Landwey Investment Limited: What the Registry and Court Record Actually Show

Landwey Investment Limited has one of the most documented paper trails of any privately held Nigerian residential developer, because in April 2023 it registered a 20 billion naira commercial paper programme on FMDQ Exchange and had to disclose itself to do it. That filing names its directors, sets out its shareholders, and reproduces three years of audited accounts. Three and a half years later, the same exchange record shows the number of series issued under that programme as zero.

That combination, unusually full disclosure alongside a funding programme that appears never to have been drawn on, is the most useful starting point for anyone trying to verify this company rather than read its marketing.

What the registry record establishes

The company's executed Programme Memorandum, dated 13 April 2023 and lodged with FMDQ Exchange, states that Landwey Investment Limited is a private company limited by shares incorporated in Nigeria with RC number 1378253. The registered office given in that document is Km 24 Richland Mall, beside Lagos Business School, Ajah, Lagos. FMDQ's own issuer record lists the address as Km 42, Lekki Epe Expressway, Oko Addo, Ajah, and the business sector as real estate.

Share capital as at 31 December 2022 was 5,000,000 authorised ordinary shares of one naira, with 4,950,000 issued and paid up. The shareholder split disclosed in the same filing is the part worth writing down: Oxygen Holdings Limited holds 52 per cent, Ayilara Emmanuel holds 38 per cent, and Hakeemat Abiola Etti holds 10 per cent.

Oxygen Holdings is therefore the parent. That is corroborated independently by the company's September 2023 announcement of a change of chief executive, which described Oxygen Holdings as "the esteemed parent company of LandWey." Oxygen Holdings' own registration particulars, directors and ownership could not be located in any public source, which is a real gap in the picture rather than a finding about it.

One naming point matters for anyone searching registries. The filing names the founder-director as Emmanuel Ayilara; press coverage almost universally calls him Olawale Ayilara. The biography attached to the name in the FMDQ document, Forbes Africa Under 30 in 2018, Lagos Business School, founder and chief executive, matches the press biography in every particular. They are evidently the same person recorded under different parts of his name.

The board disclosed in that filing was Olusegun Afolabi as chairman and non-executive director, Emmanuel Ayilara as director, Adeshola Bello as managing director, and Abiola Hakeemat Etti as non-executive director, with Seun Eyitayo as chief operating officer and Sijibomi Agbadaola as company secretary. In September 2023 the company announced that Sheila Ojei had become chief executive with effect from 4 September, with Ayilara moving to group chief executive of Oxygen Holdings. Landwey's current website names no executives at all, so who holds which office in 2026 is not something the public record settles.

The commercial paper programme

The 20 billion naira programme was arranged by Mega Capital Financial Services Limited, with Keystone Bank Limited as collecting and paying agent, Datapro Limited rating the issuer at long-term BBB and short-term A2, and Julius Inofe & Co as auditors. It was announced with some fanfare in April 2023.

FMDQ's public record for the programme today gives the programme size as 20 billion naira and the number of series as zero. Under current series, series history, compliance reports and corporate disclosures, the exchange record reads "No data was found." The Programme Memorandum itself stated that the issuer had no commercial paper outstanding as at its date.

The accurate way to put this is that the exchange record shows no series issued and no subsequent compliance filings, not that the company failed to raise money. A registered programme is an option, not an obligation. But for a buyer weighing whether a developer's construction pipeline is externally funded, the absence of any drawn series under a heavily publicised programme is a fact worth knowing.

The audited figures in the filing show revenue rising from 31.2 billion naira in 2020 to 46.0 billion in 2022, with profit after tax of 14.9 billion in 2022 and closing cash and equivalents of 229.9 million naira. No accounts after 2022 have been published.

Delivery: what the company has said about its own timelines

On 22 August 2022, Landwey publicly revised the delivery schedule for Urban Prime, its 2,000-unit Lagos scheme, from 36 months to 60 months. Managing director Adeshola Bello attributed the 24-month extension to the pandemic, scarcity of skilled labour, price increases, foreign exchange constraints and supply chain bottlenecks, and gave the position as 35 per cent delivered, 40 per cent in progress and 25 per cent pending. The revised target was the end of the fourth quarter of 2024.

The company's live client FAQ page acknowledges delays in its own words, saying it "truly regret[s] all inconveniences caused" and that it has at times offered "waivers, service charges, and also refunds on request." The same page carries a standing answer to the question of whether funds from current projects are diverted into newer ones, asserting that they are not.

Isimi Lagos, the wellness and polo estate at Epe announced in 2021, carries a company-stated horizon of 2030 and is still selling. Independently verified handover counts for any Landwey estate could not be located. The figure of more than 1,000 homes delivered appears only in company-supplied material.

Regulator and court record

On 5 July 2023 the Federal Competition and Consumer Protection Commission stated its intention to investigate Landwey Investment Limited. A letter from FCCPC legal adviser Tam Tamunokonbia, titled "Possible Violations of Consumers' Rights by Landwey Investment Limited," cited complaints of failure to meet contractual deadlines, failure to refund, and land re-allocation without delivery, invoking sections 17, 124, 127, 129, 130, 148(2) and 167 of the Federal Competition and Consumer Protection Act 2018. Then director-general Babatunde Irukera said the commission "will be keenly interested to intervene."

No published outcome of that investigation could be found in the three years since. There is no record of a finding, a fine, an order, or a closure either way. Landwey did not appear among the real estate firms the FCCPC sealed in its June 2026 enforcement round.

The company sued the Foundation for Investigative Journalism and journalist Fisayo Soyombo for 100 million naira in libel, in suit ID/ADR/2487/2023 before Justice Oshoala at the Lagos State High Court, Ikeja. On 20 May 2024 the court struck the case out for want of diligent prosecution and awarded 500,000 naira in costs against Landwey. That is a procedural disposal. It is not a ruling that the publications complained of were true, and it is not a judgment against the company on the merits.

A separately documented buyer case ran through 2022 to 2024. Olubukola Akande and Oluyomibo Olaniyan, a United States based couple, paid 26.45 million naira toward a terrace duplex at Urban Prime Three, saw delivery move from December 2022 to December 2024, requested a refund in July 2023, and received the full amount back in two tranches ending January 2024. They petitioned Lagos State's real estate regulator in January 2024 seeking compensation for devaluation. A Landwey representative told BusinessDay the client "was fully refunded in January 2024, and there is an agreement in place with the company regarding any grievances."

How to check this yourself

Nothing above establishes wrongdoing by Landwey Investment Limited or by anyone named in it. What it establishes is that the verifiable record and the promotional record diverge, and that the verifiable record is thinner after 2022 than before it.

For an off-plan purchase from any Nigerian developer, the checks that actually bind are documentary: confirm the RC number at the Corporate Affairs Commission rather than accepting it from a website, ask for the title document and the governor's consent on the specific parcel, ask whether the developer is registered with the Lagos State Real Estate Regulatory Authority, and ask in writing for the delivery date and what happens contractually if it moves. Bektu (https://bektu.com) maintains developer delivery histories that let buyers compare what was announced against what was handed over. The company's directory entry sits at https://bektu.com/companies/landwey-investment-limited.

For the wider process, see our guides on how to verify a Nigerian developer before an off-plan purchase and Lekki Phase 1 developers for diaspora buyers.