iR Group's Lagos development

Hi, we had invested in the Lagos Beach Resort renovation project just before COVID. We understand a delay of starting the renovation project by 2 years due to the pandemic but it’s been 4 years now with no sign of starting the renovation works. Has anyone else invested in the project and has an understanding of what is happening?

It mentions “commercialization of the apartments has already started, offering future owners profitability of 7% to 10%, with option to sell after five years for an amount equal to the purchase”. Its been almost 5 years, so perhaps you can sell yours and recoup your investment? Or contact the promoter and demand some explanation about the progress.

In any event, if there is indeed a buyback option, you need to carefully examine the prerequisites for exercising that option. If you have been getting 7% returns for the last 4 years, you should come out quite well in the end.

Hello! We also invested and have been talking to an attorney in Portugal. Things are not looking good. We have been trying to get in contact with other investors. Feel free to send me a message.

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Hello, thanks for your message. Can we connect on or kindly share your email ID so I can share our journey so far and see if our lawyer could also get involved in figuring out a way forward? Thank you! We were looking for an investor forum so we can jointly address the IRGroup and get some answers.

Warm regards,