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 Itsekiri customary 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.
Correct sharp man!, You are true son of your father, Imagine she wants $1M for maintenance, what is she maintaining?
on: 23 Feb 12, 12:23 AM (4 years ago) by Khalifa89
(387 | Upcoming) (m)
With that kind of money oyibo woman no be the right choice for any black man..
on: 23 Feb 12, 12:26 AM (4 years ago) by hopee80
(7 | Newbie) (m)
Guy na ur papa born u. If sey u no use ur brain, chai! God i 4 do sth wey obama sef no fit believe my report.
on: 23 Feb 12, 12:28 AM (4 years ago) by lertipha
(870 | Upcoming) (f)
Lolthe guy na correct niaija man...na as he no wan pay he remember say the business no be hin own alone. Smh
on: 23 Feb 12, 12:37 AM (4 years ago) by Unikpearl
(3152 | Gistmaniac) (f)
Naija brain at work...gbam
on: 23 Feb 12, 01:12 AM (4 years ago) by s-dot
(8 | Newbie) (m)
on: 23 Feb 12, 01:30 AM (4 years ago) by EMMYBOSS
(1130 | Gistmaniac) (m)
THIS WOMAN DEY GREEDY O. SHE MARRY THIS MAN BCOS OF MONEY. E BE LIKE SAY, EN DON TRY TO DELETE THIS MAN BUT GOD NO GREE FOR AM. SEE AS EM DEY BEAT HER CHEST SAY, THIS MAN DEY RICH WELLA, SHOOOO. NA SHE WANT DEY DIVORCE SELF. NA WA O. BUT MY GUY U TRY SHA. U DON SHOW AM SAY, U BE ORIGINAL NAIJA PIKIN.
on: 23 Feb 12, 01:34 AM (4 years ago) by Senegal
(10385 | Hero) (m)
That woman is a gold digger, sometimes i like how Nigeria legal system operates especially when it comes to divorce settlements, Unlike in Europe and America where the woman will file for divorce because her husband is very rich knowing fully well that she stands a very good chance of being settled with almost halve of the man's total worth
on: 23 Feb 12, 01:37 AM (4 years ago) by toibeli
(4512 | Gistmaniac) (m)
The woman has forgotten that she is dealing with Naija man.
on: 23 Feb 12, 01:40 AM (4 years ago) by ikwo1
(1405 | Gistmaniac) (m)
that woman is a thief,all this charge and bail lawyer for here don de deceive her so then go get money.oleeeeeeeeeeeeeeeeeeee
on: 23 Feb 12, 02:05 AM (4 years ago) by engrtope
(1685 | Gistmaniac) (m)
Nice one isekiri........correct waffy
::)waffy no dey carry last
on: 23 Feb 12, 02:37 AM (4 years ago) by escapedprince
(3132 | Gistmaniac) (m)
Bully for you my Dude!!!,unlike some stupid honeypots,who has allowed themselves to be impoverished by some greedy trolls
You just proved a crocodile will always remain true to it's pedigree!!!.
on: 23 Feb 12, 02:46 AM (4 years ago) by HOPEA23
(22509 | Addicted Hero) (f)
bravo....i don't even know what all these black rich men doing with white women,,,,,
:Dthat whatz up bro..
on: 23 Feb 12, 03:11 AM (4 years ago) by eromzy
(293 | Upcoming) (m)
good one mr prest u impress me sir
on: 23 Feb 12, 03:40 AM (4 years ago) by qtomah
(226 | Upcoming) (f)
oga as i de rack naija sense rememba say u hv joint responsibilty wit ur wife n daz where ur kids r concernd.
on: 23 Feb 12, 04:15 AM (4 years ago) by malvin2525
(5157 | Gistmaniac) (m)
on: 23 Feb 12, 05:00 AM (4 years ago) by dourthing
(329 | Upcoming) (m)
No worry collect the money we dey wait for you for millenariansingle.com you go chop your eye , or we go meet you for facebook yeye women
on: 23 Feb 12, 05:08 AM (4 years ago) by Idbabe
(8076 | Hero) (f)
U show dem say naija no dey carry last. Gbosa
on: 23 Feb 12, 05:30 AM (4 years ago) by libfedd
(223 | Upcoming) (m)
on: 23 Feb 12, 05:50 AM (4 years ago) by AKEDJOS
(4 | Newbie) (m)
A RICHMAN LIVE IS VERY PITY