Late Lord Rumens children battle trustee company over his estate

FIFTEEN years after the death of late Lagos socialite, Chief Olatunji Ajisomo Alabi, popularly known as Lord Rumens, his estate has become a subject of contention between his children and trustees appointed to manage the estate.

Mr. Babatunde Alabi, one of his children, who is spearheading the war to take over the control of their father’s estate has instituted a legal battle with Investment and Trust Company Limited, a subsidiary of Bank of Industry (BOI), which is in charge of administration of Lord Rumen’s estate.  Mr. Alabi Jnr., in his claim, accused the company of mismanaging his late father’s estate and also rendering some of his siblings homeless.

He (Alabi) also alleged that the trustee company has failed in its duty to manage the estate very well.  Alabi said due to the trustee’s negligence, the family have lost one of late Rumen’s companies which included Carrera Marbles and choice properties in Victoria Island, Apapa and Yaba all in Lagos.

Also in his claim, Alabi declared that the defendant (trustee company) fraudulently increased their administrative fee to 50 per cent against the terms of the trust deed.  According to Mr. Alabi, “It’s so

unfortunate that my father’s estate is being run like this.  The trustee company couldn’t give account of how they have been running the estate and each time we challenged them they threatened us with the police.

“I had to move into one of my father’s property in Ikoyi, Lagos, so that we won’t lose that one too.  They are now using police to threaten me to move out of the property that is why we are going to court.”

Babatunde Alabi and his siblings are asking the court to restrain the trustee company and others as defendant in the suit filed at the Lagos High Court from carrying out their threat to eject him from his father’s property.

The matter is presently in court as both parties engage lawyers to appear on their behalf.  The trustee company (Trust Company Limited) is not forthcoming with any comment as regards the issue.  All our efforts to speak with their officials were unsuccessful.

Late Chief Olatunji Ajisomo Alabi, a.k.a Lord Rumens, was one of Nigeria’s fathers of tennis. A member of many elite clubs in Lagos and beyond, the business mogul has a vast estate and properties around Lagos and beyond.  The socialite died 15 years ago.


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