Igbo Billionaire, Obi Cubana, Loses Multi-Million Naira Investment in Abuja For Second Time as Court Hands Over Property to New Owner
By: Israel Adeleke
OPEN TELEVISION NAIJA (OTN) News reports as gathered that for the second time the Federal Capital Territory (FCT) High Court Enforcement Unit has taken possession of nightlife entrepreneur Obi Cubana’s ‘Cash Flow’ club building in Abuja, officially handing the property over to a new owner amid an ongoing legal dispute.
OTN News further reports as gathered that the once-popular entertainment spot, located on Adetokunbo Ademola Street in Wuse II, has now been torn down, marking a significant loss for the businessman.
According to reports, officials of the Enforcement Unit, accompanied by armed police officers, stormed the premises to execute the court order, removing Obi Cubana’s representatives before sealing off the property.
OTN News observes from the information gathered that this incident marks the second time the businessman has been evicted from the same building, raising questions about long-standing ownership battles surrounding the facility.
Eyewitnesses said the operation was swift and coordinated, leaving no room for resistance as workers immediately began the demolition process. Heavy machinery was seen pulling down parts of the structure shortly after it was repossessed.
The circumstances leading to the court’s decision remain tied to unresolved legal issues over ownership and tenancy rights, although full details have not yet been made public.
However, sources familiar with the case noted that the court’s ruling favored the claimant who had contested the rights to the property, prompting the latest enforcement action.
The ‘Cash Flow’ club was one of Obi Cubana’s notable nightlife investments in the capital city, adding to his reputation as a major investor in hospitality and entertainment across Nigeria.
The loss of the multi-million-naira property is seen as a significant blow to his business footprint in Abuja.
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