News

FULL LIST: of Late Oyo State Governor Alao-Akala’s properties in Nigeria, UK, US as family now fight in court

Published

4 months ago

March 23, 2026

Preport

A legal battle over the estate of former Adebayo Alao-Akala has taken a dramatic turn, with an Oyo State High Court stepping in to stop further sale of his properties amid growing family tensions.

The dispute was initiated by his first daughter, Oluwatoyin Alao Aderinto, who accused estate executors of disposing of key assets without her consent. In response, the court granted an interlocutory injunction restraining any further transactions pending the determination of the suit.

Global Asset Portfolio Uncovered

Court filings revealed that the late politician left behind a vast and diverse portfolio of assets spread across Nigeria, the United Kingdom, the United States, and Ghana. These include luxury residences in Lagos, Abuja, and Ibadan, a five-star hotel in Ghana, properties in New York and Essex, as well as commercial investments such as filling stations, farms, and a radio station.

The scale of the estate underscores the complexities often associated with managing high-value inheritances in Nigeria, especially when multiple beneficiaries are involved.

DNA Test Request Sparks Controversy

In a surprising twist, Aderinto has asked the court to order DNA tests for seven individuals, including a sitting member of the House of Representatives, to establish rightful beneficiaries. She also requested the exhumation of her father’s remains for paternity verification—an unusual move that has added another layer of controversy to the case.

Legal Implications

Legal analysts say the case could become a landmark in Nigeria, particularly in defining how courts handle disputed estates involving questions of paternity and asset distribution.

The court has adjourned proceedings until April 16 to rule on the DNA test application, while the injunction on property sales remains in force.

As the case unfolds, it continues to draw public attention, highlighting both the legal and emotional complexities of inheritance disputes among prominent families.

Related Topics:Governor Alao-Akala’s Properties in Nigeria UK US

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Osun poll: ‘IGP ordered our party member’s detention’ — Accord Party alleges

Published

8 minutes ago

August 4, 2026

Preport

The spokesperson for the Accord Party Governorship Campaign Council in Osun State, Pelumi Olajengbesi, has alleged that the Inspector-General of Police, IGP, Mr Olatunji Disu ordered the continued detention of a party member, Popoola Alaba, despite investigators allegedly finding no evidence linking him to any offence.

Olajengbesi made the allegation during an interview on ARISE News while reacting to Alaba’s arrest amid political tensions ahead of the Osun governorship election.

According to him, the allegations levelled against Alaba, particularly claims that he was arrested with firearms, were not supported by investigators handling the case.

“Those allegations are embarrassing to the knowledge of the Nigerian Police. The man that was arrested was arrested with nothing. He was arrested at the point where he was sensitising his supporters,” Olajengbesi said.

He argued that if the police genuinely recovered firearms or any incriminating items from the suspect, such evidence should have been made public.

“The Nigerian Police should have ordinarily come out and shown to the public the evidence or whatever material they had relating to possession of firearms,” he added.

Olajengbesi further claimed that members of the campaign council met with officers handling the investigation, who allegedly informed them that there was no petition against Alaba and that nothing incriminating was recovered from him.

“We’ve met with the officers in charge of the investigation and they have said to us that there’s no petition against the man and nothing was found on him, but it is just very unfortunate that they have instructions from the Inspector-General of Police to detain him until further notice,” he alleged.

Describing the development as troubling, the Accord Party spokesman called on the Nigeria Police Force and the media to publicly disclose any evidence supporting the allegations against Alaba.

“That’s a sad experience we have today in Osun State and I challenge the Nigerian Police, and I challenge the press, to investigate or come out and show to the public the firearms or the unlawful possession they claimed they found with him,” he said.

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Business

Rex Insurance Meets NAICOM Minimum Capital Requirement Under NIIRA 2025

Published

26 minutes ago

August 4, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—Rex Insurance Limited has successfully met the new Minimum Capital Requirement (MCR) prescribed by the National Insurance Commission (NAICOM) under the Nigerian Insurance Industry Reform Act, (NIIRA) 2025, reinforcing its financial strength, enhancing its underwriting capacity and reaffirming its unwavering commitment to policyholders and stakeholders.

The announcement follows NAICOM’s publication of insurance companies confirmed to have complied with the new capital requirement.

A statement released today by the company, said the achievement reflects the disciplined financial management, strong corporate governance, and strategic vision that have positioned Rex Insurance Limited as a resilient organization committed to delivering greater value to customers while supporting national economic growth.

“It also marks the beginning of a new phase in the Company’s journey, one focused on sustaining capital strength, accelerating profitable growth, enhancing operational excellence, and delivering superior customer value.

Commenting on the milestone, the Managing Director/Chief Executive Officer of Rex Insurance Limited, Mrs. Ebelechukwu Nwachukwu, said: “Meeting the new Minimum Capital Requirement is a significant milestone in our journey and demonstrates the resilience of our business as well as the confidence of our shareholders in our long-term vision. It also reinforces our ability to honour our commitments to policyholders while positioning us for sustainable growth in an evolving insurance landscape.”

She further emphasized “Our recapitalization marks the beginning of an exciting new chapter for Rex Insurance. It is not an end, but a strategic foundation for sustainable growth and long-term value creation. With a stronger capitalbase, we are well equipped to increase our underwriting capacity, elevate customer experience, and deepen our investment in technology, innovation, and operational excellence.

“This enhanced financial strength enables us to provide smarter insurance solutions that respond to the evolving needs of our customers, deliver greater value to our stakeholders, support the advancement of Nigeria’s insurance industry, and maintain our unwavering commitment to prompt claims settlement to our policyholders”

Rex Insurance commended NAICOM for its leadership in strengthening the insurance sector through the recapitalization exercise and remains committed to supporting initiatives that promote a more resilient, competitive, and inclusive insurance market.

The insurer expressed its appreciation to its shareholders, Board of Directors, employees, customers, brokers, and business partners for their unwavering support and confidence, which have contributed to this important achievement .

“As the industry enters a new phase of growth, Rex Insurance’s focus now shifts from achieving capital adequacy to sustaining capital strength through disciplined execution, profitable growth, continuous innovation, and exceptional customer experience.”

The Company remains committed to delivering reliable insurance solutions, honouring its promises to policyholders, and creating sustainable value for all stakeholders while strengthening its position as a trusted insurance partner

About Rex Insurance Limited
Rex Insurance Limited (Rex) is licensed by the National Insurance Commission (NAICOM) to offer the full range of general and special risks insurance products to the insuring public. With decades of experience in the Nigerian market, Rex Insurance has an enviable reputation for technical competence and financial strength.
With a vision of being the “Preferred Nigerian Insurance Company”, our strategic direction within the next 5 years is to focus on growth and profitability with the aim of growing the company’s gross premium written and be amongst the Top-Top-Tier general insurance companies in the market.

Operating from twelve (12) business locations nationwide to ensure maximum outreach and
accessibility, we have an unwavering dedication to our core values of Resilience, Efficiency,
eXellence, Integrity & Teamwork (REXIT).

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