Lagos State Governor, Mr. Babajide Sanwo-Olu, has directed Lagos State Real Estate Regulatory Authority-LASRERA to commence an investigation into a viral video clip made by one Mr Kayode Oladipo about 20 plots of lands he supposedly bought in 2017 from a Property Company, RevolutionPlus without any physical allocation of the said plots.
Following the Governor’s directive, the Lagos State Commissioner for Housing, Hon. Moruf Akinderu-Fatai, Special Adviser to Lagos State Governor on Housing, Barr.Barakat Odunuga-Bakare and Permanent Secretary, Lagos State Ministry of Housing, Engr. Gbolahan Toriola, on Friday, invited the Management of RevolutionPlus Limited who was led the company’s Chief Executive Officer/Managing Director, Dr.Bamidele Onalaja, for fact-finding.
The information gathering process by the top government officials, according to the Commissioner for Housing will help find lasting solutions to frequent reports of fraudulent practices in the State’s real Sector and thus protect the interest of investors and investees in the Real Estate business transactions in Lagos State.
Special Adviser to Lagos State Governor on Housing, Barr.Barakat Odunuga-Bakare recalled that before the viral video made by Mr Kayode Oladipo, there had been some concerns raised by members of the public about the conduct of RevolutionPlus Property Limited to some of its subscribers.
The members of the investigation team reiterated the resolve of the State government to investigate the allegation against RevolutionPlus Limited in line with LASRERA Law 2022.
According to them, LASRERA Law 2022 empowers the agency to investigate petitions and complaints from members of the public to protect and promote sanity as well as boost further investors' confidence both at home and foreign investments for the sector in Lagos State.
The CEO/MD of the real estate company, Dr.Bamidele Onalaja, affirmed that Mr. Kayode Oladipo (complainant) subscribed for 20 (Twenty) plots of land from RevolutionPlus Property Limited at Dallas Court, Lekki and Royalty Gardens, Ajah, in Lagos State.
Dr. Onalaja explained that 2 (two) out of the original 20 plots were fully paid for by the client, while the necessary documentation has been completed and handed over to him.
He added that the remaining 18 (eighteen) plots of those land have not been fully paid by Mr. Kayode Oladipo as he flouted the payment agreement on the contract.
He said that property NOT fully paid for with its associated costs will not be processed based on contract conditions because, 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%( forty percent).
He noted that having defaulted in his payment pattern, RevolutionPlus Property Limited relocated him to another land site at Amazon Estate, Epe, which he declined while the option of refunding the sum advanced was also rejected by Mr Kayode Oladipo, the complainant.
Onalaja said that the company has finalized the allocation of 5 (five) plots to Mr. Kayode Oladipo at Amazon Estate based on the payment made with necessary documents forwarded to him.
The CEO of RevolutionPlus Property Limited also added that Mr Kayode Oladipo did not make a payment of N40,000,000.00 (Forty Million to the company as claimed in the viral video, urging members of the public to disregard his claims as untrue and misleading.
However, in the course of the committee’s investigation, Mr Kayode Oladipo who was contacted on the phone, maintained that he paid the deposit sum of N18,606,000.00 (Eighteen Million, Six Hundred and Six Thousand Naira to RevolutionPlus Property Limited in 2017.
He said that along the line, he lost his job and couldn't continue with the payment as he initially agreed.
He confirmed that he declined the option of relocation to Amazon Estate, Epe in Lagos State, and wants the State Government to compel RevolutionPlus Property Limited to allocate his subscribed plots of land to him.
The Investigation Committee explained to Mr. Kayode Oladipo that having defaulted in his payment arrangement, the real estate company has the right to offer the option of relocation to another site equivalent to money paid or the option of refund of the amount paid less 40% as stipulated in the agreed contract of sales by both parties.
It should be noted that after the deliberations by the investigation team, Mr Kayode Oladipo (Complainant) has agreed to accept the allocation of (5) plots of land at Amazon Estate, Epe of Lagos State which is equivalent to the present value of his payment.
Adeoti Sobowale
Deputy Director, Public Affairs
LASRERA
21st January, 2024.
Lagos State Real Estate Regulatory Authority - Lasrera
#lagos
