Anthony Ugbebor, a customer, has narrated before a Lagos State High Court how Mr. Olukayode Olusanya, the CEO of Oak Homes Limited, allegedly duped him of N152 million after paying for two luxury flats the developer later claimed to have no record of.
Anthony Ugbebor, who opened his defence in a protracted N152 million property dispute, detailed how he made the payments for two second-floor apartments at No. 14A Musa Yar’Adua Street, Victoria Island, Lagos.
The property developer, Olukayode Olusanya, and his company, Oak Homes Limited, had filed suit number LD/4471LM/2023 against him, seeking declarations of trespass and other reliefs.
During the hearing, Ugbebor, represented by his counsel, Mr. Nasiru Salau, adopted his witness statement on oath, leading to the admission of several documents as Exhibits DW1 A–J.
Presiding judge, Justice Akingbola George, granted Ugbebor permission to tender evidence supporting his amended counterclaim, in which he urged the court to dismiss Olusanya’s suit for lacking merit and to order the immediate handover of the two flats he said he substantially paid for since 2020.
According to Ugbebor, he paid N152 million — about $400,000 — representing 80 percent of the agreed N190 million purchase price. But on October 11, 2022, when he sent a representative to inspect the flats, Oak Homes Limited allegedly claimed they had “no record” of his transaction.
The engineer denied claims that he wrote to Transparency International’s Ghana chapter calling Olusanya a murderer or thief, insisting he merely questioned the appropriateness of granting the developer an award despite concerns about integrity.
He confirmed signing a contract for the two second-floor apartments, initially scheduled for delivery by February 28, 2019 — a deadline that was never met. He also acknowledged that the Lagos State Government sealed the project in 2019 and that construction was affected by the COVID-19 pandemic and rising costs, but maintained these factors did not justify non-delivery.
Ugbebor further recounted that the first joint meeting of all parties took place on August 28, 2023, at the EFCC’s Abuja office, where Olusanya allegedly stated that the two flats had been resold — despite Ugbebor having paid N152 million to Oak Homes between November 2017 and December 2020.
He added that estate agents repeatedly alerted him to attempts by Olukayode Olusanya to resell the units at higher prices: N310 million in January 2024, N360 million in February 2024, and N560 million in December 2024.
Responding to Olusanya’s lawyer’s claim that he had agreed to a partial refund — including N102 million allegedly returned — Ugbebor described the assertion as “absolutely false,” stating he was in New York at the time and never authorised any refund.
He stressed that his interest was not in getting his money back but in receiving the two flats he paid for.
Although he acknowledged filing a counterclaim, Ugbebor said he could not recall receiving a “cease and desist” order dated August 24, 2023, barring him from visiting the property.
Asked about his confidence in the judiciary, he declared “absolute trust” in the Nigerian judicial system.
EFCC counsel, Mr. M. A. Sheu, declined to cross-examine him.
Justice Akingbola George adjourned further proceedings to January 20, 2026.