A decades-old corporate dispute involving Solel Boneh Nigeria Limited (SBN), a construction company linked to infrastructure development in the former Western Region, is before the Federal High Court in Abuja.
The Estate of late High Chief Gabriel Akin-Deko, a former minister in the old Western Region and reported 30 per cent shareholder in SBN, is seeking a financial settlement over allegations that the company’s assets, contracts, equipment and goodwill were transferred to Reynolds Construction Company (Nigeria) Limited (RCC), diminishing the value of its investment.
Filed in May 2022 under Suit No. FHC/ABJ/PET/38/2022, the dispute involves RCC, companies associated with the wider Solel Boneh group, including Shikun & Binui and SBI International Holdings AG, as well as Israeli business figures Shari Arison and Naty Saidoff.
The Estate maintains that its claimed shareholding entitles it to a financial interest in the company and its assets. It alleges that the transfer of business operations and assets to RCC adversely affected the value of its investment. The allegations remain disputed and have not been established as findings of the court.
Solel Boneh Nigeria Limited was involved in construction and infrastructure development during an important period of public works expansion in Nigeria. The dispute concerns the treatment of the Estate’s claimed shareholding following changes in the company’s operations and the movement of assets allegedly associated with its business.
The Federal High Court has approved a referral to alternative dispute resolution (ADR), with an initial meeting involving the parties and a mediator expected to take place. The process offers an opportunity to examine the competing claims and explore a negotiated settlement.
The Akin-Deko Estate is seeking a settlement over its claimed shareholding in Solel Boneh Nigeria Limited. The forthcoming mediation is expected to bring the parties together to consider the disputed interests, examine possible terms of settlement and explore a resolution outside further court proceedings.
