A property developer in Lagos has admitted that his company failed to deliver two luxury apartments to a client even after receiving full payment of N152 million.
Mr. Olukayode Olusanya, CEO of Oak Homes Limited, made the admission in court while facing questions over a broken agreement. He had filed a suit against U.S.-based engineer, Mr. Anthony Ugbebor, and the Economic and Financial Crimes Commission (EFCC).
Developer Confirms Missed Deadline
Under questioning from defence lawyer N.O. Salau, Olusanya admitted the apartments were not delivered by the promised date—February 28, 2019. He also confirmed that Ugbebor completed payment for the two three-bedroom units between 2017 and 2022.
Despite the delay, Olusanya claimed the buyer was aware and accepted it at the time.
Sale Made Without Buyer’s Permission
The situation worsened when Olusanya revealed he sold the apartments without Ugbebor’s approval. He said he acted based on authorization from the EFCC, not the buyer.
He also stated that he refunded the money, following EFCC instructions. However, he did not provide a written explanation for ending the agreement.
Documents and Objections in Court
The court accepted nine documents as evidence, including an affidavit filed in May 2024. But when Olusanya’s legal team tried to submit the purchase agreement, defence counsel objected. The document was unsigned.
Justice Akingbola George agreed and rejected the document, saying it had no legal value.
Trial Delayed as EFCC Requests Time
The EFCC’s lawyer, Mr. M.A. Sheu, asked for more time to study the case. He said he recently returned to work after being ill. The judge granted the request and adjourned the case to June 30, 2025.
Summary
A deal that began with promise has now become a legal battle. The developer’s failure to meet his commitments and his decision to act without buyer consent has drawn in Nigeria’s top anti-corruption agency. The court will now decide who was truly in the wrong.
