Renowned legal luminary and Senior Advocate of Nigeria, Aare Afe Babalola, recently shared insights into some substantial legal fees from his illustrious career.
Notably, he disclosed a remarkable achievement of obtaining $30 million for aiding the government in the recovery of $300 million from banks.
During a candid interview with radio host Ifedayo Olarinde, popularly known as Daddy Freeze, Babalola recounted a pivotal moment in the 80s when he charged Mobil $5 million for handling an appeal case, solidifying his reputation as a legal authority.
Intriguingly, Mobil initially hesitated at the proposed fee, opting for another Senior Advocate in Lagos who charged a mere N500,000.
However, the gamble backfired as they lost the case.
Babalola confirmed the $5 million fee, emphasizing the client’s right to pay in dollars or its equivalent.
Reflecting on the negotiation process, Babalola stated, “They decided to negotiate, but I stood firm on my fee. About two years later, Mobil summoned me again. Regretful of their prior decision, they sought my expertise with confidence. Despite my fee remaining unchanged, they agreed, and not only did I collect the money, but I also secured victory in the case, solidifying our ongoing professional relationship.”
Babalola recalled a pivotal deal with the government when probing about other significant legal fees.
In a bold move, he negotiated a 10% commission upon successfully recovering $300 million from a syndicate of banks embroiled in a dispute with the government.
“In one notable case, a syndicate of banks clashed with the government. I negotiated a deal – 10% of the sum I recovered from them. Ultimately, I successfully obtained $300 million, with a 10% commission rightfully earned,” Babalola revealed.
Afe Babalola’s legal prowess and strategic negotiations continue to make headlines, showcasing his significant contributions to high-stakes legal battles and financial recoveries.
