Oluwatosin Ayegbe, a Nigerian based in the United States, has seen his dream of owning a home in Nigeria fall apart after paying N48.7 million to Dollar Construction Limited, a real estate company in Oyo State owned by Lamidi Idowu.
According to FIJ, Ayegbe made payments over two years, from 2021 to 2023, but the company failed to deliver his promised property.
Ayegbe isn’t alone in his ordeal. Folashade Olaopa, a relative who introduced Ayegbe to Dollar Construction, also invested N52 million with the company.
Both are now left with no property and a huge financial loss.
Recounting the events to FIJ, Ayegbe explained that after learning about Dollar Construction from Olaopa, he signed a contract with the company, thinking it was a sound investment.
According to Ayegbe, he was told that for N52 million, he could secure a four-bedroom duplex in Ibadan, with the cost spread over two years.
He began payments in June 2021 with an initial N12 million and continued with monthly installments of N1.7 million.
However, two years later, Ayegbe’s property was still incomplete.
“At the expiration of the two years, Lamidi Idowu, the chairman and owner of the firm, had not completed my house and that of my relative, despite her paying in full. I had paid N48.7 million at the time, but my house was still at lintel level after two years,” Ayegbe said.
He noted that his house was only at the lintel level, with over N48 million already paid.
After the delays and lack of response, Ayegbe and Olaopa hired a law firm to pursue either a refund or the completion of the project. Yet, no progress has been made.
Olaopa, who resides in the United States, said she first found Lamidi Idowu’s contact online.
She only invested after sending people to inspect the construction site, who confirmed active building work.
She entered a contract for a four-bedroom duplex costing N52 million, initially planned as quarterly payments before switching to monthly installments.
When contacted by FIJ, Idowu denied the claims, insisting he had been in communication with Ayegbe and Olaopa.
“Let them come and meet me and talk about the property. You can also come with them,” Idowu told FIJ.
When asked if he had been evading them, he replied, “Now that you called me, did I not answer?”
