Diasporan to Sue Landwey for Devaluation Compensation After Receiving N26.45m Refund for Unbuilt Home

A diasporan, Mr. Olubukola Akande is seeking compensation from Landwey Investment Limited for the devaluation of the N26.45 million he paid in 2022 for a three bedroom terrace duplex that was never handed over to him.

Landwey completed the refund of Akande’s money last week, which was done in two installments - N10 million and N16.45 million– but is demanding compensation for the money’s devaluation.

He said, “I hereby acknowledge your refund of N16.45 million. 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 transferred 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% of its original value. A legal firm cum recognised (Estate) Valuer Firm are 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 adequate devaluation compensations and for abuse of trust reposed in you that had caused me undue and untold stress.” It was signed by Olubukola Akande and

Oluyomibo Olaniyan.

Olubukola Akande and Oluyomibo Olaniyan had petitioned the Lagos State Governor Babajide SanwoOlu, through his Special Adviser on Housing, stating his predicament.

Their petition, dated January 8, 2024, and titled, “Petition Against Landwey Investment Limited on Flagrant Breach of Agreement on Purchase of 3 Bedroom Terrace Duplex: Fraudulent Property Transaction.”

It said, “Olubukola Akande of the above name and address, a law abiding citizen and an Accountant bring to your notice the flagrant Breach of Agreement on purchase of 3 Bedroom Terrace Duplex by the above mentioned company.