In a recent court application, Mr Kingsley Nwankwo has sought an order to shut down the operations of Gtext Homes Limited, a real estate property company based in Lagos, Abuja and Dubai.
The move comes after Gtex Homes allegedly failed to comply with an earlier Abuja High Court judgment ordering them to pay $18,000, representing a 2.5% commission on a successful facilitated sale of two properties in Dubai.
However, despite numerous attempts and demand notices to resolve the matter amicably, the company has allegedly refused to comply with the Abuja High Court judgment, prompting Mr Nwankwo to seek further legal recourse to close down Gtex Homes due to insolvency.
It is alleged that the reputation of the company has been tarnished in recent times due to its notoriety with non payment of commissions due by referrals, non payment of contractors, non remittance of investors’ rental incomes and dubious sale of unverified/unregistered second party lands both in Nigeria, Dubai, Canada, US and Dublin and a gamut of other allegations of fraudulent practices.
Many seemingly defrauded individuals and entities have been hesitant to pursue legal means of redress due to perceived delays in the justice system and law enforcement agencies, and his notorious style of frustrating investors to seek for a refund of a part of invested funds.
Aside from the financial aspect, Gtext Homes Limited has also been associated with a series of fraud cases. Victims have reported fraudulent schemes, including Ponzi schemes like the deceitful GVEST and Farms project that promised bogus returns on investment to investors but failed, paying only a handful whose testimonials are circulated online to lure more unsuspecting individuals. As we speak, there is NO Existing or functioning farm operated by Gtext, except the pilot scheme it showcased about 2years ago at its Sapphire estate Ikorodu.
The current court application, filed by Mr Kingsley Nwankwo at the Federal High Court Abuja, includes the Corporate Affairs Commission as respondents as it seeks to wind up Gtext Homes Limited, aiming to prevent further instances of fraud and protect the public from falling victim to their illicit activities.
Furthermore, Mr Nwankwo also cautioned the public to remain vigilant and cautious when dealing with the company.
It will also be recalled that among the aggrieved business partners/contractors is one Mr Adeshina Ogedengbe, the founder of POS Technology and Digital Services Ltd, who accused Stephen Akintayo of GText Homes in Lagos of breaching a contract agreement between them by refusing to pay him a balance of N2.9 million after Police forced him to pay an initial N12 Million.
It was also unraveled that Gtext Ltd and Dr Stephen Akintayo have an ongoing criminal case in Dubai which led to a six month travel ban placed on him between November 2022 and May 2023. After a plea to release him on bail for only two weeks, he is yet to return to Dubai in May 2023.
Investigations has also proved he doesn’t possess a developers license in Dubai neither has he ever had one, yet he advertised on popular media outlets and bloggers his plans to engage A-list music celebrities in constructing 180 units of luxury residential units in Dubai. Dr Akintayo has also never built or contracted any structure in Dubai or any part of the world except in Nigeria (some of which are either not completed or locked up and under investigations by the Nigeria’s Economic Financial Crimes Commission EFCC while others do not exist physically)
Despite leveraging on some media platforms and some influencers to announce bogus real estate projects in Nigeria, it has been alleged that some of their projects have incomplete documentations.
