Michael Ibru’s children fight over his multi-billion naira estate

Hehe......Sixteen children of one of Nigeria’s prominent businessmen, Chief Olorogun Michael Ibru, have filed suits and counter suits over the sharing of his multi-billion naira assets.

Chief Ibru died last September. He was aged 86.
The Nation newspaper reports that one  of his sons, Oboden Ibru, has approached the Igbosere High Court, Lagos, for a declaration, among others, that he and his 15 other siblings are entitled to the
estate of their father.


In a counter-claim, one of the late Chief Ibru’s daughters, Janet Ibru, urged the court to declare that only persons whose paternity are confirmed by a diagnostics centre in the United States are entitled to an equal share of the estate.

Oboden’s suit was filed February 8 by Chief Bolaji Ayorinde (SAN) but has not been assigned to a Judge.

The defendants are:

• Oskar Ibru, Peter Ibru, Emmanuel Ibru, Gloria Ibru, Elaine Ibru-Mukoro, Elvina Ibru, 
• Mamemo Ibru, Janet Ibru, Obaro Ibru, Vivi Ibru-Stankov, Edesiri Ibru, Christiana Ibru, 
• Jero Ibru, Vikwesiri Ibru, Gabriel Ibru 
• and the Probate Registrar, High Court of Lagos State.

The claimant is seeking an order declaring that a Memorandum of Understanding (MOU) of January 2, 2001 is valid as to the distribution by way of gift of the late Ibru’s assets to both “Ovuone” and “Ivetu”.

He asked the court to declare that the properties listed in the MOU belong in their entirety to “Ovuone” being gifted jointly and several times to “Ovuone” in the lifetime of the late Chief Ibru.

Such properties include:

•  No. 1, Marine Road, Apapa, Lagos; 47, Marine Road, Apapa; 49, Marine Road, Apapa; 
• 52, Marine Road, Apapa; 5,7,9 Emotan Road, Apapa; 3,5,7 Ladipo Oluwole, Apapa; 
• Daska House; Blomfield Court; 33, Michael Ibru Boulevard; 
• 6, Louis Solomon Close, Victoria Island, Lagos and 5/7, Queens Barracks Road, Lagos.

Others are:

•  No. 20, Queens Drive, Ikoyi, Lagos; 6, Kensington Park Gardens, London; Starcross Farm; 
• Hillcrest Apartment; Zabadne Plot, Abuja; Maitama Plots, Abuja; Maroko Plots, Lagos; 
• 7, Randle Close, Apapa, Lagos; all shares in Oceanic Bank; 
• Oteri Holdings Limited’s shares in Minet Nigeria Limited; 
• Oteri’s shares in Ibachem and the portion of Ibafon land occupied by Ibachem and Ovwian land.

The claimant is also seeking a declaration that the judgment delivered by Justice John Tsoho of the Federal High Court, Lagos on April 17, 2014 remains valid and subsisting, having not been set aside by any court of competent jurisdiction.

Oboden also asked for an order appointing himself, seventh defendant, Christiana, first defendant, Oskar and eighth defendant, Jero, as administrators of the Ibru estate and an order directing them to apply to the 16th defendant for the grant of letters of administration for the estate.

An order of the court appointing Messrs. PricewaterhouseCoopers Limited to conduct a forensic audit of the shareholdings and assets, whether real or personal, belonging to the estate of the late Ibru in Oteri Holdings and any other company in Nigeria or anywhere such may be located, discovered or found in the world and submit such report to the Registrar of the court within 90 days of the order and the cost of such exercise be paid by the administrators so appointed herein.

The claimant is seeking an order directing the administrators to divide the assets into 16 equal shares and that same be given to all the 16 surviving children of the late Ibru.

But in a counter-claim, eighth defendant Janet urged the court to declare that all matters pertaining to the estate be adjudicated in Nigeria as well as a declaration that she is entitled to a refund of all expenses, including the $48,000 incurred by her in defending the law suits of the second defendant.

Furthermore, she is seeking an order of the court directing the administrators of the estate of the late Ibru to refund to her, the expenses incurred in taking care of the late Ibru during the final year of his life.

Reported by The Nation


 Mr. Goodie Ibru has resigned as chairman of Ikeja Hotels Plc.

His resignation came barely two months after a judge in Abuja backed up his claim as the chairman of the hotel group, amidst a rancorous  family dispute, involving Maiden Ibru, the wife of the late younger brother, Alex Ibru.

Goodie  Ibru, recipient of the national honour of officer of the Order of the Niger, said  he has taken
the move in the overall interest of the company and the larger Ibru family.

Mr Goodie Ibru, in a statement, anchored his decision on the need to get Ikeja Hotels to perform optimally, which have been hampered as a result of multiplicity of law suits filed by shareholders in the contest for the management and control of the company.

He stated that the decision of Justice Kafarati of the Federal High Court, Abuja of December 21, 2016 confirming him as chairman vindicated his struggle for corporate governance in the company and provided right timing for him to retire as founding chairman after 32 years in office.

Mr.  Ibru called on the younger generation of Ibrus to work with other shareholders to continue to carry on the torch of excellence for which Ikeja Hotels has been known for.

He stated also that the Ibru family has gone through a tough phase in the recent past and as the only surviving son of the first generation of Ibrus,  he is more committed to working with his sisters on keeping the family united.

Mr.  Ibru founded Ikeja Hotels Plc in 1975. He opened its flagship property, the Lagos Sheraton Hotel and Towers, in 1985. The company acquired in 1992 the Tourist Company of Nigeria Plc, the holding company of the Federal Palace Hotel and Casino.

Also under Mr.  Ibru’s chairmanship, the group acquired Capital Hotels Plc, the owner of the Abuja Sheraton Hotels and Towers.

Mr. Ibru, 75, has been a leading light of the hospitality industry in Nigeria in the last four decades.