BY SAM OTUONYE
The Managing Director and Chief Executive Officer of Praco International Limited, Engr. Success Obioma Akagburuonye, has drawn public attention for what many describe as an uncommon display of restraint after he accepted a significantly smaller portion of the disputed Kugbo District land in Abuja in the interest of peace. The real estate entrepreneur said no material possession can match the value of peace, even when he had the legal grounds and institutional backing to continue contesting the matter.
Praco International Limited was originally allocated 254 hectares of land in the Kugbo area by the Federal Capital Territory Administration (FCTA) in 2002. However, the land became a subject of a prolonged dispute involving Praco, Sunrise Estate Development Limited, and the FCTA. Multiple court processes and administrative setbacks prolonged the conflict for over two decades, leaving investments stranded and relationships strained.
After years of litigation, Akagburuonye secured a court judgment in his favour, resulting in his discharge and acquittal on all allegations previously raised against him. The court also ordered the return of his confiscated items, including his vehicles, travel documents, and business papers. Yet, despite the ruling, the dispute over the land allocation remained unresolved and continued to stall development efforts in the Kugbo axis.
Determined to pursue a peaceful settlement, Akagburuonye took an unconventional step by writing to Sunrise Estate Development Limited to propose a reconciliation meeting in Lebanon, the company’s home country. According to him, holding the dialogue in Lebanon would demonstrate transparency, good faith, and his readiness to end “a conflict that had outlived its usefulness.” Sunrise accepted the proposal, and in July 2025, Akagburuonye—accompanied by Nwani Simon Nnaemeka and Folawiyo David Oyebaji—travelled for the talks, which stakeholders described as fruitful and progressive.
Following the Lebanon meeting, the FCT Minister, Barr. Nyesom Wike, invited the parties to a formal negotiation session in Abuja. The invitation, signed by the Assistant Director/Technical Assistant in the General Counsel’s office, Mohammed Garba Bawa, set the stage for a final resolution. The meeting, held inside the Minister’s block conference room, had in attendance senior officials of the FCT Administration, legal representatives of both real estate firms, and other stakeholders.
At the meeting, Wike requested updates on the conciliatory steps taken so far. The General Counsel of the FCTA noted that the breakthrough only became possible after Akagburuonye initiated dialogue with Sunrise in Lebanon, describing it as the catalyst that created “the room for today’s meaningful engagement.”
Both Praco and Sunrise affirmed their readiness to settle, after which the Minister directed that the disputed 254 hectares—covering Plots 580 and 581—be shared among four identified stakeholders: the FCTA, Praco International Ltd, Sunrise Estate Development Ltd, and Prince and Princess Estate. He mandated the companies to meet, agree on sharing ratios, consider prior investments such as sewage and water infrastructure, and undertake a joint site visit. The General Counsel also assured that the successful resolution of the Kugbo issue would pave the way for the release of 22 other affected plots.
At the end of the negotiation process, Praco recovered 55 hectares—far below its initial allocation. Yet, Akagburuonye said his decision to accept the reduced size was driven by his Christian convictions and a desire to prioritise peace over prolonged hostilities. “Worldly acquisitions cannot take precedence over eternal values,” he was quoted as saying, insisting that peace remains the most priceless gain from the settlement.
Akagburuonye also commended Minister Wike for what he described as landmark reforms in the FCT’s land administration system. He noted that under Wike, Certificates of Occupancy are now issued for individual plots rather than in bulk—a reform he said enhances transparency, improves property value, and enables genuine developers to use their titles for financing. He urged subscribers who had earlier invested in the estate before the dispute to approach AG Mortgage Bank, the appointed developer, for documentation processing.
With the dispute resolved, the Praco CEO has shifted his focus back to his business ventures and philanthropic projects. Beyond real estate, Akagburuonye is the Chief Executive Officer of Peace Be Still Hotels, Akaraugo Microfinance Bank Limited, and Obisco Plastics Limited. He is also the founder of *Hope Rising for Imolites, a socio-political platform driving community development initiatives in Imo State, and holds the chieftaincy title of Akaraugo Mbaise.
His associates say his decision to let go of a large portion of the contested land, despite having favourable court judgments, reinforces his reputation as a peace-builder and community-focused investor committed to long-term impact rather than personal gain.
