“You Don’t Own Redbrick Homes, Others,” Lawyers Tackle Babatunde Gbadamosi

Babalakin and co, lawyers to Redbrick Homes International Limited, Amen City Ltd, Ashlead Estates and Ms Folasade Balogun have refuted the claim by one of his former directors and politician Mr Babatunde Gbadamosi on social media that Amen Estate and Amen Estate Phase 2 of Eleko Beach Road, Ibeju-Lekki, Lagos State are not only assets of Redbricks and Ashlead but that they also belong to him.

Babatunde Gbadamosi

In a statement dated 19 September, 2024, the lawyers stated that Gbadamosi, governorship candidate of the Action Democratic Party in the 2019 Lagos State gubernatorial election, made a false claim in every respect, as he had voluntarily relinquished his entire shareholding interests in those companies, following his voluntary resignation as a director in those companies since July 2021.

They backed up their statement with the publication of Gbadamosi’s letter of voluntary resignation dated 1st July, 2021.

They also added that “his directorship resignations and shareholding relinquishment have been duly filed at the Corporate Affairs Commission and are available to the public for verification.”

The statement reads as follows:

“We are Solicitors to Redbrick Homes International Limited (Redbricks), Amen City Ltd, Ashlead Estates Ltd (Ashlead) and Ms Folasade Balogun (formerly Mrs Folasade Gbadamosi) and our attention has just been drawn to a social media post authored by one Babatunde Gbadamosi.

“In his post Babatunde alleges that Amen Estate and Amen Estate Phase 2 of Eleko Beach Road, Ibeju-Lekki, Lagos State are assets of Redbricks and Ashlead. He states further that Redbricks and Ashlead belong to him and Ms Balogun. This information is false in every respect and we hereby advise the public to ignore it.

“Babatunde Gbadamosi voluntarily relinquished his entire shareholding interest in Redbricks and Ashlead and resigned his directorship in these companies as far back as July 2021 under a notarised legal instrument. He has no interest whatsoever in either the above companies or any of their assets that he listed, namely Amen Estate, Amen Estate 2, TIARA, Emerald Bay, Emerald Park and Amen City.

“His directorship resignations and shareholding relinquishment have been duly filed at the Corporate Affairs Commission and are available to the public for verification. None of these assets is listed as “marital assets” that is subject of litigation between Babatunde Gbadamosi and Ms Sade Balogun.”

Recall that the management of Redbricks Homes put out a public notice to all investors and potential investors in the company that was published in Punch on 26th February, 2022.

In that publication, the management also refuted a certain material in circukation to the effect that Mr Babatunde Olalere Gbadamosi is associated with Redbrick Homes International Ltd and its real estate projects.

“For the avoidance of doubt, once upon a time, Mr Gbadamosi, a full time Politician, used to be a sleeping partner/shareholder without any financial investment and one of the Directors of Redbrick Homes International Ltd, but he has since voluntarily transferred, for consideration, the entirety of his shares in Redbrick Homes Intl Ltd and has also resigned his directorship of its Board since July 1, 2021.

“The Board composition, shareholding structure and share capital of Redbrick Homes International Ltd has accordingly changed completely. Folasade Balogun (formerly Folasade Gbadamosi) remains the Chairman and Chief Executive Officer of Redbrick Homes Intl Ltd, a position she has served in since the inception of the company and under her leadership, Redbrick Homes Intl Ltd has continued to deliver quality service to its customers uninterrupted.

These facts can easily be verified at the Corporate Affairs Commission, ” the public notice read.