Diaspora Investors Drag RevolutionPlus Property Over Stalled Multi-billion Naira Lekki Project

Bennett Oghifo

The Nigerian real estate sector, which has, in the past few years, seen a massive influx of billions of Naira from Nigerians in the diaspora, is facing a fresh wave of scrutiny, following alleged breach of contract and project abandonment.

Some Nigerians in the Diaspora are distraught and deeply concerned that one of the real estate industry’s players RevolutionPlus Property, is yet to deliver their homes to them years after they completed payment for these homes.

RevolutionPlus did not deny this claim, telling THISAY they were hit by inflation, but had recovered and are set to deliver the homes to these investors.

Regardless, some investors who spoke with journalists said what was promised as a dream investment in a high-brow area of Lagos has turned into an unending nightmare year after year.

Alex Adelesoye, a medical practitioner in the Middle East, expressed his frustration over the failure of RevolutionPlus to deliver his house to him many years after making payments for an apartment in Flourish Apartment and Terraces, located on Orchid Road, Lekki, near the Chevron area.

According to Dr. Adelesoye, he and several others were lured by advertisements from RevolutionPlus between 2020 and 2021. Enticed by the prospect of owning a home in one of Lagos’ fastest-growing corridors, the subscribers made substantial payments under a formal agreement that the project would be delivered within 12 months. However, years later, the promised delivery remains what victims describe as a “mirage”.

“The story changed immediately after payments were made,” said Dr. Adelesoye. “Instead of delivering a finished apartment, we were met with repeated requests for additional payments, which the subscribers meekly complied with in hopes of finally securing their investment.”

Thelma Egunjobi, a Nigerian living in Europe, said she invested over N40 million as far back 2020, and as of today, her three-bedroom terrace is yet to be delivered. Promises of delivery by the company have been unending.

“I paid for a 3-bedroom terrace. RevolutionPlus pleaded with me to add more money, and I had to change foreign currency to fund the purchase. As of today, I am frustrated that the delivery is a pipe dream. RevolutionPlus has thoroughly messed me up. We took the matter to the Lagos State Real Estate Regulatory Authority and the Anti-Land Grabbing Commission, without any success. We later reported to EFCC, and we are yet to receive our properties, which is really a shame and a huge disincentive to investment in our country, as several investors have had their fingers burnt without any punitive or pragmatic intervention from the Government agencies regulating these developers,” she lamented.

Prince Yellowe, another subscriber, who lives in the United States, bemoaned government failure to hold RevolutionPlus accountable, saying: “I paid N65 million to RevolutionPlus as far back as 2022. Even at EFCC, I was made to pay additional money in May 2025, over N100 million was made available to Revolutioplus, with the promise that the house would be delivered in December 2025. Till now, nothing palpable has been invested of this fund on the completion of the project.”

“Massive work is ongoing on the site,” according to RevolutionPlus.

When contacted, The Managing Director of RevolutionPlus Property, Bamidele Onalaja told THISDAY, “We are working. Work is going on. Inflation has met up with the project, but we are back to cycle now. We are working. Very soon, and when we are done, everybody will receive their allocation.”

When asked to give the investors a timeline for delivery of their homes, Onalaja said, “Maybe six months. This year. Six months, let’s say, like July? By God’s grace. Yes.”

Meanwhile, pictures of the site obtained as of Monday, January 12, 2026, showed otherwise. Reacting to Mr Onalaja’s comments, Dr. Adelesoye stressed that the real estate company has done nothing significant since 2022.

“The company didn’t do anything noticeable in the last three years. The agreement we have says the project will be delivered on or before December 2022. The massive work claimed to be going on was just a delivery of some trucks of sand when he was aware of EFCC’s planned visit to the site on Monday 12 January. We appreciate the value of what we have invested but sad to see how things have turned,” he added.

“We’re tired of delays” – Investors

Another investor, Omayemi Edukugho, who resides in the United States also told journalists that his hope of owning a home in Nigeria has since been frustrated. “As a law abiding citizen, we have reported to EFCC. Potential buyers should also note that the buildings have been sold.”

Similarly, Rasheed Abolomope, lamented that he paid for a 2-bedroom apartment in 2020 and made additional goodwill payment in 2025 but it has all ended in a traumatic pain.

 “I am a citizen that has served meritoriously. I have reported this matter to the EFCC as I believe it is unfair for another citizen to collect from us without delivering on the project since 2020. I call on the Governor of Lagos State to wade into this matter.”

He added that “Revolutionplus is now hostile to subscribers, when enquiries are made. The office is also gradually shutting down and there is information that there is a possibility of the directors being at large.”

EFCC involvement

The situation escalated to the Economic and Financial Crimes Commission (EFCC), where a formal investigation into the firm’s activities had begun. Under the purview of the anti-graft agency, an agreement was reportedly reached between the developer and the subscribers.

Despite having already paid in full for their properties, the subscribers were reportedly convinced to make even more “goodwill” payments to RevolutionPlus to ensure the project’s completion. With the new financial injection, a final delivery date was set for December 2025. While the deadline has passed, the property remains uninhabitable and the new funds made available, yet diverted.

The management of RevolutionPlus has allegedly become increasingly elusive, leading the EFCC to visit the Flourish Terraces site on Monday, January 12. The visit signals a potential escalation in the commission’s investigation as they seek to hold the principals of the firm accountable and recover the mismanaged funds and properties of the embattled investors.

This case highlights a disturbing trend in the Nigerian housing market. While diaspora investment is credited with driving job creation and economic activity, experts warn that frequent developer defaults are creating billions in “dead capital” and eroding the trust of Nigerians abroad.