Lagos, Nigeria – April 17, 2025 – The Federal Housing Authority (FHA) urgently warns Festac Town residents, especially in Phase II, about fake land sales by New Festac Property Development Company Ltd. Recently, a fraudulent offer letter surfaced, falsely advertising residential plots in the area.
Immediately, the FHA denied any partnership with the company, calling its actions “desperate and misleading.” Furthermore, the agency confirmed that an offer letter signed by Simon Egodigwe, the company’s alleged Managing Director, is forged and invalid.
Shockingly, the fake letter demands N49,151,645 for a 651.178-square-meter plot, falsely promising title documents from both the FHA and the company. However, the FHA firmly dismissed these claims as lies.
“The FHA solely owns all land in Festac Town, backed by a Federal Government Certificate of Occupancy,” the statement emphasized. Consequently, only the FHA can legally issue land allocation letters in the area.
Although the agency partnered with New Festac Property Development Company Ltd for Festac Phase II development, no final agreements exist beyond ongoing sand filling. Additionally, the FHA questioned how the company set land prices without a finalized project cost.
Therefore, the agency strongly urges the public to avoid transactions with the company. Moreover, only allocation letters signed by the FHA’s Managing Director are valid.
For those already involved, the FHA advises extreme caution and verification of offers. Ultimately, the agency remains dedicated to safeguarding public interests and ensuring transparent land dealings.
By taking swift action, the Federal Housing Agency aims to prevent further fraud and protect potential buyers. Vigilance is crucial to avoid falling victim to these deceptive schemes.
The agency reassures the public of its commitment to integrity in all property transactions. Stay alert and report suspicious activities to the authorities immediately.
