Things Fall Apart As Nigerian Billionaire, Son Fight Dirty Over Multi-Billion Dollar Family Assets

• Italian-Nigerian billionaire, Gabriele Volpi, and his son, Matteo are at loggerheads over "who take over the family assets"
• According to a recent report, this contest between Volpi and his first child began after the former parted ways with his wife, and his relationship with his older son began to sour
• Matteo has however dragged his father to court in Malta over the assets of the three dissolved trusts

There is a serious war between Italian-Nigerian billionaire Gabriele Volpi and his son, Matteo.

They have both been drawn into a dirty legal battle that has torn the family apart and left members sweltering in exceptional acrimony.

Why Matteo and his father are at war

Father and son are known to feud, but this contest between Volpi and his first child is a rare kind that has shocked judges and damaged the paternal bond between the two men while continuing to rage across court and arbitration rooms in Nigeria, Bahamas, United Kingdom, and Malta.

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At the moment, the two combatants are not shifting ground, and they appear committed to continuing to fight until either side drops dead, surrenders, or is crushed.

At about the same time that Volpi was parting ways with his wife, his relationship with his older son began to sour, with Matteo eventually leaving the business and launching an all-out war against his father over control of the family’s massive assets. Matteo said he was forced to resign from the family business after repeatedly clashing with his father over the running of several companies in the group without proper governance as required by law.

Premium Times gathered that following the breakdown of Volpi’s marriage to Rosaria, Matteo sided with his mother and became hostile towards his father.

Shortly after leaving the family business to venture on his own, Matteo drew the battleline with Volpi on becoming aware that the businessman had taken complete control of the family’s multibillion-dollar fortune by unilaterally dissolving three Bahamian trusts holding the assets through complicated layers of offshore entities.

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Drama as former governor's children drag stepmother to court, reveal reason

In other news, the home of the former military governor of Akwa Ibom, Idongesit Nkanga, is unsettled as four of his children are fighting dirty with their stepmother.

This is as the children urged the Federal Capital Territory (FCT) High Court in Jabi, Abuja, to help reclaim their father's family house in Nigeria's capital city.

The children, Etietop Nkanga, Ini-Idara Nkanga, Utibeabasi Nkanga, and Lance Nkanga, as well as their mother, Joanna, told Justice O A. Musa to revert the warrant of possession of premises issued to their stepmother, Mosun Nkanga.

Nigeria billionaires, Dangote, Rabiu, Adenuga lose over N423bn in just 24 hours

In another development, Nigeria's richest men and business magnets, Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga, have collectively suffered a whopping N423 billion ($529 million) drop in wealth in the last 24 hours.

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Legit.ng analysis of Forbes billionaire index data showed that Rabiu experienced the heaviest loss among the three billionaires.

The BUA chairman watched his net worth on Tuesday, July 17, 2023, drop by $335 million (N267.8 billion) to $5.3 billion.

Source: Legit.ng