Nigerian Oil Billionaire Looses £17.5m to His Ex-Wife

Michael Prest and ex-wife

51-year-old Nigerian oil tycoon, Michael Prest, lost a legal fight to his estranged Oyinbo wife on Wednesday in a landmark court case over a £17.5m divorce settlement. The Supreme Court ruled that properties owned by Michael’s companies did count as his, and therefore should be counted as his assets in the high-profile divorce battle between him and his ex-wife, 50-year-old Yasmin.

Wednesday morning's Supreme Court judgment, which followed a hearing in London in March, was the latest round of a lengthy legal battle between the couple, who married in 1993 and spent most of their time in their £5m matrimonial home in London's Maida Vale.

Lawyers say the decision, which overturned an Appeal Court ruling that Mr Prest's companies could not be taken into account when calculating the divorce payout, could have significant implications for divorcing couples.

After the decision was announced, Mrs Prest, who has four children for her (now) ex-husband, said:
"I'm delighted and relieved that the Supreme Court has ruled as it did. I'm grateful to the judges for the care and thought they gave the case. It is more a case of satisfaction and relief than celebration. None of this would have been necessary if Michael had been sensible and played fair."

Mr Prest, who also faces having to pay an estimated £3m legal bill, was not in court to hear the judgement as 7 Supreme Court justices granted his ex-wife's prayers. The huge money will definitely affect his business.

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