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*Opposes ex-wife’s attempt to suspend judgment
The latest is yet to be heard in the bitter love affair between former Nigerian Shipowners Association (NISA) Chairman, Chief Isaac Morakinyo Jolapamo, and his ex-wife, ex-Nigerian Television Authority (NTA) staffer, Olufunke Otti, over control of a luxury property in Ikoyi.
What began as a promising union between a wealthy shipping tycoon and his ex-wife, Otti, has now turned into one of Lagos’s most bitter financial and real estate disputes, complete with allegations of infidelity, demolition of a luxury property, missing vehicles and a fierce legal battle over hundreds of millions of naira.
The two, whose failed marriage became the subject of an intense court war over the ownership of a luxury property in Parkview Estate, Ikoyi, Lagos, are still in a legal battle over the property despite the ruling delivered by Justice OO Adewunmi-Oshun of the Lagos State High Court, on March 26, 2026, in favor of Jolapamo.
Now, months after obtaining a favorable ruling from the Lagos State High Court, Jolapamo is pleading with the court not to grant his ex-wife’s request to stay the execution of the judgment pending appeal, insisting that doing so would only compound 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 his marriage and the onset of the legal battle over the disputed property located at 23A and 23B, Olusegun Aina Street, Parkview Estate, Ikoyi.
“I have been effectively rendered homeless,” Jolapamo told the court, adding that he is currently living in a hotel in financially and emotionally difficult conditions, despite not yet being able to enjoy the fruits of the sentence handed down in his favor.
The legal battle has its roots in what appeared to be a happy union contracted in February 2017 at the Federal Marriage Registry in Ikoyi, Lagos.
But according to court documents, problems began shortly after the wedding over the proceeds from the sale of two ships: MT MOR PROSPERITY and MT MOR POWER.
Jolapamo claimed that the proceeds from the sale of the ships had been entrusted to his wife for the purpose of securing their marital future and acquiring family assets.
However, he later discovered, according to him, that the luxury Ikoyi property allegedly purchased with the funds was purchased solely in Otti’s name.
The development eventually led to lawsuit no. LD/3034LM/2022 before the Lagos State High Court, where Jolapamo sought declarations on ownership of the disputed property and liability for proceeds allegedly linked to the sale of the vessel.
On March 26, 2026, Justice OO Adewunmi-Oshun issued a ruling in favor of Jolapamo after what the businessman described as a full and exhaustive trial.
In the ruling, the court found that Jolapamo had successfully established that Ikoyi’s disputed property was acquired with proceeds from the sale of his ships and had declared the property a trust asset held for his benefit.
As a result, the court barred Otti and his companies from interfering with the ownership and possession of the property.
The court also ordered the defendants to repay over N410 million believed to be outstanding from the proceeds of the sale of the vessel, to remit N63 million generated as rental income from the property and to take into account the additional rents allegedly collected from the property.
The defendants (Otti and his companies) were also awarded general damages amounting to 5 million naira.
But dissatisfied with the ruling, Otti and his companies filed a notice of appeal together with a request for a stay of execution and injunction pending the appeal’s decision.
The request has now triggered another round of fierce legal battle between the former couple.
In his counter-declaration against the request for suspension, Jolapamo argued that the defendants did not present sufficient material to the court to justify the extraordinary relief requested.
According to him, the appellants merely relied on allegations of jurisdictional issues and fair trial violations without demonstrating any special circumstances justifying a stay of execution.
“The ruling remains valid, subsisting and binding until overturned by a higher court,” Jolapamo said.
He argued that all parties participated fully in the proceedings and were adequately represented throughout the trial before the judgment was delivered.
“The defendants can continue with their appeal even if this application is rejected,” he added, arguing that granting the stay would unfairly deprive him of enjoying the fruits of years of litigation.
For Jolapamo, however, the dispute is no longer just about legal quibbles or ownership documents. According to him, it has become a fight for survival and dignity after years of personal turmoil.
The retired shipping magnate told the court that despite emerging victorious in the case, he remains barred from the disputed property and continues to suffer severe financial difficulties.
According to him, accepting the defendants’ request would only prolong his suffering and worsen his already difficult living conditions.
But in addition to the request for a stay of execution, the affidavit contains allegations of actions allegedly taken by the defendants while the case was still pending in court.
One of the most serious allegations is the claim that the disputed portion of the property would be demolished in December 2023 despite the pendency of the case in court.
Jolapamo described the demolition as a self-help act carried out in blatant disregard of the court’s authority and intended to impose 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 it difficult to enforce any possible judgment.
The affidavit further stated that despite a persistent caveat reportedly placed on the property at the Lagos Land Registry since December 15, 2020, the defendants proceeded in 2024 to advertise and offer for sale portions of the disputed property.
According to Jolapamo, one Mr Olatunji Olowolayemo subsequently 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 the subject of ongoing litigation.
The appellant argued that the alleged sales attempts demonstrate a clear intention to dissipate the assets and frustrate the enforcement of the court’s judgment.
In another startling allegation, Jolapamo accused his ex-wife of illegally evacuating two Toyota Land Cruiser SUVs he owned from the disputed property while the matter was still pending before the court.
The vehicles, bearing the license plates KSF 11 AG and MJ 48 JJJ, were allegedly removed along with his personal belongings without his consent.
According to the shipping magnate, the loss of the vehicles has forced him to rely on rented vehicles for daily transportation, thus exposing him to further financial burdens.
He insisted that the balance of convenience strongly favors him, especially as he remains without possession of the property despite the judgment handed down in his favor.
The case has attracted public attention due to the profile of the parties involved and the staggering sums allegedly linked to the dispute.
