*Says Real Estate Firm Allegedly Violated CBN Act by Listing Property in Dollars – EFCC Petition Filed
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A law firm Law Capitol, representing Mrs. Scott Iguma, has strongly responded to allegations of defamation levied against their client by Lekki Ajah Ikoyi Property Investment Limited.
In a detailed legal reply, Stanley Alieke, Esq., Managing Partner at Law Capitol, and Chioma Nnenna Ire, Esq., Associate at Law Capitol, dismissed the accusations as baseless and an attempt to silence public discourse on real estate transparency. Their response was issued following a letter from Falana & Falana, acting on behalf of Lekki Ajah Ikoyi Property Investment Limited, which claimed that Iguma had made defamatory and libelous statements about the company.
Law Capitol argues that Iguma’s statements were rooted in verifiable facts, particularly concerning alleged price manipulation by the real estate firm.
According to their response, Lekki Ajah Ikoyi Property Investment Limited initially listed a property for $6 million on November 15, 2024, later increased the price to $9 million on February 17, 2025, and then reduced it back to $6 million as a “discount.”
This tactic, they assert, constitutes artificial price inflation—a deceptive marketing strategy that falsely raises the price of an item to create the illusion of a discount. Law Capitol referenced Part 7, Section 123 of the Federal Competition and Consumer Protection Commission (FCCPC) Act, 2018, which prohibits fraudulent consumer practices.
Their client simply questioned the legitimacy of such a price fluctuation, asking:
“Where did the discount of an entire $3 million come from?”
They argue that raising such concerns cannot be classified as defamation, as they are based on publicly available information, including the company’s own property listings.
Law Capitol also emphasized that their client carefully chose his words, notably using the term “allegedly” when discussing the matter. This, they argue, is a recognized legal safeguard that prevents statements from being interpreted as outright accusations.
“Defamation requires reckless disregard for the truth, but in this case, our client raised legitimate concerns based on factual evidence,” the letter stated.
Beyond defending Iguma, Law Capitol confirmed that they have filed petitions with the Economic and Financial Crimes Commission (EFCC) and the Federal Competition and Consumer Protection Commission (FCCPC) against Lekki Ajah Ikoyi Property Investment Limited.
EFCC Petition – Violation of the Central Bank of Nigeria (CBN) Act
- The firm alleges that Lekki Ajah Ikoyi Property Investment Limited violated Nigerian financial regulations by listing property prices in U.S. dollars instead of Naira.
- Section 20(1) of the CBN Act mandates that all transactions within Nigeria must be conducted in Naira.
- They referenced the Federal High Court case, RB Properties Ltd v. Guaranty Trust Bank PLC (FHC/L/CS/374/2016), which declared that non-Naira transactions within Nigeria are illegal.
FCCPC Petition – Alleged Deceptive Pricing Practices
- Law Capitol argues that the company’s pricing methods and so-called “discounts” violate Nigerian consumer protection laws and amount to misleading business practices.
Law Capitol described the defamation claim as a strategy to suppress transparency and accountability in Nigeria’s real estate industry.
“This appears to be an attempt to silence our client for advocating for fair and honest property transactions. Let it be clear—our client will not be bullied by baseless legal threats,” the letter stated.
[pdf-embedder url=”https://thenigerialawyer.com/wp-content/uploads/2025/02/Scott-Iguma-Challenges-Lekki-Ajah-Ikoyi-Property.pdf” title=”Scott Iguma Challenges Lekki-Ajah-Ikoyi Property”]
The legal team warned that if any frivolous lawsuit is initiated against Iguma, they are fully prepared to defend her rights in court.
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