The Lagos State Real Estate Regulatory Authority, or LASRERA, on behalf of the Lagos State Government has opened an investigation into claims that RevolutionPlus Property Ltd. engaged in a land scam.
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Deputy Director of Public Affairs at LASRERA, Mrs. Adeoti Sobowale, revealed this in a statement that was provided to NAN on Monday in Lagos.
In a widely shared video, a guy going by the name Mr. Kayode Oladipo claimed to have purchased 20 land parcels from RevolutionPlus in 2017 without receiving a physical assignment for the said parcels.
According to Sobowale, state housing officials invited RevolutionPlus’s management, headed by Managing Director Dr. Bamidele Onalaja, for a fact-finding meeting on Friday, per Governor Babajide Sanwo-Olu’s direction.
She listed the government representatives in attendance as Mr. Moruf Akinderu-Fatai, the Lagos State Commissioner for Housing, and Mrs. Barakat Odunuga-Bakare, a lawyer, the Special Adviser to the Lagos State Governor on Housing.
Mr. Gbolahan Toriola, Permanent Secretary, Lagos State Ministry of Housing, was also in attendance.
Speaking at the panel, Akinderu-Fatai predicted that the senior government investigators’ probe will contribute to long-term fixes for the state’s real estate industry’s persistent problems with fraud.
He claimed that by doing this, the interests of investors and investees in Lagos State real estate transactions would be safeguarded.
In her statement, Odunuga-Bakare noted that, prior to the latest viral video, several members of the public had expressed concerns regarding RevolutionPlus’s treatment of some of its users.
According to Odunuga-Bakare, the investigative team has decided to look into the claim against RevolutionPlus in accordance with LASRERA Law 2022, per the state government’s directive.
She mentioned that the organisation is able to look into public petitions and concerns thanks to LASRERA Law 2022.
She claims that this is done to uphold and advance sanity and encourage confidence among domestic and international investors to make investments in the industry.
In response, Onalaja stated that Oladipo, the complainant, had subscribed for 20 land parcels from the real estate company at Dallas Court, Lekki, and Royalty Gardens, Ajah.
He clarified that the client had paid in full for two of the initial 20 plots, and that he had received the completed paperwork for both.
He claims that Oladipo violated the terms of the payment arrangement and has not paid for the remaining eighteen plots of land.
According to Onalaja, the unpaid lands and their related expenses will not be handled in accordance with the terms of the contract.
He explained that in the event of noncompliance, the subscriber will be relocated to a different site upon completion of payment or receive a refund of the deposited amount less forty percent in accordance with business policy.
“After the subscriber missed several payments, RevolutionPlus offered him another location in Amazon Estate in Epe, which he turned down.
In addition, he stated, “Oladipo declined the option of returning the advance payment less service charge.”
Onalaja claims that the subscriber at Amazon Estate has been finalised to receive five plots from the corporation, contingent to payment and delivery of the required paperwork.
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.
The statement then stated that Oladipo was informed by the investigative committee that the real estate firm was entitled to provide him the choice of moving to a different location as he had not complied with his payment terms.
According to the committee, the reassigned site will be worth the deposit paid or the option of a return of the money paid, less forty percent, as specified in the mutually agreed-upon sales contract.
Nevertheless, Oladipo, the complainant, has consented to accept the reassignment of five land plots at Amazon Estate in Epe, Lagos State, which is equal to the present value of his payment, after the inquiry team’s considerations.
