Firm offers lands buy-back to defaulters

Leading global Real Estate firm, GText Lands, a subsidiary of GText Holdings, has offered a buy-back plan for clients who are unable to complete payment for lands purchased from the firm.

Chairman, GText Holdings, Dr Stephen Akintayo, explained that the buy-back initiative is a one-time opportunity for clients who have bought lands over a period of time and are unable to meet up with payment.

According to him, refunds will be processed within a specified timeline, after clients have met the refund process criteria: submitting a refund request via email, returning the original land documents as it was delivered to the clients.

He added that the refund will commence 120 working days after the land documents are received, and will be processed in staggered payments.

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The firm stated further that all defaulters are given a one month period, from the 15th of December 2024 to the 15th of January 2025, to pay up what they owe or risk forfeiting the lands completely.

He said, “We understand the economic challenges, but we are not a bank that can instantly refund payments especially when the payment is yet to be completed by the buyer. As a structured organization with diverse business interests, these demands can strain our system and affect public perception of our company.

“In some cases, we have refunded nearly 50% of buyers for property sold in previous years, even after paying government taxes. Developers operate in challenging environments including: poor financial support from banks and land ownership issues. Despite these challenges, developers remain the backbone of the real estate sector.”

Akintayo also announced the commencement of the Stephen Akintayo production, starting with Youtube series, to address some of the problems facing the real estate sector in Nigeria; as well as the Food Bank in Nigeria and USA, with the aim of feeding 1 million people in the next 50 years:

He said, “We will be commencing the Stephen Akintayo production, with a few Youtube series from March, so that we can build our own audience just like the Tyler Perry experience. Our vision is to have completed production for one of the movies so that we can roll it out in 2026. We will be playing out what goes on in the real estate sector in order to further educate people.

“We will also be coming up with two food banks in Lagos and in the US. We are intentionally having it in the US so that as we stabilize in the US, any excess we have can always come back to Nigeria.”