Diasporan to Sue Landwey for Devaluation Compensation After Receiving N26.45m Refund for Unbuilt Home

Bennett Oghifo

A diasporan, Mr. Olubukola Akande is seeking compensation from Landwey Investment Limited for the devaluation of the N26.45 million he paid in 2022 for a three bedroom terrace duplex that was never handed over to him. 

Landwey completed the refund of Akande’s money last week, which was done in two installments – N10 million and N16.45 million– but is demanding compensation for the money’s devaluation.

He said, “I hereby acknowledge your refund of N16.45 million. Nevertheless, we must emphasise with you our strong discontent for your unprofessional conduct that led to the refund after over 18 months of our fund transferred to your company with respect to the property in context.

“The waiting period for the refund had detrimentally devalued the money by well over 50% of its original value. A legal firm cum recognised (Estate) Valuer Firm are working on this to establish our case.

“May I let you know, that I will formally bring a closure to this transaction, not only after an adequate litigation process by our legal team is established against you over the extended delay. They shall be demanding for adequate devaluation compensations and for abuse of trust reposed in you that had caused me undue and untold stress.” It was signed by Olubukola Akande and Oluyomibo Olaniyan.

Olubukola Akande and Oluyomibo Olaniyan had petitioned the Lagos State Governor Babajide Sanwo-Olu, through his Special Adviser on Housing, stating his predicament.

Their petition, dated January 8, 2024, and titled, “Petition Against Landwey Investment Limited on Flagrant Breach of Agreement on Purchase of 3 Bedroom Terrace Duplex: Fraudulent Property Transaction.”

It said, “Olubukola Akande of the above name and address, a law abiding citizen and an Accountant bring to your notice the flagrant Breach of Agreement on purchase of 3 Bedroom Terrace Duplex by the above mentioned company.

“On February 11, 2022, we submitted an application to Landwey Investment Limited to purchase one of their residential properties, (The Onyx Urban Prime Three Phase Two) along Ogombo Road, Lagos State. After the application was submitted to Landwey, an offer letter dated February 15, 2022, was given to us for purchase of 3 Bedroom Terrace Duplex at their Onyx Urban Prime Three Phase Two, along Ogombo Road, Lagos State. The offer letter has the property priced at a total of Fifty-Four Million, Seven Hundred Thousand Naira (54,700,000) plus a Two Million Naira (2,000,000) corner property making a total cost of Fifty-Six Million, Seven Hundred Thousand Naira (56,700,000) with a Ten Million Naira (10,000,000) initial deposit. We signed the offer letter on the same day February 15, 2022, and emailed back to Landwey. On February 18, and February 21, 2022, Five Million Naira (5,000,000) each was transferred to Landwey Keystone Bank account as an initial deposit for an offer for the property. We received a letter of Acknowledgement for the Ten Million Naira payment on March 2, 2022.

“On the 3 of March 2022 Landwey gave us a contract of Sale of Building and Homeowner Agreement, which we signed on March 14, 2022, and emailed back to Landwey. Part of the contract agreement with Landwey is that after a 50% down payment has been received by Landwey, the building of our residential property will begin. Due to this fact we gathered monies together and completed the 50% payment of Twenty-Six Million, Four Hundred and Fifty Thousand Naira (26,450,000) on March 19th, 2022.

“On April 4, 2022, we received an email with the Provisional Allocation for our Unit which was allocated House 2 Indigo Street a Three Bedroom Terrace Corner Piece. Unfortunately, since a 50% payment had been made in March of 2022, we have been requesting an update of our property and a lot of unfulfilled promises have been made. At first, the initial completion date was stated to be Nine (9) months from the date 50% payment is made which will put us in December 2022 completion. Then we were told that due to Covid, the completion date for our section of the property will be June 2023. Then it was moved to sometime in December 2024. Every time we visited the site or any one of our representatives visited the site there was no development on the property.

“On July 7, 2023, we lost hope in Landwey empty promises, and we decided to request for a full refund because they had breached the contract. A refund form was completed and emailed to Landwey. An acknowledgment of the refund was accepted by email and refund was promised in 90 days even though the value of our funds had depreciated tremendously. On September 13, 2023, we received a partial refund of Ten Million Naira (10,000,000). Since that payment we have been receiving empty promises of when the remaining refund will be disbursed. As of now we are still awaiting the remaining refund of Sixteen Million, Four Hundred and Fifty Thousand Naira (16,450,000).

“Ma, we call on your good office to save our life investment from being taken away from us. We have perceived Landwey as a sham and scam. We are confident in the Lagos State Government to come to our rescue by intervening such that Landwey can refund our balance even with interest on the money. We also hope that the State will eliminate the company so no one else falls victim.

“Please use the information above to act on our behalf to get the matter resolved. We look forward to your favorable response.”