A legal dispute has emerged between DNJ Properties & Investment Limited and Mr. Olufemi Enahoro Odiri. Odiri claims the company failed to allocate a two-bedroom apartment despite receiving full payment of ₦50 million.
Odiri’s lawyer, Mr. Ademola Adefolaju, has urged DNJ Properties’ CEO, Johnson Ikpenu, and co-founders Adeoye Oladeji and Deji Blac to honour their agreement and allocate the apartment at Plot 14 & 16 Eru Ifa Street, Ikate, off Lekki-Epe Expressway, Lagos.
In a letter dated March 10, 2025, Adefolaju reminded the company that the 18-month timeframe for completing the contract will expire on May 29, 2025. However, during a recent site visit, his client discovered that no construction had taken place, and DNJ Properties had not communicated any changes to the allocation schedule.
According to the letter, Odiri made payments in installments, including:
- ₦2 million – September 29, 2023
- ₦5 million – October 1, 2023
- ₦2 million – October 2, 2023
- ₦3 million – November 21, 2023
- ₦38 million – December 1, 2023
Following the full payment, a Contract of Sale was issued in favor of Odiri, confirming the apartment purchase. Adefolaju attached a copy of the contract in the letter, labeled “ANNEXURE A.”
Adefolaju warned that if DNJ Properties fails to allocate the apartment promptly, his client will take legal action.
“We wish to reiterate that this matter need not escalate into litigation. However, we may be compelled to institute legal proceedings or report your business to the Economic and Financial Crimes Commission (EFCC) for fraudulent activities if our client’s demand is not met,” the letter stated.
DNJ Properties’ Response
When contacted, CEO Johnson Ikpenu confirmed receipt of the letter late on Friday, March 14, 2025. He stated that the matter had been forwarded to his lawyer, who would respond to Adefolaju’s request on Monday, March 17, 2025.
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As of the time of this report, DNJ Properties has yet to provide an official response regarding the delay in allocation.
