News
Ikoyi Collapsed Building Subscribers Signed Over $500,000 Contract Each
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.
Subscribers said the management of Fourscore Heights Limited made the payment plan so flexible such 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 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 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 club house, 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.
News
Couple Kidnapped, One Shot In Ondo Estate Attack
Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.
During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.
The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.
Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.
According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.
During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.
A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.
While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.
In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.
“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.
“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”
News
Brake Failure Leaves One Dead, Four Rescued At Abule-Egba
One person died and four others were rescued following a road accident at Ekoro Junction, Abule-Egba, on Friday evening, according to a statement from the Lagos State Traffic Management Authority.
The Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, made this known in a statement issued on the agency’s X handle on Saturday.
According to the agency, the crash occurred at about 7:30 p.m. when an empty MACK tanker suffered a sudden brake failure, lost control and rammed into a Toyota Corolla before crashing into a roadside shop.
LASTMA said the tanker, with registration number EKY 900 XY, collided with a Toyota Corolla marked AAA 823 AY.
The impact caused extensive structural damage to the shop and triggered panic among traders and pedestrians in the area.
“The magnitude of the collision led to the immediate confirmation of one fatality at the scene, while four other trapped persons were extricated from the wreckage through coordinated emergency rescue efforts,” the agency stated.
The authority said it immediately activated its Rescue and Recovery Protocol, deploying specialised operatives to manage the situation.
“Personnel implemented strategic traffic diversion, vehicular evacuation procedures and crowd management in synergy with other emergency responders to forestall secondary incidents and guarantee unobstructed access for rescue operations,” LASTMA added.
It stated that emergency teams carried out rescue operations and provided medical attention to the injured victims.
According to the agency, a heavy-duty tow truck was later deployed to evacuate the damaged tanker and clear debris from the road to restore normal traffic flow.
The agency disclosed that the tanker driver fled the scene shortly after the crash and security operatives have since launched efforts to apprehend the driver and initiate legal proceedings.
“Security personnel from the Nigeria Police Force, Ekoro Division, responded expeditiously, maintaining public order, securing the accident perimeter and assisting in investigative processes aimed at establishing the precise sequence of events that culminated in the mechanical failure and subsequent collision.
“The incident precipitated considerable traffic congestion extending across adjoining routes toward Abule-Egba, necessitating robust traffic management interventions by LASTMA officials who remained on ground directing vehicular movement and implementing diversion strategies to alleviate the backlog,” it said.
According to the agency, its General Manager, Olalekan Bakare-Oki, expressed condolences to the family of the deceased and urged transport operators, particularly drivers of articulated vehicles, to prioritise routine vehicle maintenance.
“Preventable mechanical deficiencies remain a significant contributory factor in severe road traffic crashes,” Bakare-Oki said.
He also advised motorists to exercise vigilance, obey traffic regulations and maintain responsible driving practices, especially within densely populated commercial corridors.
Bakare-Oki assured the public that security agencies would conduct a thorough investigation to determine the immediate and remote causes of the incident and ensure that anyone found culpable would be prosecuted in accordance with extant laws.
The agency said other emergency responders at the scene included the Lagos State Emergency Management Agency, the Lagos State Fire and Rescue Service, the Lagos State Ambulance Service, the State Environmental Health Monitoring Unit and officers of the Nigeria Police Force, collaborated to coordinate rescue, medical response and environmental safety measures.
News
Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case
The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.
Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.
NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.
The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.
The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)
In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.
The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.
-
Health1 day agoFG Launches Salt-Reduction Campaign In Lagos To Combat Hypertension
-
News2 days agoMaureen Badejo To Appear Before Federal High Court Tomorrow On Defamation, Cybercrime Charges
-
News1 day agoCourt Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case
-
News12 hours agoBrake Failure Leaves One Dead, Four Rescued At Abule-Egba
-
News7 hours agoCouple Kidnapped, One Shot In Ondo Estate Attack
-
Entertainment9 hours agoTikTok Star Peller Escapes Unhurt After Fire Guts Generator At Lagos Mansion
