Lagos State Real Estate Regulatory Authority (LASRERA) has launched an investigation into a report of an alleged land scam by Revolution Plus Property Ltd.
Deputy spokesperson for LASRERA Adeoti Sobowale made this known in a statement on Monday.
This followed a viral video clip by a man Kayode Oladipo alleging he bought 20 plots of land in 2017 from the company without physical allocation of the land.
Mrs Sobowale stated that following a directive by Governor Babajide Sanwo-Olu, the state’s officials in charge of housing on Friday, January 19 invited the management of Revolution Plus led by its managing director Bamidele Onalaja for fact-finding.
She named the government officials present at the meeting as the state commissioner for housing, Moruf Akinderu-Fatai; special adviser to the governor on housing, Barakat Odunuga-Bakare, a lawyer; and the permanent secretary of Lagos State Ministry of Housing, Gbolahan Toriola.
In his comment at the panel, Akinderu-Fatai said the investigation by the officials would help find lasting solutions to frequent reports of fraudulent practices in the state’s real estate sector.
He stated that this would protect the interest of investors and investees in the real estate business transactions in Lagos.
Odunuga-Bakare recalled that before the recent viral video, there were concerns earlier raised by some members of the public about the conduct of Revolution Plus to some of its subscribers.
In reaction, Onalaja confirmed that the complainant, Oladipo, subscribed for 20 plots of land from the property firm at Dallas Court, Lekki and Royalty Gardens in Ajah.
He explained that two out of the original 20 plots were fully paid for by the client, while the necessary documentation had been completed and handed over to him.
According to him, the remaining 18 plots of the lands have not been fully paid for by Oladipo, as he flouted the payment agreement on the contract.
Onalaja said the lands that have not been fully paid for, with its associated costs, will not be processed based on the contract conditions.
He stated that in case of non-compliance, the company policy requires the relocation of such subscriber to another site upon completion of payment or refund of the deposited sum less 40 per cent.
“The subscriber having defaulted in his payment pattern, was offered another site by Revolution Plus at Amazon Estate in Epe, which he declined.
“Oladipo also rejected the option of refunding the advanced payment less service charge,” he said.
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According to Onalaja, the company has finalised the allocation of five plots to the subscriber at Amazon Estate, based on the payment made with necessary documents forwarded to him.
The managing director noted that Oladipo did not pay N40 million to the company as claimed in the viral video.
Responding to the investigation committee in a phone call, Oladipo disclosed that he paid a deposit sum of N18.606 million to Revolution Plus in 2017.
He explained that along the line, he lost his job and could not continue with the payment as initially agreed.
He confirmed that he declined the option of relocation to Amazon Estate in Epe, and wants the state government to direct Revolution Plus to re-allocate his subscribed plots of land to him.
Subsequently, the statement quoted the investigation committee to have explained to Oladipo that having defaulted in his payment arrangement, the real estate company has the right to offer him an option of relocation to another site.
The committee stated that the re-allocated site shall be equivalent to the deposit paid or the option of refund of the amount paid, less 40 per cent as stipulated in the agreed contract of sales by both parties.
However, following the deliberations by the investigation team, Oladipo has agreed to accept the re-allocation of five plots of land at Amazon Estate in Epe, Lagos which is equivalent to the present value of his payment.
