. Adamu Alade Alao, all of Oluwo Area, Ikolaba, New Bodija, Ibadan to be Executors and Trustees of this my WILL.
I DESIRE to be buried in my ARAMI WEAR at my house near the grave of my mother at Oluwo Area, Ikolaba, New Bodija Extension, Ibadan according to Islamic injunction and I hereby direct there shall be no celebration of any kind except prayers and thanksgiving to ALLAH.
I DIRECT my daughter, Mrs. Adijatu Bolanle Asunke Alao- Straub to pay my funeral and testamentary expenses as well as my just debts if any and my trustees are hereby directed to re-imburse her from the estate account after the payment of such expenses. My executors and trustees are also empowered to collect all monies due to me from whatever person or persons, body or bodies, corporate and pay some into my estate savings account to be opened with First Bank of Nigeria Plc.
I DEVISE and BEQUEATH all my landed properties including all residuary properties whatsoever and whosesoever which I have and to which I otherwise specifically disposed of unto my Trustees to administer and manage same for the benefit of my estate.
I DIRECT my Trustees to distribute all my personal effects such as clothing amongst my children in common or as they may in their discretion consider necessary proper and just.
I DECLARE that my reasons for making no provisions for my children Ismaila Bolaji Alao and Abdulai Alao or naming them as beneficiaries under this will are contained in a statement signed by me and deposited with my solicitor, Akin Ladipo Esq. of Nw4/345A, Fajuyi Road, Ekotedo, Ibadan.
I hereby DECLARE that I have the following properties in Nigeria and the United Kingdom.
1 No. Detached 3-bedroom guest house at plot 1A Akinloye Layout, Off Salami estate, Ikolaba, Ibadan.
1 No. Detached 3-bedroom guest house at plot 1B Akinloye Layout, Off Salami estate, Ikolaba, Ibadan.
2 Nos. 4-bedroom bungalow at plot 4 Akinloye Layout, Off Salami estate, Ikolaba, Ibadan.
1 No. 5-bedroom detached storey building at plot 14A Akinloye Layout, Soleh Boneh Way, Bodija, Ibadan.
1 No 5- bedroom detached storey building at plot 14B Akinloye Layout, Soleh Boneh Way, Bodija, Ibadan.
1 No 5 bedroom detached storey building at plot 18A Akinloye Layout Soleh Boneh Way, Bodija, Ibadan.
1 No. 5 bedroom detached storey building at plot 18A Akinloye Layout Soleh Boneh Way, Bodija, Ibadan.
3 Nos, $ bedroom bungalow at Idi Ape, Ibadan.
1 No. 5 Bedroom detached storey building at No 2, Allen Close, New Bodija, Ibadan.
1 No 3 Bedroom bungalow at No 13, Akinseinwa Street, New Bodija, Ibadan.
2 Nos. 6 bedroom detached storey houses at Rotimi Williams Avenue, Old Bodija, Ibadan.
Chief F.R.A Williams (SAN)’s house at Rotimi Williams Avenue, Old Bodija, Ibadan.
2 Nos. 5 bedroom detached building at Plot 6, Akinloye Layout, Off Salami estate, Ikolaba, Ibadan.
No. 2 semi-detached storey building at Idi Ape, Ibadan.
1 No. semi-detached 4 bedroom bungalow at Agbaje Street, New Bodija, Ibadan.
1 No. seven-storey office complex at Ring Road, Ibadan known as “Lister House”.
1 No. Workshop building currently handling the Monitor press printing department.
1 No. 3-Storey office at Ring Road, adjacent to Lister house currently housing the head office of Monitor press limited. 1 No. Factory complex building.
1 No. factory complex building along Podo road, besides flour mills Nigeria limited.
1 No. Biscuit factory complex building along Podo road, besides flour mills Nigeria limited.
1 No. Petrol Station building at Aremo, Ibadan.
1 No. Petrol Station building at Eleiyele, Ibadan.
1 No. Petrol Station building at Akanran, Ona Ara Local Government, Oyo State.
1 No. Petrol Station building and a Shopping Complex at Idi Ape, along Iwo Road, Ibadan.
1 No. Petrol Station building at Apata, New Garage, Owode Area, Ibadan.
1 No. Petrol Station building at Queen Elizabeth II Road, Ibadan.
1 No. Petrol Station Building at Olomi, Ibadan.
1 No. Petrol Station building at Challenge interchange, formerly housing Bola Motors.
1 No. detached house at No. 65, Norman Williams Street, Ikoyi, Lagos, bought in the name of Bola Motors Nigeria Limited.
12.9 acres of land at Idi Ose, Akanran Road, Ibadan.
32 acres of land at Moye village, Akanran Road, Ibadan.
208 acres of farmland at Abegede village, Omi Adio, via Ibadan.
3.2 acres of land near railway line, Bode Igbo, via Ibadan.
27 acres of land at Alarafa Village, Adjacent to NIHORT, Ibadan.
68.1 acres of land at KM 18 Lagos-Ibadan Expressway, Aboke Villa, near Ikija Village, via Ibadan.
5 acres of land at Aba Out, Ajia via Ibadan.
