Fraud Mars Execution Of Family Estate Project

The proposed plan by the Olumegbon  Chieftaincy family to build a model  city estate  at Ajah in Lagos has been put to a stop, following a high level of fraud  that was discovered in the obtaining of loan from a Primary Mortgage Institution (PMI).

A total of N450 million was fraudulently obtained from the Union Homes Savings and Loans Plc, out of a total of N1 billion loan request by the family for the execution of such family project.

Narrating the ordeal of the family while speaking to the press, the head of Olumegbon  family, Chief Fatai Lai Olumegbon stated that the family, in 1996 decided to build a model city at Ajah  in Lagos, as an estate which will provide both income and accommodation  for the family members and those within  the area.

He said the idea which was his brainchild, was hatched and earmarked for execution and actualisation, pointing out that the story changed when the lawyer who was hired to float a company in the  family’s name, changed gear and decided to do what was contrary to the original plan.

According to him “First I called a lawyer to assist the family to register a corporate name at the  Corporate Affairs Commission Abuja. The reason for this was to get an entity or registered company in the name of the family, which would be used to get or source funds to develop the model city.”

To his greatest surprise,  Chief Fatai said “I was surprised that the same lawyer that I engaged, was also hired by another group of people to register almost identical name for them, without my notice, and with  that they made withdrawals on the  loan without my notice”.

The head of the family said he got to know that the money had been released by the bank, when detail information from Union Homes Indicated that the money was released for the project.

He said some unscrupulous elements teamed up with the lawyer to scuttle the family’s project, without looking at the future, but vowed to fight the battle legally to ensure that justice is secured.

Chief Olumegbon therefore called on both the Lagos State government, the EFCC and  other anti-graft agencies  to wade into the matter so as to save the family, both present and future of their income, because of the loan, for which  the family land is at risk.