Nigerian Oil Baron To Fight $21 Million Divorce With African Law – Forbes

A wealthy Nigerian-born, British-based oil baron has been granted permission to use Nigerian tribal law to appeal a $21 million divorce payout to his former British wife, the Telegraph has reported.

Michael Prest, the 50 year-old founder of Nigerian energy trading firm Petrodel Resources, split from his wife in an acrimonious divorce in 2008. During a British High Court hearing on the divorce in October last year, the presiding judge ordered the tycoon to pay his former wife cash and assets worth over $20 million.

However, Prest has applied to appeal the court’s decision on the grounds that his Petrodel’s assets do not belong to him, but are held in trust for his children, siblings, nephews and nieces in Nigeria, under Nigerian Itsekiricustomary law.

The oil baron claims that his company, Petrodel Resources Ltd, was established in 1992 with $13,000 in start-up capital which was provided by his late father. As a result, under traditional law, his company and assets are not owned entirely by him, but by his extended family; he mainly acts as custodian of the wealth.

The tycoon’s attorney Martin Pointer disclosed to the court that under customary law in Nigeria, Prest (who is the first-born son of his family) has a historic responsibility to use the family “inheritance” to look after his siblings and their children.

Prest’s case is also helped by the fact that his younger brother went to a Nigerian High Court in 2009 and obtained a declaration which states that Petrodel Resources is a part of their late father’s estate. Michael Prest also previously acquired a court order from a Nigerian court which forbids him from sharing information about Petrodel and its assets with third parties. Hence, it is difficult to ascertain the true market value of Petrodel resources.

But the former wife, Yasmin Prest, 49, is crying foul. She told the court that Petrodel is “100 per cent owned and controlled” by her former husband. Last October, during the original court case in London, she had claimed that her former husband was worth ‘many tens, if not hundreds, of millions of pounds’. She demanded a divorce payout of about $40 million, plus about $1 million a year for upkeep of herself and the four children she bore with the tycoon. Prest had previously offered her the equivalent of $35,000 a year and a lump sum of about $2.5 million.

The court has not yet set a date for the full appeal.

Michael Prest, an extremely reclusive oil trader and former protégé of controversial commodities trader Marc Rich, founded Petrodel resources in 2001. The company has extensive oil exploration interests in Nigeria, Tanzania, Zambia and Uganda.

 

By  Mfonobong Nsehe

4 COMMENTS

  1. I believe he is lying, why didn’t his brother declare ownership of the company when he was still married. He knows that she will demand for her right that is why the brother went to court in 2009 while he divorced in 2008.

    The lie of his business being family owned does not make sense. He should settle her. He used her as a means to better his life in the foreign land, now he is using Nigerian sense to deny her right, this is how the dent our image, that makes foreigner not to trust us.

    How are we sure that he will keep his asset for her four children. He will marry another young lady now that will enjoy his wealth and leave his four children in the hand of their mother. Nigerian men are good in avoiding their responsibilities.

  2. Brossssss. Na lie go kil u. R u d only itsekiri biz person abroad? Thers no such tin as itsekiri customary laws governin ones persnal biz. U nw wanto claim that d biz is for ur whole famly obviosly d famly has neva enjoyd d fruit of d biz. As an itskiri too, I hope I’m one of d xtended famly that hav shares in d biz? Pls pay her joor. Wetin cary u leav naija go invest n evn mari oyibo for der?