Concerned Subscriber Petitions Lagos State Government Following Breach in Property Transaction”with estate developer

Taiwo Ajayi
3 Min Read

The family’s saga began on February 11, 2022, when they applied to purchase a property at Onyx Urban Prime Three Phase Two along Ogombo Road.

Despite initial optimism fueled by an offer letter dated February 15, 2022, with a total cost of N56.7 million, including a corner property fee and a N10,000,000 initial deposit, the dream turned into frustration as Landwey Investment Limited failed to meet their commitments.

The family diligently adhered to the payment schedule, transferring N5 million each on February 18 and February 21, 2022, and completing a 50% payment of N26,450m on March 19, 2022, as stipulated in the contract.

Expecting prompt progress, the family found themselves grappling with a series of unfulfilled promises and changing completion dates. Initially told of a December 2022 completion, this date shifted due to the COVID-19 pandemic, first to June 2023 and later to December 2023. Frequent site visits revealed no progress, leading the family to lose faith in Landwey’s commitments.

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On July 7, 2023, the family decided to seek a full refund due to Landwey’s breach of contract. Although the refund has been processed, the family insists on compensation for the devaluation of their money during the extended waiting period. In a letter to the company, they express discontent over Landwey’s unprofessional conduct and highlight the devaluation of their funds by well over 50% of its original value.

The family, determined to seek justice, emphasizes that a legal and recognized valuer firm is working on establishing their case.

They are demanding not only adequate devaluation compensation but also retribution for the abuse of trust, causing undue and untold stress. The compensation sought amounts to N22 million, representing the difference in the inflation rate during the prolonged ordeal.

As the legal proceedings unfold, the Landwey Investment Limited finds itself under scrutiny, grappling with the consequences of a disgruntled family seeking not just financial recompense but also accountability for the extended delay and emotional distress caused by the ordeal.

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