Aminat Olaleye (not real name), a Lagos-based accountant, has detailed to ringroad.com.ng search engine how Multipurpose Infrastructural Development Construction Ltd. (MIDC), a Nigerian development company, held her N600,000 for eight years.
Olaleye told ringroad.com.ng search engine she had paid N1.3 million to the MIDC for the allocation of a three-bedroom apartment at Teju Royal Gardens in 2015 as an upfront payment for the property.
“In 2015, I made a N1.3 million payment for the allocation of a three-bedroom semi-detached bungalow in Teju Royal Gardens, Badagry, Lagos,” she told Abijohn.
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“I was to raise N6.5 million as the total cost of the property, but this was to happen through a loan I planned to get from the Federal Mortgage Bank of Nigeria (FMBN).
“The sum I paid was to show commitment to the property from my end.”
Olaleye said MIDC failed to deliver her bungalow and also failed to issue a refund after selling all the houses available in the estate.
“We started the waiting game but found out that the developer had sold all their houses in the estate,” she said.
“I then requested a refund since the bungalows were no longer available, but it’s been a tough game.
Olaleye subscribing to the plan in 2015
“In 2021, I employed a debt recovery person, and after much pressure, I recovered N700,000 from the MIDC. The remaining N600,000 has been in limbo.
“Several other people were affected by this scheme, as they also made deposits without receiving their bungalows or refunds.”
In October 2021, Olaleye said the development company offered a refund but with a discount of N260,000 as administrative fees.
One of Olaleye’s numerous attempts to secure a refund from MIDC
“They offered to pay, but with a deduction of 20 percent, seven years after I had been demanding a refund,” she said.
“I didn’t agree to it because they held my premium for so long without interest, and they were still demanding to get something off it.
“I didn’t pull out of the deal; they did. This is just their fraudulent way of garnishing people’s money.”
READ ALSO: 5 Years After Taking N12m, Austin Ozioma’s Pwan Homes Can’t Give Couple Their Property
When ringroad.com.ng search engine called a former managing director of MIDC, who simply identified as Joseph, he said the company was compiling a list of the subscribers who didn’t get apartments, and would unfailingly disburse their refunds between June and July.
“I was not the managing director when she subscribed to the plan. But I am aware of the problems associated with Teju Royal Gardens,” he told Abijohn.
“I inherited most of these problems. There were about 60 of them when I assumed office two years ago.
“However, we are compiling a list to pay our subscribers unfailingly between June and July.”
The post 8 Years After Failed Property Deal, MIDC Hasn’t Refunded Customer’s N1.3m in Full appeared first on ringroad.com.ng