In 2006, Babalakin's Resort Ltd. acquired this 15 storeys Prime Asset overgrown with weeds from Atiku and OBJ through a Development Lease Agreement (DLA) for N7.2Billion.
Now a Court has asked Buhari to pay N54 Billion to Babalakin for their blunder.
BREAKING IT DOWN:
In 2006, Dr. Wale Babalakin’s Resort International Limited acquired this 15-storey edifice (currently overgrown with weeds) from Obasanjo/Atiku’s Federal Government through a Development Lease Agreement (DLA) for N7.2 Billion. Many years before, the parcel of land was given to the Federal Military Government of Nigeria by Lagos State Government for purposes of “public interest” only.
But in 2006 Obasanjo/Atiku’s government transferred title of the land and buildings to Babalakin for 99 years under a Development Lease Agreement.
Babalakin, a private investor and Senior Advocate of Nigeria (SAN) commenced development work on the property. And then Lagos State Government struck. It moved in to stop Babalakin from carrying on further works on the prime property, claiming the land belonged to the state government.
The position of Lagos State Government was that the land was given to Federal Military Government of Nigeria for use for purposes of “public interest” only, and that if the land and buildings no longer serve public interest, the Federal Government ought to return the land to its original owner and not sell it to a private investor.
Soon, the matter became a tortuous court case between Federal Government and Babalakin. Eventually, the court ruled against Federal Government. Today, the court has asked Buhari/Osinbajo’s government to pay N54 Billion to Babalakin for Obasanjo/Atiku government’s blunder.
Just to let you know some certain blunders committed by your past elders who partially have sold your future and made your life stand still up till now...
If you are going to allow yourself to be “Atikulated” you should at least be aware of what you are getting into.
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