SNOOP COMMUNICATIONS

 Abiola's Abandoned African Concord Complex Secretly Sold For N26b

One of late MKO Abiola's sprawling properties situated along Apapa/Oshodi Expressway, Isolo, Lagos has been sold for a whooping sum of N26billion.

The property which formerly belonged to Berec Batteries was bought by the late business mogul, Chief MKO Abiola in the mid-eighties to serve as the permanent office of the defunct African Concord Magazine.

Unfortunately the untimely death of the acclaimed winner of the June 12 1993 presidential election and the deep in the fortunes of the weekly magazine forced a closure of the complex.

Though, there were attempts to revamp the complex alongside Concord premises situated along Local Airport Road, Ikeja by concerned allies of the late politician but it fell short of expectation due to family squabbles. 

The abandoned complex which sits on about 10 acres of land had since became a pathetic story as the once burgeoning premises soon became park for tankers and other articulated vehicles as well as field for footballers and squalors.

Interestingly, after almost 30 years of neglect, there are signs of activity within the complex.

Investigation revealed that the complex has been secretly sold for a whooping sum of N26billion.

The negotiation and sale of the complex, according to sources, was allegedly carried out discreetly by the eldest son of the late politician, Kola Abdulateef Abiola without the knowledge of his other siblings.

This revelation came to light as Deji Abiola, Kola's junior brother was astounded when security men at the complex told him the complex had been sold.

A bewildered Deji was reportedly left in a confused state even as he seemed not to fathom when and how the deal was sealed.

Sources close the family disclosed that the plot to sell the sprawling complex was hatched when Deji recently went abroad for medical treatment.

The Snoop, however, exclusive gathered that the complex was bought by a nearby Cocoa export company called Starlink Global & Ideal Limited.

The company which is owned by Dr. Murtadha Adeyemi Adeniji was recently granted $20.8milliom loan by the African Export-Import Bank (Afreximbank) to construct and operate a 30,000-metric tonne per annum cashew processing factory in Lagos.

According to the facility agreement signed on July 22, 2024, Afreximbank would provide the funds in two tranches with the first tranche of US$7.48 million going toward capital expenditure for the construction of the factory and the second, totalling $13.25 million to be deployed as working capital for the operations of the factory.

Industry sources revealed that part of the Afreximbank loan was used in buying the former African Concord complex which Starlink Global & Ideal Limited is proposing as the operational base for it's cashew processing factory.

The new owners, we gathered have since taken possession of the complex by serving quit notices to owners of the parked articulated vehicles and squalors.

The sale of the complex is coming on the heels of complaints and allegations of high handedness and cornering of late Abiola's property levelled against Kola and his siblings by other children of the late philanthropist.

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