Engineer Says Developer Took N152m ‘Life Savings’ Payment but Failed to Deliver Luxury Lagos Flats

A Nigerian-American engineer has told a Lagos State High Court that he paid N152 million — his entire life savings — for two luxury apartments in Victoria Island, only for the developer to later deny any record of the transaction.

Testifying before Justice Akingbola George, Mr Anthony Ugbebor described a years-long struggle to secure the properties he said he purchased from property developer Olukayode Olusanya and his company, Oak Homes Limited.

Olusanya and Oak Homes had filed a suit against Ugbebor, accusing him of trespass over the two second-floor flats at 14A Musa Yar’Adua Street. Ugbebor, however, insists he paid 80% of the agreed N190 million price between 2017 and 2020.

Through his counsel, Mr Nasiru Salau, Ugbebor adopted his witness statement, and several documents were admitted as exhibits.

He told the court that on 11 October 2022 he sent a representative to inspect the units, but Oak Homes allegedly claimed there was “no record” of his payment despite evidence of transfers totalling N152 million — about $400,000.

The engineer said the project had been scheduled for completion by February 2019 but missed the deadline. He acknowledged that the Lagos State Government sealed the site in 2019 and that COVID-19 affected construction, but argued these disruptions did not justify the developer’s failure to deliver.

Ugbebor also alleged that estate agents repeatedly alerted him that the same two flats were being marketed to new buyers at escalating prices — N310m in January 2024, N360m in February 2024, and N560m by December 2024.

At a meeting facilitated by the Economic and Financial Crimes Commission (EFCC) on 28 August 2023, Ugbebor said Olusanya told attendees the flats had been sold, despite his substantial payments.

Responding to claims by Olusanya’s lawyer that he had agreed to a partial refund — including an alleged N102 million repayment — Ugbebor said the story was “absolutely false,” adding that he was in New York at the time and never authorised any refund.

He further denied ever writing to Transparency International Ghana to brand the developer a “murderer” or “thief,” saying he merely questioned why an integrity award had been given despite unresolved allegations.

When asked about his faith in the Nigerian justice system, Ugbebor said he had “absolute trust” in the judiciary and stressed that his primary goal remained receiving the two flats — not recovering his money.

EFCC counsel, Mr M. A. Sheu, declined to cross-examine the witness.

Justice George adjourned the case to 20 January 2026 for continuation of proceedings.