A legal tussle may be brewing between DNJ Properties & Investment Limited and a property buyer, Mr Olufemi Enahoro Odiri, over an alleged failure to allocate a two-bedroom apartment despite full payment of N50 million.
To this end, Odiri, through his legal counsel, Mr Ademola Adefolaju, has formally requested the company’s executives—CEO Johnson Ikpenu, Co-Founder/CEO Adeoye Oladeji, and Co-Founder/CEO Deji Blac, to fulfil their contractual obligation by allocating the apartment located at Plot 14 & 16 Eru Ifa Street, Ikate, off Lekki-Epe Expressway, Lagos.
The Dispute Over Allocation
According to a letter dated March 10, 2025, Odiri’s lawyer urged DNJ Properties to honour their agreement without further delay.
The letter emphasized that no communication had been made regarding a change in the expected allocation date, despite the 18-month contractual deadline expiring on May 29, 2025.
Odiri had subscribed to purchase a unit in 2023, making payments in instalments. The details of his payments, as outlined by Adefolaju, include: ₦2 million on September 29, 2023, ₦5 million on October 1, 2023, ₦2 million on October 2, 2023, ₦3 million on November 21, 2023, and ₦38 million on December 1, 2023.
Following these payments, a contract of sale was executed, acknowledging Odiri’s right to the property.
However, a recent visit to the site revealed that no construction had commenced on the designated plot.
Legal Action Looms
Adefolaju warned that if DNJ Properties fails to allocate the apartment, his client will be left with no choice but to seek redress through legal channels.
He further cautioned that the case might be reported to the Economic and Financial Crimes Commission (EFCC) for alleged fraudulent business practices.
“We wish to reiterate that this matter need not degenerate into litigation. However, we may be constrained to institute legal proceedings against you and/or report your business to the EFCC for fraudulent activities and economic distortion should you fail to yield positively to our client’s demand,” Adefolaju stated in the letter.
DNJ Properties Responds
When contacted via phone on March 14, 2025, CEO Johnson Ikpenu confirmed receipt of the letter late in the day. He stated that the matter had been forwarded to his lawyer, who would respond by Monday, March 17, 2025.
As of now, DNJ Properties has not issued any formal response regarding the allegations or provided a timeline for the allocation of the apartment.
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