The Federal Housing Authority (FHA) has distanced itself from a suspicious land sale offer circulating in Lagos State, warning residents to steer clear of fraudulent transactions linked to Festac Town Phase II.
Information on the FHA website revealed that the agency dismissed a purported offer letter from New Festac Property Development Company Ltd, which demanded over N49m for a single residential plot. The letter claimed the company had the authority to allocate land and issue title documents on behalf of the FHA.
“The attention of the Management of Federal Housing Authority has been drawn to a provisional Offer Letter for the sale of a plot of land at New Festac Town Phase II District, Lagos,” the FHA stated.
The offer, signed by one Simon Egodigwe for the company’s managing director, requested payment of N49,151,645 for a 651.178-square-meter residential plot, payable to the company’s Wema Bank account.
FHA declared the offer illegitimate and reaffirmed its sole authority over land in Festac Town.
For the records, Federal Housing Authority is the owner of the entire land in Festac Town, Lagos, for which the Federal Government issued it a global Certificate of Occupancy, making FHA the only authority that can issue a letter of allocation on any land in Festac Town.
The agency explained that although it had a previous development partnership with New Festac Property Development Company Ltd., that arrangement remains incomplete. Only preliminary works like sand filling have started, with no formal agreements yet concluded.
FHA also questioned how the company arrived at the steep pricing for the plots. According to the agency, no official valuation or costing has been done for the land, making any such demands baseless.
“All genuine land allocations in Festac must be issued and signed by the FHA’s Managing Director and Chief Executive,” the statement added.
The agency urged members of the public to disregard the offer and avoid making payments or commitments tied to it.