Billionaire, Chief Michael Ade-Ojo has refuted reports that he sold No 20, Gerrard Road in Ikoyi to Vice President, Yemi Osinbajo.
Elizade Motors and Elizade University were founded by the Nigerian billionaire, Chief Michael Ade-Ojo.
After the toppling down of the building under construction, the area became a disaster zone.
After the foundation was overburdened by the increase of the allowed 15 floors to 21 levels, the structure collapsed.
The project was supposed to be finished in 2022. Gerrard Terraces was listed on the market for $1.2 million to $5 million per unit.
The developer and Managing Director of Fourscore Heights Limited (FHL), Femi Osibona, was one of the many victims.
In response to reports that Osinbajo bought the site from him, Ade-Ojo clarified that he just owns the land next to the collapsed structure. The statement said: “I did not sell any land to the Vice President at any time whatsoever, To be clear, I own a property next to the said building, which I have not sold and do not intend to sell to anyone.