By Kingsley Adegboye
The management of Safetrust Mortgage Bank Limited, a foremost Primary Mortgage Institution, PMI, in the country, has disclosed that it has given financial support to Macbosh Properties Limited to fully refund the investment made by Mr. Kunle Ogunmefun on Safetowers, a project of the PMI.
This was contained in a statement issued by the Head, Marketing and Corporate Communications of the Mortgage Bank, Mr. Maurice Ibie, affirming that Macbosh Properties Limited had entered into a commercial transaction with Kunle Ogunmefun on Safetowers located along the Lekki – Epe Expressway.
He said the statement had become very necessary in the light of several conflicting one-sided reports making the rounds in some sections of the media, adding that it was important for the bank to unravel the truth for the sake of its hard earned integrity over the last 25 years.
According to Ibie, “Safetowers consists of three high-rise blocks of flats, and pent house duplexes, saying Mr. Ogunmefun indicated interest in the project and subscribed to a block which has16 units of three-bedroom apartments and two units of five-bedroom Penthouse duplexes.
He said the estimated construction cost was put at N710 million while delivery time was for a period of 24 months.
He reiterated that Ogunmefun had previously bought some units in a previous development called Safecourt Apartments financed by Safetrust Mortgage Bank, which was more than twice the size of Safetowers in monetary terms, pointing out that the project was developed successfully and delivered accordingly.
The statement noted that it was mutually agreed with Ogunmefun under the terms of Memorandum of Understanding, MoU, executed between Macbosh Properties and Mr. Ogunmefun that upon receipt of consideration as a whole (the entire sum of N710 million, not in installments, Macbosh Properties would complete the property within a time frame of 24 months.
“However, contrary to the terms of the MoU, the total sum was not paid up-front, rather, the sum of N550 million was paid in tranches through a company called Currant Limited.
Despite the breach of agreement by Mr. Ogunmefun, Macbosh Properties in good faith commenced the construction of the property in line with its obligation in the MoU but that the economic crisis that bedeviled Nigeria in 2015 led to a hike in construction cost.
“If Mr. Ogunmefun had paid at the agreed time, the unnecessary delay would not have led to hike in construction cost. While it was not normal practice to make refund without selling any property or getting a new buyer, Macbosh Properties had proposed that a refund of payment till date be done in two installments and it showed faith to make an initial payment of N275 million despite the fact that the units have not been resold.
“We lament that this was still not acceptable to Mr. Ogunmefun who continued to harass the bank with some armed security operatives. But with the bank’s staunch support, Macbosh Properties has fully refunded the outstanding balance of N275 million to Mr. Ogunmefun, making the total amount refunded to be N550 million, representing the total investment made by him. This payment brings the transaction to an end”, the statement asserted.