The Federal High Court ruling had previously resulted in the “unlawful foreclosure” by GTB PLC of a 30 billion Naira 44-room mansion owned by AlhajiAgboolaAbiola, one of the sons of the late winner of the June 12 1993 presidential election, Bashorun M.K.O Abiola.
In a unanimous judgment in the suit with number CA/L/888/2014, the court held that the trial court had ignored glaring discrepancies on the execution page of a tripartite legal mortgage registered by the bank at the Land Registry of Lagos State against the said property.
The court found that the said discrepancies made the tripartite legal mortgage document so deficient that it was incapable of conferring on the said bank, any legal rights to foreclose on the property.