I am a subscriber to FEMAB Properties Limited's Peninsula Garden Estate at Ogombo, Lekki.

I have observed that there isn't much activity going on there years after we subscribed contrary to the promises of the company.

Efforts to get info from the company has not been very successful.

Does anyone have an idea what's going on?

Nobody heard of Femab's Peninsular Gardens Estate in Lekki

Femab is not known to be a serious property company. They fleece their customers and abandon them!!!! I suggest you perfect your papers and wait for the value to appreciate.

I bought their Dreamland estate at Ikorodu and the same thing no word from them, !!!!!! No activity, the roads are overgrown by weed and they care less.

All,, beware when you buy into all these Phantom schemes.

Thanks Boladez.

This is pathetic.

What steps do you think I should take to perfect my title given the company's dodgy nature.

I think others who have similar experiences with this company and others should share their experiences so we may all learn the antics of these people.

It is one one the reasons I am not interested in the claims of all those companies boasting about their estates at the Mowe/Ofada axis. I have refused to invest a kobo in that area given my experience with FEMAB.

When the dust settles on Mowe/Ofada in about a year from now when most of their subscribers would have finished making their installmetal payments and there is nothing on ground in the 'Estates' (i.e. solid infrastructure, planning and management), I hope the subscribers would not be at loss like a lot of those who lost money in the capital market over the last one year or those whole lost money in the Wonder Bank saga.

Any experiences/ideas anyone?

Any ideas

Help!

never trusted these 'Estate' ' Gardens' people right from day one!

they never develop the estates! apart from those in Abuja who are under more scrutiny and perhaps not as hungry as those down here!

For Mowe / Ofada axis MOST (but not all) are just SCAMS!!!

Step one:     They part pay for a large piece of land from the local community and get the barest minimum level of paper work to make the ownership and sale legitimate. They scrape the main roads once or twice to convince people.
Step two:     They sell forms through reputable banks  and sell at rock bottom prices with Minimal initial deposit, they hood wink people into believing the location is right on the expressway!!! or as close to lagos as possible
Step three:  They fail to disclose to you that there are other Hidden charges which may be as high as =N=250k
Step Four:    They use the monthly contribution from subscribers to buy cars and generally improve their "STATUS"  and also pay up for the entire land.
Step Five:    The subscribers complete the payment and get the shock of their lives that they cannot be allocated the land except they pay unending fees and charges
Step Six:      If eventually you pursue them and pay all the fees (remember at this point the total cost would exceed the cost of getting good land in Lagos - Penny wise pound foolish !!!!) they will ALLOCATE land inside some bush you cannot develop immediately.

If you do not believe, please take a trip to mowe or ofada town and see all the so called estates.

Thanks Ashland for your response.

I am comforted by your words and would take your suggestions.

However, I think Femab needs to do more to shore up its image with its customers or else it will affect them in the long run.



Boladez,

Thanks for your analysis. I think we are thinking alike.

I am worried that a lot of people are not aware of this

I think that people should be cautious of these 'estate developers'.

Thanks.

The Home and Property section of The Punch Newspaper for today (Monday June 8 2009) highlights the illegal activities of some developers along the Lagos-Ibadan Expressway axis.

Unfortunately there is no link to the online edition of the paper.

Some paragraphs in the story read as follows:

'A publication signed by the Director-General, Bureau of Lands and Survey, Mr. Gbenga Ogunnoiki, on May 27 2009, had said "It has come to the notice of the Ogun State Government that some individuals and corporate bodies operating as real estate developers have been acquiring large tracts of landfrom unsuspectingland owning communities, villagers and families with the intent to develop the parcels of land into site and service estates. In most cases, the parcels of land are acquired from the owners through fraud, deceit and misrepresentation."


"What the developers do is to buy several plots of land from different families and aggregate them with the intention of building an estate. before they can get the appropriate title documents on the aggregated land, they will need to bring all the families together to sign the form of surrender and do a composite survey to cover the entire tract of land."

I guess I’ve never heard it before that there is a Femab's Peninsular Gardens Estate in Lekki. Maybe I should search some information about the place. And, Search about the Femab's Peninsular Gardens Estate too…


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