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Ikoyi Collapsed Building Subscribers Signed Between $500,000 Contract To $3million Each — Report

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Some subscribers to the collapsed 21-storey building in Ikoyi, Lagos State, signed contracts ranging from over $500,000 (N206.5m) to over $3m (N1.24bn) for the purchase of luxury apartments in the high-rise from Fourscore Heights Limited, findings by our correspondent have revealed.

Documents obtained by our correspondent showed that after the payment of an initial deposit, most of the subscribers signed an agreement to pay the balance over a period of 48 months.

In an interview with The PUNCH, subscribers said the management of Fourscore Heights Limited made the payment plan so flexible that intending apartment owners could pay their balance through instalment payments over a period of 48 months.

The instalments, according to them, are expected to be made either monthly, quarterly, bi-annually, or yearly, depending on the choice of the subscribers.

They also revealed that the luxury apartments on the high-rise went for various prices, with subscribers to the apartments on the upper floors paying more than those on the lower floors.

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 in 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 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.”

A subscriber, who told our correspondent that he was given an apartment on the fifth floor, said he planned to pay a monthly instalment of $10,416 (N4,301,808) over a period of 48 months, following an agreement to pay $65,000 (N26,845,000) as initial deposit.

According to him, the total package was $565,000 (N233,345,000) and it was meant to be paid over a four-year period, after the payment of the initial deposit of $65,000.

A copy of the subscriber’s letter, which was obtained by our correspondent, showed that aside from the luxury apartments, the 21-storey building also contained several facilities to be enjoyed by the intending owners, including a power generating plant, club house, swimming pool, communal offices, gym and spa, 24-hour security, servant’s quarter and parking space.

The package also included legal and agency fees, which were not disclosed in the offer letter.

The letter, which was on the letterhead of Fourscore Heights Limited, has the address of the company as 2-4 Mosley Road, Ikoyi, Lagos.

It read in part, “We are pleased to offer for sale three bedroom Finished Flat on 5th floor Peace Building for the sum of USD 565,000.00 (five hundred and sixty-five thousand dollars only), situated at 44bcd Gerrard Road as described above, under the following terms and conditions subject to contract viz details of development: three bedrooms (all en suite), one-bedroom servant’s quarter, kitchen, parking space, generating plant, 24-hour security, access to clubhouse, swimming pool, communal offices, gym and spa.

“Purpose: Strictly residential. Title: Deed of Sublease. Payment terms: 1st payment -$5,000; 2nd payment – $60,000; Balance payment – (this will be spread over the period of four (4) years. Legal fees: five per cent. Agency fees: five per cent. All payments should be made in favour of O. Osibona/Fourscore Heights Limited.”

The letter also showed that subscribers were to make payments in dollars into the company’s domiciliary account, which was provided in the letter.

Efforts to get Fourscore Heights Limited to react to the development failed.

Calls were made to the official lines of the company indicated the lines were switched off. Text messages sent to the lines were also not replied to as of the time of filing this report.

Punch

BIG STORY

Former Senate Spokesperson Ayogu Eze Dies At 66

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Ayogu Eze, a former spokesperson for the Senate, passed away at the age of 66.

Eze, the senator from Enugu North Senatorial District from 2007 to 2015, died on Thursday in a hospital in Abuja following an undisclosed illness.

In May 2023, the Senate confirmed Eze as a federal Commissioner for Revenue Mobilisation Allocation and Fiscal Commission. Eze is also among the founding members of the Peoples Democratic Party.

In his years at the Senate, he also served as the chairman of the Senate Committee of Works and a member of committees on Constitutional Amendment, Police Affairs, National Planning, Marine Transport and Federal Character & Inter-Government Affairs.

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Lagos Workers Now Earn N70,000 As Minimum Wage Since January — Sanwo-Olu

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The executive Governor of Lagos State, Babajide Sanwo-Olu, has disclosed that workers have been enjoying an additional N35,000 wage allowance since January.

He also disclosed that a new minimum wage programme will shortly be implemented by the state administration.

