Lagos Begins RevolutionPlus Property Alleged Land Scam Probe
The Lagos State Government, through the Lagos State Real Estate Regulatory Authority (LASRERA), has launched an investigation into a report of an alleged land scam by RevolutionPlus Property Ltd.
Mrs Adeoti Sobowale, Deputy Director, Public Affairs, LASRERA, said this in a statement on Monday in Lagos. Recalled that a viral video clip by one Mr Kayode Oladipo, alleging he supposedly bought 20 plots of land in 2017 from RevolutionPlus without any physical allocation of the said plots, has been in circulation.
Sobowale stated that following a directive by Gov. Babajide Sanwo-Olu, the state’s government officials in charge of housing on Friday invited the management of RevolutionPlus, led by its Managing Director, Dr Bamidele Onalaja for fact-finding.
She named the government officials present at the meeting as the Lagos State Commissioner for Housing, Mr Moruf Akinderu-Fatai, Special Adviser to Lagos State Governor on Housing, Mrs Barakat Odunuga-Bakare, a lawyer.
Also, the Permanent Secretary, Lagos State Ministry of Housing, Mr Gbolahan Toriola. In his comment at the panel, Akinderu-Fatai, said that the investigation, by the top government 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 state.
In her remark, Odunuga-Bakare, recalled that before the recent viral video, there were concerns earlier raised by some members of the public about the conduct of RevolutionPlus to some of its subscribers.
Odunuga-Bakare stated that the investigation team, as directed by the state government has resolved to investigate the allegation against RevolutionPlus in line with LASRERA Law 2022. She noted that LASRERA Law 2022 empowers the agency to investigate petitions and complaints from members of the public.
According to her, this is to protect and promote sanity, as well as boost local and foreign investors’ confidence to invest in the sector. Reacting, 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 that 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 subscribers 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 RevolutionPlus at Amazon Estate in Epe, which he declined. Oladipo also rejected the option of refunding the advanced payment less service charge,” he said.
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. Selloffs Provoke Spike in Nigerian Treasury Bills Yield
The managing director noted that Oladipo did not pay N40 million to the company as claimed in the viral video, urging members of the public to disregard his claims, because it was untrue and misleading.
Responding to the investigation committee in a phone call, Oladipo disclosed that he paid a deposit sum of N18.606 million to RevolutionPlus 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 RevolutionPlus 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, the complainant, Oladipo has agreed to accept the re-allocation of five plots of land at Amazon Estate in Epe, Lagos state, which is equivalent to the present value of his payment.
