Ikoyi collapsed building subscribers signed over $500,000 contract each

Ikoyi collapsed building

“I was told subscribers on the 12th floor and above signed agreements to pay over $1.2m over a 48-month period while those on the 17th floor and above were asked to sign agreements to pay over $3m and above, depending on terms of the negotiation and agreement.”

A subscriber, who told our correspondent that he was given an apartment on the fifth floor, said he planned to pay a monthly instalment of $10,416 (N4,301,808) over a period of 48 months, following an agreement to pay $65,000 (N26,845,000) as initial deposit.

According to him, the total package was $565,000 (N233,345,000) and it was meant to be paid over a four-year period, after the payment of the initial deposit of $65,000.

A copy of the subscriber’s letter, which was obtained by our correspondent, showed that aside from the luxury apartments, the 21-storey building also contained several facilities to be enjoyed by the intending owners, including a power generating plant, club house, swimming pool, communal offices, gym and spa, 24-hour security, servant’s quarter and parking space.

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The package also included legal and agency fees, which were not disclosed in the offer letter.

The letter, which was on the letterhead of Fourscore Heights Limited, has the address of the company as 2-4 Mosley Road, Ikoyi, Lagos.

It read in part, “We are pleased to offer for sale three bedroom Finished Flat on 5th floor Peace Building for the sum of USD 565,000.00 (five hundred and sixty  five thousand dollars only), situated at 44bcd Gerrard Road as described above, under the following terms and conditions subject to contract viz details of development: three bedrooms (all en suite), one bedroom servant’s quarter, kitchen, parking space, generating plant, 24-hour security, access to club house, swimming pool, communal offices, gym and spa.

“Purpose: Strictly residential. Title: Deed of sublease. Payment terms: 1st payment -$5,000; 2nd payment – $60,000; Balance payment – (this will be spread over the period of four (4) years. Legal fees: five per cent. Agency fees: five per cent. All payments should be made in favour of O. Osibona/Fourscore Heights Limited.”

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The letter also showed that subscribers were to make payments in dollars into the company’s domiciliary account, which was provided in the letter.

Efforts to get Fourscore Heights Limited to react to the development failed.

Calls were made to the official lines of the company indicated the lines were switched off. Text messages sent to the lines were also not replied to as of the time of filing this report.

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By Amos Kalu
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gabriel nnaji
gabriel nnaji
6 months ago

But how could people be allowed to pay for a property,any merchandise or service in Nigeria in foreign currencies? No wonder our Naira has continued to nosedive.
The Central Bank Governor must stop this unpatriotic act.

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