The Abiola family, heirs of the late Chief M.K.O. Abiola, is locked in a bitter dispute over the mismanagement and alleged diversion of family assets.
A petition has been filed against Kola Abiola and Wuraola Zulikat Abiola by other members of the Abiola family.
The Transparency Network and Public Interest Initiative (TNPII) is now calling on the Inspector-General of Police (IGP), Kayode Egbetokun, to address the serious allegations.
The petition, filed by four heirs of Chief M.K.O. and Kudirat Abiola, accuses Kola and Wuraola of fraud, corruption, and misrepresentation.
The petitioners, collectively known as the “KD7,” include Olalekan Abiola, Abdul Mumuni Abiola, Hafsat Abiola-Costello, and Khafila Abiola.
They allege that Kola and Wuraola have falsely represented themselves as directors of Summit Oil Company Limited.
Summit Oil, a key business of the Abiola family, has become the centre of the ongoing conflict.
The KD7 claim that Kola and Wuraola entered into multimillion-dollar transactions with Duport Midstream Company Limited without the knowledge or consent of other heirs.
These transactions allegedly involved the sale of over 566,000 barrels of crude oil, valued at more than $50 million.
However, the petition reveals that $5.6 million from this sale remains unaccounted for.
The spokesman for the Transparency Network and Public Interest Initiative, Dr. Ehizojie Emmanuel Anderson, has expressed concern over the slow response from the police.
“We are deeply concerned that the IGP has not acted swiftly on this serious matter,” Anderson said.
He also raised the alarm that these alleged fraudulent activities could damage Nigeria’s reputation internationally.
Anderson noted that foreign investors may become wary of Nigeria if such family disputes and fraudulent transactions go unaddressed.
Kola and Wuraola are also accused of forming a joint venture with an Indian company, SUNTERA, which reportedly has ties to the Indian Government.
This business relationship, according to the petitioners, was done without the knowledge of the other heirs.
The group also alleges that Kola and Wuraola sold a property belonging to the Abiola estate in Isolo, Lagos, without informing other family members.
The Isolo property is valued at 12 billion naira, and its sale has raised more questions about transparency in managing the estate.
Another property along the Apapa-Oshodi Expressway is also part of the dispute.
The KD7 accuse Kola and Wuraola of negotiating sales with Starlink Global Ideal Ltd, despite the contested ownership of the property.
Anderson stated, “This is a blatant disregard for transparency and fairness in managing family assets.”
The petitioners believe there has been a bias in the handling of the case by the Inspector-General of Police.
They argue that while the IGP is treating the civil dispute between Summit Oil and
In their petition, the KD7 are calling on the IGP to investigate and take appropriate action against their two siblings.
The Transparency Network has also urged the Federal Inland Revenue Service (FIRS) to investigate the tax implications of the multibillion-dollar transactions involving Summit Oil and Duport Midstream.
They further requested that the Nigerian National Petroleum Company Limited (NNPCL) and other regulatory bodies investigate the allegations of illegal mining activities by Kola and Wuraola.
Additionally, they are demanding that Wuraola Abiola be prosecuted for perjury, related to a false affidavit concerning her trusteeship in one of the Abiola family companies.
Anderson stressed that the group is pushing for full accountability, stating, “The law must be upheld in this complex familial and corporate dispute.”
The family feud has escalated dramatically since September 10, 2024, when four of Abiola’s children issued a public statement disavowing the actions of Kola and Wuraola.
The KD7 accused Kola and Wuraola of manipulating the rest of the family by concealing the operational status of Summit Oil.
They claim that Kola and Wuraola had told the other heirs that Summit Oil was not operational, a statement that has now proven false.
In the fallout from the accusations, Wuraola had filed her own petition with the Inspector-General of Police on June 2, 2023.
In her petition, she accused Duport Midstream Company Limited of economic sabotage and diversion of funds.
Wuraola argued that Summit Oil was fully paid for its crude oil transactions, except for the disputed $5.6 million sum.
However, the KD7 are urging the IGP to dismiss Wuraola’s petition, claiming that it is an attempt to distract from the real issue of mismanagement by their two siblings.
Olalekan Abiola, speaking on behalf of the group, expressed his dismay at the situation, stating, “We are deeply troubled by the actions of our siblings. They have acted unilaterally and without the consent of the other heirs.”
Abdul Mumuni Abiola echoed these sentiments, adding, “We demand that the Inspector-General of Police takes appropriate legal action against Kola and Wuraola for diverting funds and mismanaging the family’s assets.”
The Abiola family’s internal conflict has raised concerns about the future of Summit Oil and the broader management of the family’s wealth.
