Lifecard CEO Grace Ofure Omonuwa
Lifecard International Investment has scheduled property allocation exercises and estate visits across developments in Lagos and Abuja as it responds to complaints from subscribers over delayed property delivery, infrastructure development and outstanding refunds.
The company faces allegations that it marketed properties it had not acquired, failed to allocate properties to fully paid subscribers and left some investors waiting for the resolution of their investments. Chief Executive Officer Grace Ibhakhomu has disputed the allegations concerning property acquisition, maintaining that the company acquired the land it marketed through relevant land vendors.
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The dispute highlights the risks property buyers face when developers fail to meet allocation timelines or resolve outstanding contractual obligations, particularly in investment schemes where subscribers contribute funds before receiving physical possession of land or property.
Ibhakhomu announced that the company would conduct site visits and allocation exercises from 31 October to 7 December 2026. The engagements are intended to allow subscribers to inspect locations, meet company representatives and participate in allocation processes where applicable.
The company said it would also review unresolved investments and continue engaging subscribers who have requested refunds or clarification about their funds.
Lifecard Sets Out Estate Allocation Schedule
The company’s schedule begins with Spectacular Estate on 31 October, followed by Eden Court on 7 November, Sprint Estate on 13 November, Prosper Abuja on 14 November and Advantage Estate on 21 November. Subscribers to Grand Haven and Wealth Garden are scheduled to meet company representatives on 7 December.
Lifecard said it would communicate meeting points, transport arrangements where applicable and documentation requirements before the visits. Where immediate allocation proves impossible, the company said it would document discussions and communicate the next steps.
The exercises follow complaints from participants in the company’s co-investment scheme, through which individuals pooled funds for property investments and received documentation reflecting their fractional interests.
Some participants have requested refunds, while others want clearer information about the status of their investments and when the company will fulfil outstanding commitments.
Ibhakhomu said Lifecard would continue reconciling accounts and engaging affected subscribers to establish practical settlement arrangements, including previously communicated refund timelines.
The effectiveness of the exercise will depend on whether the company can translate its announced schedule into completed allocations, clear documentation and tangible progress on outstanding obligations.
Developer Attributes Delays to Land Disputes and Rising Costs
Ibhakhomu attributed delays across some developments to land disputes, government intervention, flooding, alleged encroachment, deteriorating access roads and rising construction costs.
She said government intervention had resulted in the takeover of land acquired for one development, prompting the company to pursue legal action before accepting replacement land. Although the relocation process concluded in 2026, fresh planning requirements and difficulties accessing the replacement site delayed physical allocations.
The company also cited flooding, heavy rainfall and access-road problems around Wealth Garden and Grand Haven, near the proposed Lekki International Airport corridor, as factors that disrupted development plans.
At De Haven Estate in Abijo, Lagos, Ibhakhomu said waterlogged land and alleged encroachment had led to enforcement actions and legal proceedings. She added that dredging and land improvement had begun but remained constrained by the substantial funding required.
Prosper 2 Estate remains affected by a legal dispute involving alleged encroachment connected with plans for a Nigerian Navy facility near the Lekki Deep Sea Port and Dangote Refinery corridor, according to the company.
For Spectacular Estate, Lifecard said it had secured a replacement site and started fencing ahead of the scheduled engagement.
The company also identified inflation and higher building-material prices as factors affecting infrastructure delivery, particularly where relocation requires development work to be revised or repeated.
These explanations outline the company’s position, but they do not independently establish the status of every subscriber’s investment or confirm that contractual obligations have been fulfilled.
Land Acquisition Does Not Automatically Resolve Delivery Obligations
Responding to allegations that it collected money for properties it had not acquired, Lifecard maintained that the properties it marketed were genuinely acquired through relevant land vendors.
Ibhakhomu said the company held land-purchase records, vendor agreements and other documentation that could be examined through appropriate channels, subject to legal and confidentiality requirements.
She also acknowledged that evidence of land acquisition does not, by itself, demonstrate that the company has fulfilled every obligation to its subscribers.
The distinction matters to property buyers. Acquiring land is only one part of a transaction: developers may also have to deliver the agreed plot or unit, provide the necessary documentation, complete promised infrastructure and meet contractual timelines.
Where disputes arise, the relevant evidence includes the purchase agreement, the identity of the landowner, the developer’s authority to sell, the status of the title, the agreed allocation date and any provisions covering delays, cancellation or refunds.
For buyers in co-investment schemes, it is also important to understand whether their documents establish ownership of a specific property, a fractional interest or a contractual investment claim. Those arrangements can carry different rights and remedies.
What the Dispute Means for Property Investors
The Lifecard case underscores the importance of due diligence and enforceable agreements in Nigeria’s property market. Investors can face financial uncertainty when land disputes, infrastructure delays or changes to development plans prevent a project from progressing as expected.
Prospective buyers should independently verify land ownership and title documents, confirm that the developer has authority to market the property, and check for disputes, encumbrances and relevant planning approvals. They should also establish what the advertised price covers and obtain written commitments on allocation, infrastructure, delivery dates and refunds.
Developers, meanwhile, need to communicate delays promptly, provide credible project updates and maintain clear records of customer payments and outstanding obligations. Where delivery becomes impossible within the agreed period, the company’s response should be guided by the contract and applicable law.
For NHM readers, the next significant test is whether Lifecard completes the scheduled allocation exercises and resolves outstanding complaints. The announced dates provide a timetable against which subscribers can assess progress, but the schedule itself does not confirm that allocations or refunds have been completed.
The outcome could also influence confidence in property investment schemes more broadly, particularly those that rely on pooled contributions from individual and diaspora investors. Transparent reporting, verifiable land documentation and the timely fulfilment of contractual obligations remain essential to protecting buyers and strengthening trust in the market.
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