A property developer and Chief Executive Officer of Oak Homes Limited, Olukayode Olusanya, has admitted before the Lagos State High Court, sitting at Tafawa Balewa Square, that his company failed to deliver two apartment units to a client as agreed, in an ongoing N152 million property dispute.
Olusanya admitted during proceedings in Suit No: LD/4471LM/2023 he filed against a United States based Nigerian Engineer, Anthony Ugbebor, and the Economic and Financial Crimes Commission (EFCC), who are the first and second defendants, respectively.
During cross-examinatiin by defence counsel, Mr. N. Salau, Olusanya told Justice Akingbola George of the court that his company did not meet the agreed completion and handover date.
“The completion date we communicated was two and a half years which was supposed to be late 2019 thereabout. February 28, 2019 was the completion and handover date. Yes, we didn’t deliver to the first defendant,” Olusanya said.
When asked if he had the first defendant’s authorisation to sell the two three-bedroom apartments at Oak Residence, Victoria Island, Olusanya responded, “I got the authorisation to sell from the first defendant? No. But from the EFCC, yes.”
On whether the first defendant accepted the delay in delivery, the witness stated “Yes”, that he was contented with the delay, adding that “He was fully aware of the scenario.”
Olusanya confirmed that their transaction was based on an offer letter dated November 6, 2017, and that the first defendant paid a total of N152 million to Oak Homes over three years, with the final payment made in late 2022.
When asked if he had documented the grounds for terminating the contract, he replied “I did not state the grounds for the liquidation of the contract. As stated in the contract, I made a refund based on the instructions of the second defendant (EFCC).”
Earlier, while being led in evidence by his counsel, Mr. Adeleke Agboola (SAN), the claimant identified two initial offer letters addressed to the first defendant, dated November 6 and November 7, 2017, respectively. A third offer letter was issued in 2022 to Kofo Coker and Co.
On the whereabouts of the original offer letters, Olusanya said: “They are with the first defendant.”
He added that communication between Oak Homes and the first defendant was primarily via email.
The witness also referred to a letter from the EFCC Cybercrime Department, dated April 27, 2023.
He stated that Oak Homes responded via letters dated June 8, 2023, and August 3, 2023, the letter was titled “Notice to Seize to Trespass Property.”
“There were several bank drafts made to the defendant. Subsequent communications included an email from our counsel to the first defendant and the EFCC, and a letter titled ‘Notice of Trespass and Desist’ sent to both parties,” he stated.
The court admitted Olusanya’s statement of claim, sworn on May 8, 2024, and a further affidavit filed in June 2025. Nine supporting documents were also admitted as exhibits.
However, when Agboola sought to tender additional documents, including the property purchase agreement and documents from the Lagos State Government, defence counsel Salau objected to the admissibility of the agreement, arguing it was unsigned.
Citing the case of Ozor Kwenyu v. PDP (2018), Salau said: “An unsigned document is a worthless paper.”
In response, Agboola argued that lack of a signature did not preclude admissibility, relying on Aliu v. Nnamdi (2022): “My learned friend didn’t say the document wasn’t received, only that it wasn’t signed. That does not affect admissibility.”
In a bench ruling, Justice George held that, “The unsigned agreement between the claimant and the first defendant is hereby rejected.”
Meanwhile, EFCC counsel, Mr. M. A. Sheu, applied for an adjournment, explaining that he had just resumed work after a period of illness and needed time to review the case file and prepare for cross-examination.
Justice George granted the application and adjourned the matter to June 30, 2025, for continuation of trial.
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