Oak Homes Wins Landmark Judgment At The Lagos High Court

…Company Vindicated After Years of False Allegations and Coordinated Media Attacks

Oak Homes Multinational Services Limited is pleased to announce that the High Court of Lagos State, Lagos Judicial Division, delivered judgment in its favour in Suit No. LD/4471LM/2023, before Honourable Justice A.A. George on June 15, 2026. The judgment brings to a close a protracted legal dispute that began when Mr. Anthony Ehiedu Ugbebor petitioned the Economic and Financial Crimes Commission (EFCC) with sweeping allegations of fraud, obtaining by false pretence, and criminal breach of trust against Oak Homes and its leadership. Those allegations were false. The Court has now confirmed that position.

 Background  

Oak Homes entered a commercial real estate transaction with Mr. Anthony Ehiedu Ugbebor for two units of a 3-bedroom apartment at Oak Residences, Victoria Island, Lagos, with a clearly defined milestone payment structure and delivery timeline. Like many real estate projects globally, the development encountered delays from force majeure circumstances including the COVID-19 pandemic. Compounding this, Mr. Ugbebor defaulted significantly on the agreed payment milestones, thus making the total payments of N152,000,000 from a total sum of N190,000,000 only as late as June 2022. Oak Homes, acting in good faith, continued to work toward delivery throughout this period.

Rather than engage constructively on what was a civil contractual matter, Perhaps in an attempt to influence outcomes and bullying tactics , Mr. Ugbebor engaged the EFCC in October 2022, alleging criminal fraud. Oak Homes management was held in custody and the company was made to raise bank drafts totalling N102,000,000 delivered to the EFCC purportedly in furtherance of its investigation. At the point of a final payment of N50,000,000, the EFCC reportedly stated that Mr. Ugbebor no longer wanted a refund but wanted the apartments. The EFCC then advised both parties to resolve the matter in civil court, itself confirming this was never a criminal matter.

 What the Court Decided           

Honourable Justice A.A. George, after exhaustive review of all pleadings, documentary evidence and cross examinations, found that both parties had deviated from the original contractual timelines by mutual conduct, amounting to a novation of contract in law. On that basis, the Court rejected Mr. Ugbebor’s counterclaim in its entirety, including claims for specific performance, special damages of N20,000,000, general damages of N10,000,000, solicitor fees of N5,000,000, and an alternative claim of N1,120,000,000 (one billion, one hundred and twenty million naira) representing the alleged current market value of equivalent apartments plus 20% annual interest from 2017.

The Court ordered as follows:

1.           A declaration that the contract between the parties has been terminated by the doctrine of Novation of Contract.

2.           An order compelling the EFCC to return to Mr. Ugbebor all sums paid to it by Oak Homes through Manager’s Cheques.

3.           An order that Oak Homes immediately remit the balance of payments made to it by Mr. Ugbebor.

4.           No order as to costs.

The Court also made pointed observations on the role of the EFCC, affirming that the Commission is not a debt recovery agency and cannot be deployed as one. This is a significant judicial statement that resonates well beyond this case.

A Statement from Oak Homes

For years, Oak Homes and its Chief Executive, Mr. Olukayode Olusanya, have been the target of a deliberate and sustained campaign of reputational attacks, sponsored and amplified across internet platforms and social media. Our company made a conscious and principled decision not to respond in kind. We chose to trust the justice system to speak. It has now spoken clearly and unambiguously. We are a company built on integrity, transparency and a genuine commitment to delivering quality real estate to Nigerians at home and in the diaspora. We have never defrauded anyone. The Court has confirmed this.

We reassure all our clients, investors and partners that Oak Homes remains a credible, compliant and forward-looking real estate development company. We will continue to build homes and communities that Nigerians are proud of. We thank our legal team, led by the distinguished Senior Advocate of Nigeria, Adeleke Agbola SAN, for their exceptional diligence and professionalism throughout this matter.

About Oak Homes Multinational Services Limited

Oak Homes Multinational Services Limited is a Nigerian real estate development company focused on delivering premium residential and commercial properties. Oak Residences, Victoria Island, Lagos is one of its flagship developments, situated in one of Lagos’s most prestigious and sought-after addresses.