A Lagos High Court, Ikorodu, has issued an injunction restraining a real estate developer and associated parties from taking any further action on a disputed property in Lekki Phase 1, following a dispute involving N206 million in off-plan investment.
The injunction was issued against Mr Raymond Okpere and his company, Raybok Development and Construction Company Limited.
The order was issued after Mr A.A. Sanda, the buyer, sought urgent judicial protection to prevent what he described as an imminent threat to his interest in a four-bedroom (cornerpiece unit) terrace duplex with a maid’s quarters located in Blockville Estate, off Freedom Way, Lekki.
According to documents presented to the court, the buyer entered into a contract in early 2024 with Raybok Development and Construction Company Limited and its CEO, Mr Okpere, for the purchase of the luxury unit.
The project, developed under a joint venture with a third party, was part of a larger residential scheme on land registered in the Elegushi Royal Family area of Lekki Phase 1 Extension.
The buyer said that after making a down payment of over N61 million and paying up to N136 million in total by March 2025, the developers suddenly reportedly issued a termination notice.
Claiming full compliance with all contractual terms, the buyer stated that he had made significant financial sacrifices to meet his payment obligations, including taking loans, selling assets, and liquidating shares.
He also expressed concern that the developers were planning to resell the property to third parties, a move he argued would cause him irreparable harm.
In its ruling, the court held that the buyer had demonstrated a valid legal interest in the property and that there was a credible risk of that interest being extinguished if urgent protective relief was not granted.
Consequently, the court issued the interim injunction barring the developer, the company, and the landowner from selling, reallocating, or further developing the specific unit in question, pending the hearing of the substantive case between the parties.
