Ikoyi Collapsed Building: Subscribers signed over $500,000 contract each

The 21 Storey collapsed building on Gerrard Road, Ikoyi, Lagos.

According to our findings, some subscribers to the collapsed 21-storey structure in Ikoyi, Lagos State, signed contracts with Fourscore Heights Limited for the purchase of luxury apartments in the high-rise ranging from over $500,000 (N206.5m) to over $3m (N1.24bn).

According to documents received by our correspondent, after paying an initial deposit, the majority of the members agreed to pay the amount over a 48-month period.

In an interview with subscribers, said that Fourscore Heights Limited’s management made the payment plan so flexible that prospective apartment owners may pay their balance in 48 monthly installments.

According to them, instalments are expected to be made monthly, quarterly, bi-annually, or yearly, depending on the subscribers’ preferences.

They also revealed that the high-luxury rise’s apartments were offered at various prices, with subscribers to the upper floors paying more than those on the lower floors.

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“The higher the floor your apartment is located on, the higher the price,” one of the subscribers said, who spoke on of anonymity. Those on upper floors were paid more than those on lower floors. I put down a $650,000 deposit on a three-bedroom apartment on one of the floors below the eighth floor. Mr Femi Osibana, the owner of Fourscore Heights Limited, however, dropped the price for some of his close friends. One of those person’s happened to be me. I and Femi were childhood friends.

“As a result, he reduced my price to $565,000.” We went to Mayflower School in Ikene, Ogun State, together. We also spent some time in London together when he used to travel to Italy to acquire suits and shoes to sell in the UK. Subscribers in my category were requested to pay only a $65,000 deposit up front, with the rest $500,000 spread out over 48 months.

“I was told that subscribers on the 12th and higher floors signed agreements to pay over $1.2 million over 48 months, while those on the 17th and above floors were asked to sign agreements to pay over $3 million or more, depending on the terms of the discussion and agreement.”

Following an agreement to pay $65,000 (N26,845,000) as an initial deposit, a subscriber who told our correspondent that he was given an apartment on the fifth floor said he planned to make a monthly payment of $10,416 (N4,301,808) over a period of 48 months.

According to him, the complete package was worth $565,000 (N233,345,000) and was supposed to be paid over four years after the initial deposit of $65,000 was paid.

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A copy of the subscriber’s letter obtained by our correspondent revealed that, in addition to the luxury apartments, the 21-storey building also included a power generating plant, club house, swimming pool, communal offices, gym and spa, 24-hour security, servant’s quarters, and parking space for the future owners.

Legal and agency fees were also included in the deal, which were not disclosed in the offer letter.

The company’s address is 2-4 Mosley Road, Ikoyi, Lagos, according to the letter, which was written on the letterhead of Fourscore Heights Limited.

“We are pleased to offer for sale three bedroom Finished Flat on 5th floor Peace Building for USD 565,000.00 (five hundred and sixty five thousand dollars only), situated at 44bcd Gerrard Road as described above, under the following terms and conditions subject to contract: three bedrooms (all en suite), one bedroom servant’s quarter, kitchen, parking space, generating plant, 24-hour security, access to club,” it said.

“Purpose: This is strictly a residential area. Deed of sublease is the title of the document. Payment arrangements are as follows: first payment – $5,000; second payment – $60,000; balance payment – (four (4) years). Legal fees are 5% of the total. Fees charged by the agency are 5%. All payments are to be made to O. Osibona/Fourscore Heights Limited.”

Subscribers were also instructed to deposit funds in dollars into the company’s domiciliary account, which was provided in the letter.

Attempts to get Fourscore Heights Limited to react to the development failed.

Calls to the company’s official lines revealed that the lines had been turned off. As of the time of filing this report, text messages sent to the lines have likewise gone unanswered.