Sunday Okobi

Lagos ATCO Homes, a Lagos-based real estate development company, has petitioned the Economic and Financial Crimes Commission (EFCC) over alleged irregularities and fraudulent activities in a land transaction involving the Daramola family, acting on behalf of Bolorunpelu Onigbedu Village of Ibeju-Lekki, Lagos State.

According to the petition made available to the media yesterday by ATCO Homes’ Group Managing Director and Chief Executive Officer, Mr. Bartholomew Egbochie, ATCO Homes stated that it legally acquired its estate land in 2020 from the Daramola family of Bolorunpelu Onigbedu Village Excision situated within the 35.73 hectares covered by a Certificate of Occupancy (C of O) dated April 24, 2015, registered as No. 78 at page 78 in Volume 2015H of the Register of Deeds at the Lagos State Lands Registry, Ikeja.

“However, years after the valid transaction, the same family allegedly applied to the Lagos State Government to adjust the boundary of the titled land without the company’s consent or participation,” he
stated.

The real estate firm stated that the move effectively shifted the titled coordinates to a different location, leaving ATCO’s originally acquired and developed estate outside the title coverage, thereby creating both legal and investor conflicts.

ATCO Homes’ Group Managing Director, Egbochie, described the development as “a deliberate breach of contractual trust and title integrity,” stressing that it has confused subscribers who purchased plots in good faith.

He further revealed that the Bolorunpelu family executed a Deed of Rectification, registered as No. 24/2784 at the Lagos State Lands Registry, Alausa, in July 2024, without notifying or involving ATCO Homes. Egbochie added, “ATCO Homes was never carried along in any rectification process. Yet, the family altered the land boundaries and title coordinates in a way that jeopardised our legal interest and that of our subscribers.

“We have petitioned the EFCC to investigate and prosecute all parties involved, to protect investor confidence and restore integrity in Lagos’ real estate sector.”

ATCO Homes reaffirmed its commitment to due process, transparency, and lawful real estate operations, noting that its legal and compliance teams are actively engaging with both the EFCC and the Lagos State Ministry of Lands to ensure full accountability.

The company urged its subscribers and investors to remain calm and confident, assuring them that their investments remain safe and valid, as discussions with relevant authorities are ongoing to safeguard all title interests and maintain public trust in Lagos’ real estate environment.

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