…As Lifecard explains delay in property allocation, promises November delivery

The Chief Executive Officer, Lifecard International Investment Limited, Mrs Grace Ibhakhomu, has said that allocation of properties for subscribers across six estates and Abuja will be done in two weeks.

Mrs Ibhakhomu announced the schedule at a press conference recently, while denying allegations that Lifecard sold nonexistent properties or abandoned subscribers. She admitted that some customers had suffered delays but blamed the setbacks on land disputes, government intervention, flooding, encroachment, rising construction costs and access difficulties.

According to her, the allocation exercises will begin at Spectacular Estate on October 31, followed by Eden Court on November 7, Sprint Estate on November 13, Prosper Abuja on November 14 and Advantage Estate on November 21. Grand Haven and Wealth Garden subscribers are scheduled for engagement and allocation on December 7.

She said that the exercises would provide opportunities to resolve complaints, clarify investment status and facilitate allocations where possible. “Today, I am announcing these dates publicly as part of our commitment to transparency and direct engagement,” she said.

The CEO, however, acknowledged that acquiring land did not automatically translate into fulfilling the company’s contractual obligations to subscribers. “Our responsibility goes beyond acquiring land. It includes ensuring that subscribers receive the allocations, documentation and other benefits due to them under their respective agreements,” she said. She maintained that the company had records of land acquisitions, vendor agreements and other relevant documents to counter allegations that it collected money for properties it never acquired.

On fully paid subscribers still awaiting allocations, Ibhakhomu said most customers had received their properties, except for outstanding cases involving affected estates. She urged those with unresolved transactions to submit payment records for reconciliation. Explaining the delays, she said government intervention had forced the relocation of land acquired for subscribers, while subsequent access challenges and planning requirements slowed allocations despite a favourable court judgment and the provision of alternative land.

She also blamed flooding, deteriorating access roads and construction activities for disrupting developments around the proposed Lekki International Airport corridor, particularly Wealth Garden and Grand Haven. At De Haven Estate in Abijo, Lagos, she said waterlogging and alleged encroachment had triggered enforcement actions and legal proceedings, while land improvement works remained constrained by the cost of dredging.

She added that Prosper 2 Estate was affected by a legal dispute over alleged encroachment linked to plans for a Nigerian Navy facility around the Lekki Deep Sea Port and Dangote Refinery corridor. The company also attributed infrastructure delays to inflation and rising building material costs.

Addressing complaints over its co-investment scheme, Ibhakhomu said Lifecard was reviewing affected accounts, reconciling records and engaging relevant parties to establish settlement arrangements for participants seeking refunds.

She also dismissed claims that she had relocated abroad and abandoned the company’s Nigerian operations, insisting that its decision to scale back certain activities and explore other markets was a business strategy, not an attempt to evade responsibility. “It was not an escape plan. We did not abandon our Nigerian customers,” she said.

The CEO further listed Prime Stay 1, 2, 3 and 4, alongside Spring Apartments 2, 3 and 4, as completed developments. She said some customers had taken possession of their homes, while others had resold their properties at a profit. She promised to provide evidence of completed projects, handover documents and testimonials from consenting customers.

Ibhakhomu also apologized for the disappointment experienced by subscribers, including those whose property purchases were facilitated by social media commentator Adeola Fayehun, whose criticisms she acknowledged. While maintaining that some challenges were beyond the company’s control, she admitted that shortcomings in planning, management and communication had worsened the situation.

She stated that Lifecard was reviewing its complaint-resolution procedures and would improve communication, record reconciliation and project updates. “Our history will not be the only measure of our credibility. Our ability to address today’s challenges and honour outstanding commitments will be equally important,” she said, adding that only concrete actions could restore the confidence of aggrieved subscribers.

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