Revolution Plus Property, a leading real estate company, has stated her side of the story on the allegations against the firm in a viral video clip made by one Mr. Kayode Oladipo over 20 plots of land he purportedly bought in 2017 without any physical allocation of the said plots.
The company’s management stated their side of the story at a meeting facilitated by the Lagos State Real Estate Regulatory Authority, LASRERA on the directive of the State Governor, Mr. Babajide Sanwo-Olu at Alausa, Lagos.
The Revolution Plus’ full statement below:
“Sequel to the false allegations made by Mr. Kayode Oladipo, that the Company collected the sum of 40 Million(Forty Million Naira) from him without allotting him the land he paid for, the Lagos State Government (LASG) invited our Company to intervene in the matter.
“The meeting which took place on Friday, 19th January 2024, by 10 am took place at the LASRERA Office Alausa, where the Commissioner for Housing, Moruf Akinderu Fatai, the Special Adviser to the Governor Housing, Barakat Odunuga Bakare, the Permanent Secretary, Lagos State Ministry of Housing, LASRERA Officials and Revolutionplus Property Development Company’s CEO, Dr Bamidele Onalaja, the GED, Mrs Tolulope Onalaja and other officials in the Company were in attendance.
“In trying to mediate in the matter, Mr. Kayode Oladipo was given a call and he indeed admitted upon questioning that he lost his job at a point and could not proceed with payment of the required fees as expected and within the stipulated time frame.
“Mr. Kayode Oladipo also confirmed that he didn’t pay the sum of Forty Million Naira (N40,000,000) as alleged in the viral video but paid the sum of N18,000,000.
“In response to his claims, the GED of Revolution Plus Property refuted the claims of the N18,000,000 allegedly paid by Mr. Kayode Oladipo, stating with evidence that the total sum paid to the Company was N16,752,000 (Sixteen Million, Seven Hundred and Fifty Two Thousand Naira only). Attached herewith are the evidence of payment in this regard.
“Upon further discussion, Mr. Kayode Oladipo also admitted that he indeed bought the plots of land in 2017 and could not complete payment because he lost his job.
“He claimed that he came back in 2020, but the CEO of Revolution Plus refuted his claims and reiterated that he was only aware that Mr. Kayode Oladipo came back in 2022, six years after his initial payment, demanding to be allotted the same land he subscribed for in 2017, despite his default in payment.
“The CEO met with Mr Kayode Oladipo and empathized with him over his financial plight, and further explained the penalties attached to default in payment to him as stipulated in the contract signed by parties.
“The CEO stated that the Company in its commitment to priotizing its customers, will make other options available for him in the equivalence of the monies he had paid. Furthermore, the CEO of Revolution Plus Property, Dr Bamidele Onalaja appreciated his Excellency, the Lagos State Governor, Babajide Sanwo-Olu, for stepping into the matter and giving room for the company to state her side of the story.
“The CEO also stated that out of respect for the Lagos State Government, and the relevant bodies assigned to regulate the real estate industry in Lagos State, the company was willing to allocate lands in another location at one of its Estates, Amazon Estate, Epe.
“The CEO expressed displeasure at the slanderous coloration given to the video explaining that the Company had been doing business for years and had continued to operate within the ambits of the law despite all challenges posed to the business in Nigeria.
“The CEO also stated that Revolution Plus Property had served a lot of Nigerians in the Diaspora and had continued to work with the vision of the Lagos State Government to attract investors from the Diaspora especially in the real estate industry.
“To resolve the matter, the Commissioner for Housing appealed to both parties to tow the part of peace, and it was decided thus:
• That Mr Kayode Oladipo would do a Video the next day appreciating the Lagos State Government for mediating and resolving the issue.
• That in the said Video, Mr Kayode Oladipo will do a retraction of his distorted allegations of fraud, and state emphatically that Revolution Plus Property did not set out to dupe, defraud or scam him.
• That when the video is done, the alternative land promised by the Company in the equivalence of the monies paid will be immediately allotted to Mr. Kayode Oladipo the same week, the retraction is done.
• Whilst we are still waiting for Mr. Kayode Oladipo to do the Video as promised in the meeting. We wish to appreciate the Lagos State Government for stepping in as a mediator to resolve the issue, We also appreciate all our esteemed customers who reached out to us to encourage us and stand by us in the heat of the issue. We are committed to service and customer satisfaction and we will not relent.
Oando Plc, Africa’s leading energy solutions provider listed on the Nigerian Stock Exchange (NGX) and Johannesburg Stock Exchange (JSE) is pleased to announce that the Company has emerged winner of the ‘Deal of the Year’ award at Africa Energy Week (AEW) 2024.
The Africa Energy Chamber (AEC), the organisers of the annual week-long oil and gas conference, hosted and recognised different stakeholders at a Gala and Award night held at the Cape Town International Conference Centre (CITCC), on Tuesday, 5 November, 2024.
In a category comprising other high-profile deals in the sector and across Africa, Oando won the award in recognition of the Company’s recently completed landmark $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from the Italian Energy firm Eni on 22 August, 2024.
