Some children of late businessman and Philanthropist, Chief Olatunji Ajisomo Alabi, a.k.a Lord Rumens has asked a Lagos High Court to restrain Bank of Industry Investment and Trust Company from collecting rent on their father’s properties located in Ikoyi, Lagos.

Six children of the late Rumens had dragged BOI Trustees before the court over alleged mismanagement of their father’s N5.6billionn estate.

Joined in the suit as co-defendant is the Managing Director of BOI Trustees Mrs Betsy Obaseki and the company secretary, Mr. Simon Odomokwu.

Mrs Betsy Obaseki
The children namely Babatunde, Subuola, Awojuola, Rukayat, Olukemi and Adeola Alabi had stated in the suit that their late father appointed BOI Trustees as trustees of his estate in his will dated July 30, 1996.

The children however claimed that since the demise of their father in 1998, BOI Investment and Trust Company has persistently mismanaged his estates and has refused to give proper financial account to them.

Since the suit was filed, the defendants has not filed any response to the allegations raised by the children.

However, in a twist to the matter, the children through their lawyer, George Oguntade SAN are now seeking a restraining injunction against BOI Trustees to particularly stop the firm from collecting rent on their late father’s property located at No 39 Rumens Road, Ikoyi.

In the restraining injunction which was filed on March 28, 2018, the children claim that BOI trustees presently lacks the financial capacity to sustain its operation and has embark on a fund raising initiative to stay afloat to avoid winding up its business.

One of such fund raising initiative by BOI according to the children includes collecting huge rents on their father’s property located in Ikoyi.

In an affidavit in support of the injunction being sought, one of the children, Babatunde Alabi averred that BOI recently demanded huge rent arrears from County Estate Limited, the property firm managing the terrace houses build on the property.

He further averred that in the light of the alleged financial predicament of BOI Trustees and its repeated failure to account for previous huge rent collected on his late father’s estate, it will be in the interest of justice for the court to direct that any payment in lieu of the property should be paid into the court’s account pending the final determination of the suit.

The injunction reads: ” an order directing that any payment, either as rent, income, damages or however called that may be due and payable to BOI Trustees from County Estates Limited or any other occupant of and concerning the property at no. 39 Rumens Road Ikoyi, Lagos state be paid into court or into such other other account as may be directed by the court pending the hearing and determination of the suit herein.”