*Opposes ex-wife’s bid to halt judgement
The last is yet to be heard in the bitter love story between former President of the Nigerian Shipowners Association (NISA), Chief Isaac Morakinyo Jolapamo, and his estranged wife, former Nigerian Television Authority (NTA) staff member, Olufunke Otti, over the control of a luxury property in Ikoyi.
What began as a promising union between a wealthy shipping magnate and his estranged wife, Otti, has now spiraled into one of Lagos’ most bitter property and financial disputes, complete with allegations of betrayal, demolition of a luxury property, missing vehicles and a fierce legal battle over hundreds of millions of naira.
The duo, whose failed marriage has become the subject of an intense courtroom war over ownership of a luxury property in Parkview Estate, Ikoyi, Lagos are still in legal battle over the property despite judgement delivered by Justice O.O. Adewunmi-Oshun of the Lagos State High Court, on March 26, 2026, in favour of Jolapamo.
Now, months after securing a favourable judgement from the Lagos State High Court, Jolapamo is pleading with the court not to grant his ex-wife’s request to halt the execution of the judgement pending appeal, insisting that doing so would only deepen what he described as years of emotional, financial and psychological suffering.
In a strongly worded counter-affidavit filed before the Lagos State High Court, the retired businessman painted a grim picture of his life since the collapse of the marriage and the commencement of the legal battle over the disputed property located at 23A and 23B, Olusegun Aina Street, Parkview Estate, Ikoyi.
“I have effectively been rendered homeless,” Jolapamo told the court, adding that he currently lives in a hotel under financially and emotionally difficult conditions while still unable to enjoy the fruits of the judgment delivered in his favour.
The legal battle traces its roots to what appeared to be a happy union contracted in February 2017 at the Federal Marriage Registry in Ikoyi, Lagos.
But according to court documents, trouble started shortly after the marriage over proceeds from the sale of two vessels — M.T. MOR PROSPERITY and M.T. MOR POWER.
Jolapamo claimed that proceeds from the sale of the vessels were entrusted to his wife for the purpose of securing their matrimonial future and acquiring family assets.
However, he later discovered, according to him, that the luxury Ikoyi property allegedly purchased with the funds had been acquired solely in Otti’s name.
The development eventually led to Suit No. LD/3034LM/2022 before the Lagos State High Court, where Jolapamo sought declarations over ownership of the disputed property and accountability for proceeds allegedly tied to the vessel sales.
On March 26, 2026, Justice O.O. Adewunmi-Oshun delivered judgement in favour of Jolapamo after what the businessman described as a full and exhaustive trial.
In the judgement, the court held that Jolapamo successfully established that the disputed Ikoyi property was acquired with proceeds from the sale of his vessels and declared the property a trust asset held for his benefit.
The court consequently restrained Otti and her companies from interfering with the ownership and possession of the property.
The court also ordered the defendants to refund over N410 million said to be outstanding from the vessel sale proceeds, remit N63 million generated as rental income from the property, and account for additional rents allegedly collected from the property.
General damages in the sum of N5 million were equally awarded against the defendants (Otti and her companies).
But dissatisfied with the judgement, Otti and her companies filed a Notice of Appeal alongside an application seeking stay of execution and injunction pending the determination of the appeal.
The application has now triggered another round of fierce legal confrontation between the former couple.
In his counter-affidavit opposing the stay application, Jolapamo argued that the defendants failed to place sufficient materials before the court to justify the extraordinary relief being sought.
According to him, the applicants merely relied on allegations of jurisdictional issues and fair hearing violations without showing any special circumstances warranting a stay of execution.
“The judgement remains valid, subsisting and binding until set aside by a superior court,” Jolapamo stated.
He maintained that all parties fully participated in the proceedings and were adequately represented throughout the trial before judgement was delivered.
“The defendants can continue with their appeal even if this application is refused,” he added, arguing that granting the stay would unjustly deprive him of enjoying the fruits of years of litigation.
For Jolapamo, however, the dispute is no longer just about legal technicalities or ownership documents. It has become, according to him, a struggle for survival and dignity after years of personal turmoil.
The retired shipping magnate told the court that despite emerging victorious in the suit, he remains shut out of the disputed property and continues to suffer severe financial hardship.
According to him, granting the defendants’ application would only prolong his suffering and worsen his already difficult living conditions.
But beyond the request for stay of execution, the affidavit contains allegations of actions allegedly taken by the defendants while the suit was still pending before the court.
One of the most serious allegations is the claim that the part of the disputed property was allegedly demolished in December 2023 despite the pendency of the case in court.
Jolapamo described the demolition as an act of self-help carried out in blatant disregard of the authority of the court and intended to foist a fait accompli on the judicial process.
He argued that the alleged demolition was part of a deliberate strategy to frustrate the proceedings and make enforcement of any eventual judgement difficult.
The affidavit further alleged that despite a subsisting caveat reportedly placed on the property at the Lagos Lands Registry since December 15, 2020, the defendants allegedly proceeded in 2024 to advertise and offer portions of the disputed property for sale.
According to Jolapamo, one Mr. Olatunji Olowolayemo later contacted his lawyers and disclosed that he had unknowingly purchased part of the property from the defendants without being informed that the land was already subject to ongoing litigation.
The claimant argued that the alleged sale efforts demonstrate a clear intention to dissipate assets and frustrate the enforcement of the court’s judgement.
In another startling allegation, Jolapamo accused his estranged wife of unlawfully evacuating two Toyota Land Cruiser SUVs belonging to him from the disputed property while the matter was still pending before the court.
The vehicles, bearing registration numbers KSF 11 AG and MJ 48 JJJ, were allegedly removed alongside his personal belongings without his consent.
According to the shipping magnate, the loss of the vehicles has forced him to rely on rented and chartered vehicles for daily transportation, thereby exposing him to additional financial burdens.
He insisted that the balance of convenience strongly favours him, particularly as he remains out of possession of the property despite the judgement delivered in his favour.
The case has attracted public attention because of the profile of the parties involved and the staggering sums allegedly tied to the dispute.
