Levitikal Realties Faces Legal Challenges Over Lagos Property

The ongoing legal dispute concerning 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 dealing with existing tenants, outstanding 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 for the development, emphasizing that this is an interim measure and not a final resolution. The history of the development includes a Property Development Joint Venture Agreement and a power of attorney issued to Levitikal, which superseded earlier agreements.

Levitikal reportedly invested over N17 billion in the project, which was initially valued at N400 million. The developer faced significant obstacles, including securing vacant possession and managing rising costs, which led to the construction of additional flats on newly approved land to alleviate financial pressure.