**Lagos Homeowners Accuse Landwey of Exploitation, Face N2.5 Million Monthly Transformer Renta**
Residents of Urban Prime One Estate in Ajah, Lagos, have accused Landwey Investment Limited of severe exploitation and mismanagement, resulting in challenging living conditions.
The controversy has reached a critical point, with homeowners now paying N2.5 million each month to rent a transformer due to repeated service failures.
Sources report that in December 2021, Landwey increased the estate’s service charges from N330,000 to N400,000. Residents, frustrated by the lack of transparency and poor responses from Landwey, tried to set up their own facility management but were unsuccessful.
Despite multiple requests for a detailed breakdown of expenses, Landwey’s facility management did not provide satisfactory information.
Landwey dismissed a proposal for a homeowners’ association, claiming that the estate needed to be 75% occupied before such a formation.
It was later revealed that an association had already been established, leading to allegations of dishonesty against the company.
In 2023, Landwey proposed another increase in service charges to N720,000, prompting residents to demand a budget breakdown. Instead, they were informed they would need to pay an additional N120,000 for water services.
Compounding the issue, the estate’s transformer failed in September 2023, and despite having collected funds for a dual tariff, Landwey did not provide a replacement or funds for diesel.
Residents were compelled to rent a transformer while waiting for a new one, which was eventually supplied in November but only with a one-year warranty.
The transformer failed again in March 2024, leading to continued rental payments of N2.5 million per month. The high cost of electricity has further intensified the residents’ frustrations.
Residents also allege that Olawale Ayilara, CEO of Landwey, has used intimidation tactics, including sending police officers to suppress dissent.
Ayilara is reported to have boasted about his impunity, worsening tensions with residents.
Efforts to reach Landwey via phone, SMS, and email have been unsuccessful. The company has yet to respond to media inquiries regarding these allegations.
