I Paid Property Developer, Oak Homes, Olukayode Olusanya N152m With Life Savings But Deny Transaction Records – Nigerian-American Engineer Tells Court

Nigerian-American engineer, Mr. Anthony Ugbebor, has told a Lagos State High Court sitting in Tafawa Balewa Square, that he paid N152m for two luxury flats with his “life savings” adding that the developer to later deny having records of the transaction.

Ugbebor, who opened his defence in a protracted N152 million property dispute before the court narrated how the payments were made.

The lawsuit, filed by property developer Mr. Olukayode Olusanya and his company, Oak Homes Limited (Suit No. LD/4471LM/2023), seeks a declaration of trespass and other reliefs against Ugbebor over two second-floor apartments at No. 14A Musa Yar’Adua Street, Victoria Island, Lagos.

During the hearing of the case, Ugbebor, through his counsel, Mr. Nasiru Salau, adopted his witness statement on oath, leading to the admission of several documents as Exhibits DW1 A–J.

The presiding judge, Justice Akingbola George, allowed Ugbebor to introduce evidence in support of his amended counterclaim, urging the court to dismiss the claimant’s suit for lacking merit and to order the immediate handover of the two flats, which he said he had substantially paid for since 2020.

The engineer testified that he paid N152 million (equivalent to $400,000) out of a total purchase price of N190 million (80% paid) using his “life savings.”

He stated that on October 11, 2022, he sent a representative to inspect the flats, only for Oak Homes Limited to allegedly claim there was “no record” of his transaction despite the payments made.

He denied sending correspondence to the Ghana chapter of Transparency International labeling Olusanya a murderer or thief, stating he only expressed concern over Olusanya receiving an award despite perceived lack of integrity.

Ugbebor confirmed a contract for the two second-floor flats, originally scheduled for delivery by February 28, 2019, a deadline that was not met.

He confirmed that the Lagos State Government had sealed the project site in 2019 and that the COVID-19 pandemic and rising construction costs affected the development, though these factors did not justify non-delivery.

He recounted that the first meeting with all parties occurred on August 28, 2023, at the EFCC’s Abuja office, where Olusanya allegedly informed attendees that the two flats had been sold, despite Ugbebor having paid Oak Homes Limited N152 million out of N190 million between November 2017 and December 2020.

Ugbebor said he was repeatedly notified by estate agents of attempts by the claimant (Olusanya) to sell each of the two flats at inflated prices: N310 million in January 2024, N360 million in February 2024, and N560 million in December 2024.

Responding to claims by Agboola (SAN) that he had agreed to a partial refund, which included N102 million already returned, Ugbebor described the allegation as “absolutely false,” noting he was in New York at the time and had not authorised any refund.

He emphasised that his primary interest was receiving the two flats, not a repayment.

He acknowledged filing a counterclaim but said he could not recall receiving an August 24, 2023 “cease and desist” order from Justice Ogunjobi, directing him not to visit the property.

When asked about his confidence in the judiciary, Ugbebor expressed “absolute trust” in the Nigerian judicial system.

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

Justice Akingbola George adjourned proceedings to January 20, 2026, for continuation of the defence.