According to the governor, since the start of the year, people who were previously making the minimum wage of N35,000 or more now receive salaries of N70,000 or more.

“The civil servant and all public officers in Lagos know that since January, we have continued to pay the wage allowance of a minimum of N35,000 over and above what they were earning before.

“What this means is that people that are earning a minimum of N35,000 or more before are now earning over N70,00. That is what they have been enjoying since January.

“So it is important for people to know that we make these things very clear that this government has doubled up to ensure that at this difficult time, it has not left the citizens on their own,” Sanwo-Olu said at a state function on Thursday.

The governor while giving an update on the intervention the state embarked on to ameliorate the current economic hardship,  said his administration will distribute food items to 500,000 households in the state through unions and local governments.

Speaking on the ‘Ounje Eko’ initiative, where food items are sold at discounted prices, the governor said, “We created 59 makeshift markets outside of the regular markets out of our 57 local government and local council development areas and made it Sunday-Sunday market.”

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How Binance Executive Tigran Gambaryan Planned Prison Escape, Applied For New US Passport

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Tigran Gambaryan, the detained Binance Holdings Limited executive, has made attempt to escape from Kuje Correctional Facility.

According to The Punch, Mr Gambaryan who is currently remanded in Kuje Correctional Facility, applied for a new United States of America passport, under the pretence that his seized passport was missing.

EFCC sources, on Wednesday, under anonymity said that the Armenian-born Binance executive, Gambaryan who has both American and Armenian passports, told the US Embassy in Abuja that he lost his passport which is currently being held by the anti-graft Agency.

Following the development, the EFCC has urged the Federal High Court sitting in Abuja to disregard Gambaryan’s bail application, while noting that the Armenian-American could flee from Nigeria like his Kenyan-British colleague, Nadeem Anjarwalla who fled to Kenya.

A source, privy to the investigations, revealed that “The second Binance executive, Tigran Gambaryan, who is currently remanded in Kuje prison, has planned to escape from the facility. He applied to the US embassy in Abuja to issue him a new Visa while lying that he lost his passport which was seized by the EFCC.”

Another source, under anonymity, added that “Gambaryan could have escaped from Kuje if not for the fact that the US embassy flagged his request for a new passport. Fortunately, the US embassy immediately reached out to the EFFC, and the embassy was informed that he’s a criminal suspect whose case is currently in court for alleged money laundering – concealing the source of the $35,400, 000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity.”

Meanwhile, the EFCC had on Tuesday, urged Justice Emeka Nwite of the Federal High Court Abuja to deny Gambaryan’s bail application.

The anti-graft agency said it was too risky to admit the foreigner to bail, noting the escape of his co-defendant, Nadeem Anjarwalla, from the custody of the National Security Adviser and his escape to Kenya.

Besides, the prosecuting counsel for the EFCC, Ekele Iheanacho, told the court that the anti-graft agency uncovered an alleged plot by Gambaryan to obtain a new passport to facilitate his escape from Nigeria after the EFCC had seized his passport.

Gambaryan, his fleeing colleague, Anjarwalla, and Binance Holdings Limited are being prosecuted by the EFCC on money laundering charges.

The anti-graft agency accused them of concealing the source of the $35,400, 000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity.

Opposing Gambaryan’s bail application on Tuesday, the EFCC prosecutor said, “There was an attempt by this defendant to procure another travelling document even when he was aware that his passport was in the custody of the state. He pretended as if the said passport was stolen.”

Iheanacho told the court that within the same period that Anjarwalla fled the custody, Gambaryan also allegedly made moves to escape from custody and flee the country but was intercepted by the operatives of the commission.

“This court will be taking a grave risk to grant the defendant bail. This is also because he has no attachment to any community in Nigeria.

“The experience we have had with the man who escaped to Kenya while his United Kingdom passport is in Nigeria will certainly repeat itself if this defendant is granted bail.

“The 1st defendant (Binance) is operating virtually. The only thing we have to hold on to is this defendant. So, we pray My Lord to refuse bail to the defendant.”

Iheanacho said with the intelligence information at the EFCC’s disposal it was not safe to release the foreigner on bail.

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