Nigerian couple based in the United States of America, Olubukola Akande and Oluyomibo Olaniyan, are currently demanding for an “adequate devaluation compensations” from a real estate development company in Lagos.
Narrating their ordeal, they alleged a flagrant breach of agreement against a real estate firm where they subscribed to purchase of three- bedroom terrace duplex residential property on February 11, 2022.
After the application was submitted, they said they were given an offer letter on February 15, 2022, for the purchase of the property along Ogombo Road, Lekki Lagos.
“The offer letter has the property priced at a total of N54,700,000 plus 2,000,000 corner property making a total cost of 56,700,000 with a 10,000,000 initial deposit,” they said.
They said they were asked to pay up to 50 percent of the house’s cost price -N26,450,000 before they were given the allocation paper on April 4, 2022, with the hope that the house will be ready in nine months.
Between April 2022 and 2024, they alleged that no house was built for them.
“On July 7, 2023, we lost hope in the empty promises, and we decided to request for a full refund because they have breached the contract. A refund form was completed and emailed. An acknowledgment of the refund was accepted by email and refund was promised in 90 days even though the value of our funds had depreciated tremendously. On September 13, 2023, we received a partial refund of N10,000,000. Since that payment we have been receiving empty promises of when the remaining refund will be disbursed. As of now, we are still awaiting the remaining refund of N16,450,000,” the couple claimed in a petition letter written to the Lagos State government.
After much push, the couple said they got the refund N16,450,000 from the company last Wednesday.
They are now demanding the payment of depreciation value of the money since 2022 till now, saying they pay the company the money when exchange rate was below N500.00
Contacting the real estate company, one of the official who gave her name simply as “Chi” said: “They should ask their lawyers to write them.”
The text message sent to the company by Mr Oluyomibo read: “ I hereby acknowledge your refund of N16.45million
Nevertheless, we must emphasise with you our strong discontent for your unprofessional conduct that led to the refund after over 18 months of our fund transfer to your company with respect to the property in context.
“The waiting period for the refund had detrimentally devalued the money by well over 50% its original value. A legal firm cum recognised valuer firm is working on this to establish our case.
“May I let you know, that I will formally bring a closure to this transaction, not only after an adequate litigation process by our legal team is established against you over the extended delay. They shall be demanding for an adequate devaluation compensations and for abuse of trust reposed in you that had caused me an undue and untold stress.”
and then