Prominent real estate developer, Dr. Kennedy Okonkwo, has filed a lawsuit against Adewale Oladapo, the promoter of Oretol Nigeria Limited, following a major fallout over several land transactions estimated to be worth billions of naira.
Okonkwo, the founder of Dream Court and Capital Gardens Limited, approached the Lagos State High Court with claims that Oladapo breached multiple contractual agreements and revoked titles unilaterally—moves that he says have jeopardized his business and credibility in the property market.
The dispute reportedly began in 2020, when Okonkwo purchased five hectares of land on Hampton Island, Lagos. Although the full payment was concluded by 2021, development work stalled the following year. When activities resumed, Okonkwo claims Oladapo insisted on a fresh payment—20% of the land’s value—citing inflation, a demand he eventually agreed to under pressure.
Despite this, matters took a darker turn in 2024 when Okonkwo discovered that his allocation had been reduced to four hectares, situated in an undeveloped, water-logged portion of the estate—allegedly contrary to their earlier agreement. By February 2025, he said his title was revoked, and Oretol not only filed a lawsuit against him but began reselling the disputed land to other buyers.
This isn’t the only property under contention.
Okonkwo said he paid ₦500 million in 2020 for a parcel of land on Banana Island, later increasing the investment by ₦283 million. However, legal questions over the property’s title led to a resale reversal in 2024, forcing him to refund the buyer. In another transaction, Okonkwo acquired 1.5 hectares at Hampton Harbour in a deal worth ₦1.8 billion, financed by Union Bank. Despite payment, he claims no title has been issued to date.
In a heartfelt public message, Okonkwo spoke of his personal journey—rising from Alagomeji to build a leading real estate brand over 24 years. He described the ordeal as a heavy emotional and financial burden, calling on supporters for prayers as he seeks justice.
In response, Oretol Nigeria Limited denied all accusations. The company maintains that Capital Gardens was fully briefed on the estate layout, which covers approximately 39 to 40 hectares, and that all investors received appropriate allocations with individualized survey plans.
Oretol also dismissed suggestions that it violated any agreements or sold land under legal restriction, asserting that no properties under court injunction have been marketed or transferred.
As the legal battle unfolds, many within the real estate community are watching closely. Observers see the outcome as a potential turning point for how land deals are structured, enforced, and protected in Nigeria.
For Dr. Okonkwo, the case is more than a legal tussle—it may determine the legacy of a company built on grit, determination, and an enduring belief in the Nigerian real estate promise.
