RevolutionPlus Property has come under intense scrutiny following allegations of breach of contract and project abandonment, raising fresh concerns about investor protection in Nigeria’s real estate sector. The controversy has unsettled many Nigerians in the diaspora who invested millions of naira in residential developments in Lagos, hoping to secure long-term assets back home.
Several investors say what was marketed as a premium housing opportunity has instead become a prolonged ordeal marked by missed deadlines, repeated payment demands, and unfulfilled promises. Many of the affected buyers reside abroad and describe years of frustration after committing substantial funds to projects that remain incomplete.
One of the investors, Alex Adelesoye, a medical practitioner based in the Middle East, said he paid for an apartment in the Flourish Apartment and Terraces project on Orchid Road, Lekki, near the Chevron area. According to him, RevolutionPlus Property advertised the development between 2020 and 2021 with assurances that the apartments would be delivered within 12 months. Years later, he says, the property remains undelivered.
Adelesoye claimed that after initial payments were made, the terms began to change. Instead of completing the apartments, the developer allegedly requested additional funds, which subscribers paid in the hope of salvaging their investments. Despite these payments, construction progress has remained minimal, according to multiple buyers.
Another investor, Thelma Egunjobi, who lives in Europe, said she invested more than ₦40 million in 2020 for a three-bedroom terrace. She said repeated delivery promises were never honoured, even after she made extra payments at the company’s request. Egunjobi said complaints to the Lagos State Real Estate Regulatory Authority and the Anti-Land Grabbing Commission yielded no resolution, prompting affected buyers to escalate the matter to the Economic and Financial Crimes Commission (EFCC).
Prince Yellowe, a United States-based subscriber, said he paid ₦65 million in 2022 and later contributed additional funds in 2025 following an EFCC-mediated agreement intended to ensure project completion by December 2025. According to him, more than ₦100 million was collectively made available under this arrangement, yet the site remains largely undeveloped.
When contacted, the managing director of RevolutionPlus Property, Bamidele Onalaja, said construction work was ongoing and advised journalists to visit the site. He did not provide specific reasons for the prolonged delays. However, investors dispute his claim, saying site inspections as recently as January 12, 2026, showed little evidence of meaningful construction activity.
Some subscribers allege that any visible activity occurred only shortly before planned EFCC visits. They insist the original agreement specified delivery by December 2022 and that no substantial progress has been made since then. Several also claim the developer has become increasingly unresponsive, with offices allegedly scaling down operations and communication with subscribers becoming hostile.
Additional investors, including Omayemi Edukugho and Rasheed Abolomope, both based in the United States, said they have lost confidence in the process after years of waiting. They allege that some of the affected properties may have been resold, further complicating recovery efforts. Abolomope called on the Lagos State government to intervene, describing the experience as financially and emotionally traumatic.
The matter has now escalated further, with the EFCC reportedly conducting site visits and deepening its investigation into the firm’s activities. Under the agency’s oversight, investors say agreements were reached that required further payments despite buyers having already paid in full. With the December 2025 deadline missed, subscribers now fear that funds may have been diverted.
Analysts say the case underscores a broader challenge in Nigeria’s housing market. While diaspora investment has injected billions of naira into real estate and supported job creation, recurring cases of stalled developments and weak enforcement are creating significant “dead capital.” Experts warn that without stronger regulation and accountability, investor confidence—especially among Nigerians abroad—could continue to erode.
