Gtext Lands, a subsidiary of Gtext Holdings, has launched a pioneering buy-back plan to promote transparency and professionalism in the real estate sector.
Dr Stephen Akintayo, Chairman of Gtext Holdings, said this at a press conference held in Lagos
Akintayo said the initiative allowed clients to sell back lands purchased from the company.
He further explained that it would address the growing concern of clients lumping reputable developers with unscrupulous ones.
According to him, the buy-back plan aims to address the challenges faced by the company due to clients’ demands for immediate refunds.
“We understand the economic challenges, but we are not a bank that can instantly refund payments.
“The action was taken to avoid situation that might stagnate the company’s activities.
Through the buy-back plan, company will refund defaulting investors and then look for customers who are willing to keep to the terms of the transactions.
“However,, this is creating situations where you are slowing down on providing infrastructure on your estates because people are not paying up and inflation is eating up the value of what they ought to pay,” he said.
The chairman said that as a structured organisation with diverse business interests, the demands for refund could strain the company’s system and affect its public perception.
Akintayo stressed that the terms of the buy-back plan is a one-time opportunity for clients to return their lands and receive a refund, provided they submit the original documents back to the company within a 21-day working window. (Dec. 15, 2024-Jan. 15, 2025).
He noted that refund process would commence 120 working days after the original documents are received and will be processed in staggered payments.
Akintayo disclosed that Gtext Holdings had refunded over ₦500 million to clients.
He said , ” this is a significant milestone that demonstrates the company’s commitment to transparency and accountability.
“The company has also paid over $1 million to investors over time.”
Akintayo emphasised that the buy-back plan is a step towards balancing professionalism with fairness.
“We are committed to maintaining the integrity of our operations and ensuring the rights of our employees.
“Our clients abroad often have higher expectations from us than they do in their home countries,” he concluded.