Levitikal Realties Faces Legal Challenges Over Lagos Property

The ongoing legal dispute over the property at No. 68 Molade Okoya Thomas Street, Victoria Island, Lagos, involves Levitikal Realties & Construction Limited and Maryam Sani Abacha. Activist David Abakpa discusses the challenges faced by Levitikal during the redevelopment, including existing tenants, land-related taxes, and increased construction costs following the removal of the fuel subsidy in 2023.

The court has granted interim relief and appointed a receiver/manager over the development, emphasizing that this is an interim measure, not a final ruling. The dispute stems from a Property Development Joint Venture Agreement and a subsequent power of attorney issued to Levitikal, which superseded the earlier agreement.

The redevelopment faced obstacles due to existing tenants and outstanding land-related taxes. Following the economic shock of 2023, Levitikal sought additional space from the government, leading to the construction of two-bedroom and three-bedroom flats to manage financial pressures.

The land was valued at approximately N400 million, with Levitikal reportedly investing over N17 billion in the project.