Findings have disclosed that Fourscore Heights Limited, developer of the collapsed Ikoyi high-rise building, signed contracts ranging from $500,000 (N206.5m) to over $3m (N1.24bn) for the purchase of luxury apartments in the property investment.
With initial deposits made, subscribers had committed to defraying the balance of payment within the period of 48 months.
The instalments on the Ikoyi property, according to subscribers who volunteered information, are expected to be made either monthly, quarterly, bi-annually, or yearly, depending on the convenience of the subscribers.
One of the subscribers, who chose to speak on condition of anonymity, said, “The higher the floor your apartment is located, the higher the price. Those on the higher floors paid more than those of us on the lower floors. I subscribed for a three-bedroom apartment on one of the floors below the eighth floor which went for $650,000. However, the owner of Fourscore Heights Limited, Mr Femi Osibana, reduced the price for some persons who were close to him. I happened to be one of those fellows. Femi and I were childhood friends.
“So, he also reduced my price to $565,000. We were together in Mayflower School in Ikene, Ogun State. We were also together at some points in London when he used to travel to Italy to buy suits and shoes for sale in the United Kingdom. Subscribers on my category were asked to pay only the initial deposit of $65,000 and then spread the remaining $500,000 over a 48-month period.
“I was told subscribers on the 12th floor of the Ikoyi apartments and above signed agreements to pay over $1.2m over a 48-month period while those on the 17th floor and above were asked to sign agreements to pay over $3m and above, depending on terms of the negotiation and agreement.”
The Ikoyi luxury apartments were to come serviced with a power generating plant, club house, swimming pool, communal offices, gym and spa, 24-hour security, servant’s quarter and parking space.