This acquisition, 10 years in the making since Oando’s initial entry into the ConocoPhillips/NAOC/NNPC Joint Venture (JV) in 2014 when the Company acquired ConocoPhillips Nigeria business, doubled the company’s stake in the JV to 40% and operator of the assets.
In receiving the award, the Company’s Group Chief Executive, Wale Tinubu, remarked “We are delighted and honoured to receive the ‘Deal of the Year’ award from Africa Energy Week. It’s been a remarkable year on many fronts. First, we marked our 30th anniversary as a business, then concluded our strategic plan to acquire our second IOC in a decade, Nigerian Agip Oil Company (NAOC) and step up to the role of operator.
“This award is more than just an accolade for a successful deal closure; it represents a public acknowledgement of the culmination of 30 years of grit, hard work, resilience, and sheer belief in our vision. It is a testament to my belief that with the #HumansOfOando, impossible is nothing. I’d like to thank the dream team, the #HumansOfOando, our financiers, and partners for their belief and role in making this award a reality.”
The acquisition is the culmination of a decade of preparation, strategic planning, and unwavering commitment to a vision of becoming Africa’s first indigenous International Oil Company.
It is a testament to the organisation’s 30-year journey spanning the entire energy value chain, with consistent and deliberate actions at each stage that have led to the advancement of indigenous participation in the industry.
The Deal of the Year award “recognises the most transformative and impactful deal in the energy sector – honouring excellence in negotiation, strategic alignment, innovation and collaboration – and celebrates deals that drive advancements in energy and economic growth.”
With this year’s AEW theme of “Invest in Africa Energies: Energy Growth Through an Enabling Environment”, the AEC, through the AEW Awards 2024, recognised other persons, International (IOCs) and National Oil Companies (NOCs) across the continent through awards in 10 categories.
Tinubu at the event also delivered a key note address with the topic, Transforming Africa’s Oil and Gas landscape through strategic Merger and Acqusition.
During the address he noted that indigenous companies contribute approximately 30% of the country’s crude oil production and hold around 40% of the total oil reserves. Additionally, they account for 60% of the country’s gas production and approximately 32% of gas reserves. This data underscores the growing significance of local players in the African oil and gas sector.
He also highlighted improvements in the business environment, citing the improved Ease of Doing Business driven by recent reforms that have attracted increased investments in energy. Tinubu pointed to the successful Implementation of the Petroleum Industry Act (PIA), which has established a regulatory framework that enhances transparency and boosts investor confidence.
Tinubu’s remarks included a call for enhanced collaboration among policymakers, investors, and oil and gas companies to foster the growth of indigenous firms through supportive regulations, financing access, and technology transfer. He urged stakeholders to focus on leveraging M&As to diversify and expand capabilities within the sector while emphasizing the need to strengthen Africa’s institutional and financing capacity for local firms.
As Oando continues on its growth trajectory, Tinubu’s insights served as a powerful reminder of the strategic importance of indigenous companies in Africa’s energy transformation and the collective effort required to drive sustainable development across the continent.
Oando restates commitment to a sustainable energy future for Nigerians
In continuation of his dedicated mission to ensure a robust sources of energy for Nigerians, Wale Tinubu, the Group Chief Executive, Oando Group, has emphasized the company’s long-standing dedication to transforming lives through accessible energy sources.
“This is an energy story we’ve been writing for over 30 years. We are changing Nigeria’s lives every day by providing access to varied energy sources that power industries and fuel the economy,” Tinubu stated.
Tinubu, in a compelling narrative about Nigeria’s energy landscape, conveyed a strong sense of purpose, asserting that Oando has a mission to demonstrate the capacity of indigenous companies to lead the nation’s energy sector.
While drawing a parallel to Nigeria’s independence in the 1960s, he explained, “We see this as the emancipation of Nigeria’s indigenous oil and gas community.
“With a deep understanding of the resources beneath the surface, Oando is determined to excel and embrace meritocracy. We do not understand limits; we strive for the best,” Tinubu affirmed.
He noted that the company adheres to global standards in operations and maintenance, while at the same time showcasing its commitment to quality and excellence.
Highlighting the significance of the Okpai Phase I and II projects, Tinubu explained that the facilities boast a combined capacity of approximately 1GW, marking them as “the most reliable and efficient plants in the country.
“Since 2005, Okpai has contributed over 43,435 GWh to the national grid, enabling communities across Nigeria to thrive. Okpai Phase II is set to make an immediate impact, with an expected injection of 300 MW into the national grid, followed by an additional 180 MW anticipated by the third quarter of 2025.”
Tinubu emphasized that the $800 million, 480 MW facility is centered on the company’s mission: “Building our nation remains at the heart of what we do.”
He went further to highlight Oando’s commitment to local communities, noting that over 8.5 GW of electricity has been delivered since the commissioning, and stressing the company’s role in fostering employment.
“We have achieved 12,332,594 LTI-free man-hours as of September 2024,” he proudly announced.
Oando continues to lead the charge in the energy sector, taking significant strides in illuminating the lives of Nigerians and securing a sustainable energy future for all.
Wema Bank Nigeria has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.
Wema Bank’s balance sheet remained well structured with total assets growing by 38% to
₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.
The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to
₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:
₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).
Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.
The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.