There is trouble brewing between a Developer, Blue MooL Limited and her client, Mrs. Comfort Oni on a 2 bedroom apartment (Shell Unit) situated at Brookhill Park, Abijo GRA, Ibeju-Lekki Local Government Area, Lagos State.The duration of the contract was for 36 months from March 2021 to February 2024 from document Blue MooL Limited s sighted and made available by the Developer and Managing Director of Blue MooL Limited, Mr. Temitope Ayodele FayoseHe confirmed that Mrs. Comfort Oni has fully paid the sum of (N9, 000,000.00) with an outstanding balance of N10, 890,000.00. The payments she made according to him were between March 24, 2021 to January 2023 and the deposits were between N1, 5,000,000.00 and N2, 500,000.00 respectively.The contract read in part that the Purchaser and her successors-in-title shall be entitled to enjoy quiet possession of the prop without let or hindrance and free from any interruptions, encumbrances or disturbances from the Vendor and / or its agents or any person (S) claiming through it. The Purchaser herself is expected to pay the full balance of the purchase price not later than 24 months from the date of payment of the initial deposit.As good as the contractual obligation may sound some months back Mrs. Oni wrote to the Developer of her unwillingness to continue with the contract when she noticed the unlikelihood of the fulfilment of the contract as a result of her personal enquiries and decided to cut her losses.But the company will have nothing to do with it and replied her “We are writing to address your request for the termination of the agreement regarding the purchase of the 2-bedroom apartment and your desire to receive a refund of the monies paid. After reviewing your subscription for the 2-bedroom apartment unit and the terms of the agreement, we note that it commenced in March 2021 and was initially scheduled to conclude in February 2023 after which an additional term of one year was granted which elapsed in February 2024”.“We must therefore inform you that your contract with us had lapsed by the time we received your email requesting termination of the contract in August 2024 due to your default in making the agreed-upon installments for the Property”.“In accordance with the terms of the agreement, please be advised that the refund will be subject to a 10 percent administrative charge, as outlined in the agreement. This administrative charge will be deducted from the total amount paid”.He disclosed that in line with their practice, the refund will be processed after three months from the date of first request. “Please also note that, due to Bluemool Limited’s financial structure, where funds received are primarily allocated to the procurement of building materials and the construction of the project, the refund will be paid in monthly installments of One Million Naira (₦1,000,000). This payment schedule is necessary as we do not have bulk cash readily available”.“We kindly request your understanding in this matter and assure you that the refund process will be conducted in compliance with the terms set forth in the agreement. Please confirm your bank details for the refund transfer at your earliest convenience. Should you have any questions or require further clarification regarding the refund process or any other aspect of the termination, please do not hesitate to contact us.Recall that the Lagos State Government has come up with an agency Lagos State Real Estate Regulatory Authority (LASRERA) an agency that regulates real estate transactions and also ensures consumer protection. Also, LASRERA’s functions include recommending policies to improve real estate transactions, registering tenancy agreements, monitoring and inspecting to ensure compliance with the Lagos State Tenancy Law.Mrs. Oni has threatened to take her case to the agency, urging them to investigate her complaints, mediate and resolve the dispute in the transaction as she is convinced the Developer is reluctant to refund her N9,000,000.00 deposits as according to her even those who have finished with their payments are yet to be allocated their flats. She said the attitude of this kind of Developer is discouraging Diasporan Nigerians like her from investing back home. According to her, she cannot count the number of her friends and colleagues outside the country that have been swindled by Developers who seem to take the advantage of the fact that the clients are not back home and use delay tactics to do them in. She wondered how on earth the Developer would suggest that they repay her N1 Million monthly without considering the loss of value to her 3 years deposit of N9,000,000.00.
