Real estate firm laments media intimidation

Nigerian real estate firm RevolutionPlus Property Development Company Limited, says it is aware of coordinated false narratives, misleading publications, and malicious social media campaigns being circulated concerning its property, the Flourish Apartments & Terraces Project located on Orchid Road, Lekki, Lagos.

The company made this observation in a statement on Thursday signed by its Chief Executive Officer, Bamidele Onalaja, obtained by The PUNCH.

Onalaja stressed that while it acknowledges that a few subscribers have expressed concerns about project timelines and additional financial contributions necessitated by prevailing economic realities, “we strongly reject the attempt by a small group of individuals to criminalise a legitimate commercial and developmental project through blackmail, media intimidation, misinformation, and deliberate distortion of facts.”

Onalaja explained that over 70 per cent of its subscribers on the Flourish Apartments & Terraces project remain in active cooperation and understanding with the company regarding the economic realities affecting the Nigerian construction and real estate sector.

Onalaja added that the subscribers fully understand the unprecedented inflation, “exchange rate instability, and astronomical rise in building material costs that have impacted virtually every major construction project across Nigeria since 2020.”

“As responsible stakeholders committed to seeing the project completed, many subscribers agreed to cooperate with the company by making additional financial contributions required to bridge the inflation gap and facilitate project completion,” Onalaja added.

Onalaja said it is unfortunate that a small fraction of subscribers, estimated between eight and 13 individuals, have consistently refused to cooperate with the agreed completion framework while simultaneously spreading false narratives and negative propaganda against the company across media platforms.

“It is important to state clearly that several of these individuals defaulted on their payment obligations and failed to honour undertakings previously agreed upon before the Economic and Financial Crimes Commission,” he said.

He stressed that following engagements supervised by the EFCC, certain subscribers willingly signed undertakings agreeing to make additional payments necessary for the continuation and completion of the project.

He nevertheless lamented that while many complied in good faith, a few deliberately withheld payments and refused to honour the agreements they signed, and yet continue demanding allocation and delivery of units despite non-compliance with the revised financial structure required for project execution.

“The question therefore remains; how can a project of this magnitude be completed when certain parties intentionally withhold funds required for construction while simultaneously attempting to frustrate the process through media attacks and public harassment?” Onalaja queried.

Onalaja maintained that no developer can allocate or hand over properties that have not been fully paid for under the revised and mutually discussed framework necessitated by prevailing economic realities.

He reiterated that using media sensationalism, intimidation tactics, blackmail campaigns, or false accusations against the company will not compel the company it surrender its contractual and legal rights.

The CEO highlighted that every subscriber is required to fulfil their financial obligations for the property purchased.