Gtext Lands Takes Action Against Defaulters with New Refund Scheme

Iyke Bede

In a bold move to restore confidence and professionalism in Nigeria’s real estate sector, Gtext Lands, a subsidiary of Gtext Holdings, has announced a new buy-back initiative aimed at addressing the mounting challenges posed by defaulting clients.

This development comes on the heels of growing concerns in the industry over delayed payments on acquired lands and the rising number of clients demanding refunds for properties purchased years ago.

For years, Gtext Lands has been a notable player in the real estate market, but the company has recently faced increasing pressure.

Chairman, Gtext Holdings, Dr. Stephen Akintayo, pointed out that these defaults have led to a negative perception, where a few bad actors contribute to tarnishing the reputation of honest developers in the industry.

“While this is not representative of all our clients, a few individuals who have encountered challenges with dishonest developers attempt to treat us the same way. This perception undermines our efforts to bring sanity to the sector,” said Akintayo.

“This initiative is a step towards creating a more transparent and accountable real estate sector, where developers can operate with integrity, and clients can trust the process,” he added. “While these challenges affect us, we are determined to lead by example and set new standards for professionalism in the industry.”

In response to these challenges, Gtext Holdings is offering clients a one-time opportunity to return purchased land for refunds under a structured buy-back plan.

“We understand the difficulties many of our clients face, but we must also ensure that our operations remain sustainable. This buy-back scheme is our commitment to balancing fairness with the financial realities we face,” he concluded.