7 acres of land at Ojoo, near Aduloju, Ibadan.
47.3 acres of land at Adeitan village, Ona Ara Local Government, Oyo State.
Property at E9/848, Old Ife Road, Ibadan.
Shopping complex at Alesinloye market comprising of 100 shops.
2 plots of land at Owoduwodu village, Off Oluyole Estate, Ibadan.
10 acres of land within the Amusement park site, opposite Bodija market consisting of lock-up shops and offices.
21/2 acres of land at Idi Ose, Oyo Road, Ibadan.
Property at Oluwo area, Ikolaba, New Bodija, Ibadan consisting of 1 No. 10 bedroom detached house, 4 Nos. 5-bedroom detached houses, purpose-built children apartment and guest chalets.
20 acres of land at Ikire, Osun State.
Property at No. 18 Brondesbury Park known as “DECMORE HOUSE” NW6, London, United Kingdom.
Property at No. 20, Thorverton road, Off Cricklewood lane, NW2 London, United Kingdom.
Property at No. 21, Thorverton road, Off Cricklewood lane, NW2 London, United Kingdom.
I hereby DECLARE that I wholly own the following companies namely:
Lister Flour Mills of Nigeria Limited.
Lister Oil Nigeria Limiter.
A tank at No. 21, Creek road, Apapa, Lagos.
1 No. Biscuit factory complex building along Podo road, besides Lister Flour Mills of Nigeria Limited.
Lister Motors Nigeria Limited.
he directed that his properties be shared among 32 children, 3 wives and 3 relations of the late mogul as listed in Will. He also directed that an estate account in which monies realised from sales or let of any of the properties shall be deposited for further expenses required by individuals liable to the prayers of the Will. Interestingly, the humanitarian gesture of the business icon came to bare as he prayed that the expansive Oluwo-Kekere, Bodija mansion belonging to him must become a permanent site for schools consisting primary, secondary and tertiary institutions within three years. He also prayed that the family must continue to be responsible for sponsoring people to Umrah and hajj every year.
Moreover, as directed by the late philanthropist, the properties are to be shared as follows:
I hereby DIRECT that my children who are of age shall first be fully maintained from the estate fund before ANY OTHER expenses. My Trustees shall fund the education of such children of school age up to the university level or equivalent technical and professional level until they reach the age of twenty one years or whichever happens earlier.
I DIRECT a certain percentage of the net proceeds of my estate yearly shall be used to sponsor all my children for Hajj and Umura and the balance thereof shall be shared equally amongst all my children except that Mrs. Adijat Bolanle Asunke Alao-Straub to take twice the shares of other children.
I also DIRECT my trustees to set up a special fund from the yearly proceeds of my estate for the sponsorship of indigent Muslim to Hajj and the repairs and renovation (particularly of my Mosque at Iwo road, Ibadan) and building of mosques.
I DIRECT my trustees to establish an educational endowment fund in favour of the following universities in the sum of N5, 000, 000.00 each for the research and development in Arabic and Islamic studies, Law, Medicine, Engineering, and Accountancy: 1) University of Ibadan, 2) Obafemi Awolowo University, 3) University of Lagos, 4) Uthman Dan Fodio University, 5) Ahmadu Bello University.
I DIRECT my trustees to give my sister, Sherifat Adufe Alao presently residing in London an equivalent of $1, 000, 000. 00 (One Million American Dollar) for her upkeep.
I DIRECT my trustees to give my brother, Safiu Akanfe Alao $1, 000, 000. 00 (One Million American Dollar) for his upkeep.
I GIVE to my daughter, Adijatu Bolanle Asunke Alao – Straub my Mercedes Benz Saloon car S600 with registration No. Oyo SG 09 AAA or any I may be riding as my favourite car at my demise.
I GIVE to my daughter, Fatima Arike Alao – Aare my Mercedes Benz saloon car S600 with registration number Oyo AR 07 MAP.
I GIVE to my son, Idris Ajao Alao my Mercedes Benz saloon car S600 No. Oyo AH 01 DDA.
I GIVE to my daughter, Mariam Abeje Alao my Mercedes Benz saloon car S550 with registration number Lagos TC 06 KJA.
I GIVE to my son, Luqman Ajagbe Alao my Mercedes Benz saloon car E580 with registration number OY 1 AB.
I GIVE to my daughter, Medinat Abike Alao my Mercedes Benz saloon car E320 with registration number Oyo AP 685 MAP.
I GIVE to my son, Khaleed Adigun Alao my Mercedes Benz saloon car E320 with registration number Lagos ME 325 KJA.
I GIVE to my daughter, Bukayat Abeni Alao my Mercedes Benz saloon car with registration number Lagos CW 492 APP.
I GIVE my remaining cars not bequeathed herein before to my daughter, Adijatu Bolanle Asunke Alao-Straub to dispose off as she wishes amongst her remaining siblings mentioned in this Will.
In what appears to be an hollow gesture for his children and beneficiaries in the will,the banks led by Guarantee Trust Bank whom the Aare is owing a lion share are set to take control of most of his properties in lieu of the debt owed them and which he has already used as collateral.
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