Matilda Omonaiye/
Fears that subscribers may lose their investments were rife today as the scandalous N1.6 billion Journalists Housing Estate Scheme in Ogun State, being probed by the Economic and Financial Crimes Commission (EFCC), faces fresh jeopardy.
NewsmakersNG learnt today that Milost Global Inc. and its African subsidiary, Isilo Capital Partners (Pty) Ltd, have acquired 100% interest in Primewaterview Holdings Nigeria Limited, the developer engaged by the Nigeria Union of Journalists (NUJ) and the National Association of Women Journalists (NAWOJ), to deliver the Pen Jewel Estate project.
The acquisition was for a total consideration of $1.1 billion.
According to a Committee report received by NUJ on Monday, the total value of the Pen Jewel estate scheme is N1.6 billion, as contained in a letter from the developer.
The report says journalists had remitted N73 million to the developer as counterpart funding.
It says that from the MOU signed with the developer, the entire NUJ Lagos Council land at Abaren village in Mowe, Ogun State, measuring about 56.753 hectares, was conceded to the developer for the project.
The committee report says that NAWOJ President, Mrs Ify Omowole unilaterally “brought in Primewaterview Holdings Limited as replacement for the South African developer with which subscribers were convinced to enlist and pay in dollars for the Pen Jewel scheme.
“That no due diligence was done on Primewaterview Holdings Limited’s (developer) track record in developing or building AFFORDABLE MASS HOUSING.
“That the entire process was shrouded in secrecy as subscribers were not adequately briefed about the project. For instance, subscribers entered the scheme with their full plot of land but will only get a three-bedroom bungalow built on 325 square meter. This means half of their plot of land is lost to the promoters of the scheme.
“That the MoU signed by Primewaterview Holdings Limited, NAWOJ, represented by Mrs. Ify Omowole, and Lagos NUJ Council, represented by Mr. Deji Elumoye, is suspicious as no witness signed on both sides, just as the Counsel of the three parties did not sign the MoU.
“That the MoU is skewed in favour of the developer, Messers Primewaterview Holdings Limited.
“That the representatives of the subscribers, Mrs. Ify Omowole and Mr. Deji Elumoye, surreptitiously ‘sold’ the subscribers into ‘slavery’ with the MoU they signed.”
The report further says: “That the developer, Primewaterview, showed no commitment to the project. No money has been invested in the project by the developer, going by the breakdown of expenses incurred so far on the project which he submitted to the committee. So far, the developer has only spent money he got from the subscribers’ contribution amounting to N78 million.
“To further confirm the developer’s lack of commitment to the project, Messers Primewaterview Holdings Limited as at the time of submitting this report, has failed to produce three optional building design as recommended by the Committee when he appeared before her in November 2017.
“That the three prototype buildings put up on the land by the developer falls short of expectations of the subscribers and unacceptable.
“That the N5.5 million charged by the developer for each three bedroom bungalow is unacceptable going by the prototype on ground.”
According to a CNBC report on January 10, Primewaterview has now been acquired.
Read more on the acquisition here: https://www.cnbc.com/2018/01/17/globe-newswire-milost-global-changes-management-at-primewaterview.html.
Here is the full report by the NUJ Committee: http://www.newsmakersng.com/2018/03/02/anatomy-of-a-fraud-nigerian-journalists-on-self-cleansing-mission/
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