Subscriber to a real estate development scheme by Pentagon Real Estate Investment Limited, Mr Ademola Oluwaranti has queried levies placed on new property allocated to him.

According to his counsel, A.G Solarin, Oluwaranti subscribed to the Pentagon real estate development scheme named Mainland Park City Phase II in 2008 and after paying for the two plots of land and other fees related thereto, the company failed and/or refused to release the two plots of land.

Oluwaranti said after paying for a survey and other documentation, he was denied allocation and told that the land was unfit for development. As a result, he sued the firm in 2012, praying the court to order them to release the land to him.

In a ruling in 2015, the court consented to his prayers and ordered the firm to release the lands.

Consequently, the firm asked him to pay a fee for rezoning or reallocation to a better place. Yet again, the firm allocated another land inside a thick forest in 2020 after paying N2.6 million relocation fee.

“After reallocation, they are asking me to pay an additional N7 million for development levy before I can take possession,” Oluwaranti said. He has threatened to proceed to court again unless the company addresses relevant issues concerning the land.

Though Pentagon had given Oluwaranti new allocations at Block 1 Plot 3 and 4 Shell Ext Pentagon Real Estate, he wants the company to release the documents in respect of the new allocations and refund him the N2.6 million, as well as reduce the N7 million development levy in line with the cost of development in 2008.

In response to the claims, the Clients Service Coordinator, Pentagon Real Estate Investment Limited, Ms Sofia Ike, said all necessary documents concerning the new two plots of land will be provided within 30 working days. She said: “Note that you made a payment for reallocation, as the allocated land is a reassigned plot.

“The development levy is payable at the current rate of ₦3.5 million per plot, with ₦500,000 initial payment and balance spread across 17 months. Initial payment is ₦1,000,000, while balance payable in instalments.”