Olumuyiwa Ogundele, a resident of Ibadan in Oyo State, has yet to receive his N5 million capital and N1 million interest being withheld by Hectares and Homes Nigeria Limited more than a year after trusting them with his funds.

Ogundele told EQ that he had begged the company to refund his hard-earned money after realising they would not keep their word. Instead of issuing the refund, Andy Morkar, the company’s chief executive officer, kept asking for more time through intermediaries

He said he had reported the company to the police in Ibadan and the Economic and Financial Crimes Commission (EFCC) but grew tired because nothing positive happened. Ogundele also engaged a lawyer to help him recover his money, but to no avail.

The memorandum of understanding between the source and the organisation

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Explaining how he became a victim of the failed real estate investment, Ogundele said he met one of Hectares and Homes Nigeria Ltd’s marketers in 2023 through a friend who also convinced him the company was legitimate.

“I invested with Hectares and Homes Nigeria Limited, a subsidiary of Property Votes. I invested N5 million, hoping to collect N6 million after a maturity period of six months. The term has elapsed, but they are not forthcoming with my investment or profit. Every time I speak to them, they keep shifting the goalposts,” he told EQ.

The postdated check

“In March 2023, I invested N5 million, but they have yet to refund me. When I went to the bank on September 2, 2023, to cash the postdated check they gave me at the time of registration, it bounced back.”

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Ogundele said he has been chasing them for his money since September 2023.

“What surprises me is that he is still operating at Lekki and in Abuja but will not refund my money,” he said.

When EQ contacted Andy Morkar on Sunday for comments, he said the source would get his money soon. EQ asked him how soon the source would be refunded, but he did not specify.

“They will be settled shortly. The agent who brought his transaction is working something out with my lawyer. They will be duly paid,” Morkar said.
The post Hectares and Homes Ltd. Withholds Ibadan Man’s N6m Investment for 13 Months appeared first on Foundation For Investigative Journalism.