A real estate investment company, Lifecard International Investment, has faced allegations that it sells nonexistent properties, fails to deliver properties to fully paid subscribers, and abandons customers with unresolved investments.

The company has, however, acknowledged delays in property allocations, infrastructure development and refunds, promising to resolve outstanding subscriber complaints through scheduled estate visits, stakeholder engagements and a review of affected investments.

Grace Ibhakhomu, the company’s CEO, announced recently that allocation exercises and physical site visits have been scheduled across their six developments in Lagos and Abuja between October 31 and December 7, 2026, assuring that they would address outstanding obligations and restore confidence among affected subscribers.

“The schedule begins with Spectacular Estate on October 31, followed by Eden Court on November 7, Sprint Estate on November 13, Prosper Abuja on November 14 and Advantage Estate on November 21. Subscribers to Grand Haven and Wealth Garden estates are scheduled to meet the company on December 7,” Ibhakhomu said.

She said the exercises would enable subscribers to inspect the relevant locations, engage company representatives and participate in allocation processes where applicable.

“These exercises are not intended to be ceremonial visits or publicity events. They are part of a broader process of resolving outstanding obligations,” she said.

The company will also communicate meeting points, transportation arrangements where applicable, and documentation requirements to subscribers ahead of the visits. Where immediate allocation is not possible, Lifecard said it would document the engagements and communicate the next steps.

The commitments come amid growing complaints over delayed property deliveries and refund requests from participants in Lifecard’s co-investment scheme, under which individuals pooled resources for property investments and received documentation reflecting their fractional interests.

Ibhakhomu said the company remained committed to previously communicated resolution timelines for affected co-investors, including proposed refund arrangements.

“Some co-investors have requested refunds, while others have sought clarification about the status of their investments. We acknowledge these concerns,” she said, adding that the company would continue to reconcile accounts and engage relevant parties to establish practical settlement arrangements.

Ibhakhomu noted that land disputes and relocation contributed to allocation delays, attributing some delays to government intervention, flooding, alleged encroachment, deteriorating access roads, and rising construction costs.

According to her, government intervention led to the takeover of land previously acquired for one of the affected developments, forcing the company to pursue legal action and later accept an alternative parcel of land.

She said the company obtained a favourable court judgment before replacement land was provided, with the relocation process completed in 2026. However, fresh planning requirements and difficulties accessing the replacement site delayed physical allocations.

The CEO acknowledged that these circumstances did not remove the company’s obligations to its subscribers.

“Our subscribers entered into agreements with Lifecard. They did not enter into those agreements with the government. We recognise that distinction,” she said.

At Wealth Garden and Grand Haven, located around the proposed Lekki International Airport corridor, Ibhakhomu said flooding, heavy rainfall, construction activities and deteriorating access routes had disrupted development plans.

At De Haven Estate in Abijo, Lagos, she cited waterlogged land and alleged encroachment, which she said had resulted in enforcement actions and legal proceedings. Dredging and land improvement activities had commenced but were constrained by the substantial financial resources required.

Prosper 2 Estate, meanwhile, remains affected by a legal dispute involving alleged encroachment connected with plans for a Nigerian Navy facility around the Lekki Deep Sea Port and Dangote Refinery corridor, according to the CEO.

For Spectacular Estate, she said Lifecard had secured a replacement site and commenced fencing ahead of the scheduled October 31 engagement.

The company also cited inflation and rising construction material prices as factors affecting infrastructure delivery, particularly where relocation required development works to be reconsidered or undertaken again.

Addressing allegations that the company collected money for properties it had never acquired, Ibhakhomu maintained that the properties marketed by Lifecard were genuinely acquired through relevant land vendors.

She said the company possessed land purchase records, vendor agreements and other documentation that could be examined through appropriate channels, subject to legal and confidentiality requirements.

However, she acknowledged that proof of land acquisition did not necessarily establish that the company had fulfilled every contractual obligation to subscribers.

“Our responsibility goes beyond acquiring land. It includes ensuring that subscribers receive the allocations, documentation and other benefits due to them under their respective agreements,” she said.