Published 22nd May, 2023

By Daniel Ojukwu

Ubi Franklin, businessman and founder of Instant Apartment, a short-let service, has refunded the ₦2.45 million he owed Oselen Ekeleoutomiye, a Lagos-based business executive.

Franklin made the refund in eight installments between Sunday afternoon and the wee hours of Monday morning, after FIJ texted him and reported how he breached a contract.

Ekeleoutomiye confirmed the development to FIJ on Monday. “He was sending it bit by bit. I bet he didn’t sleep,” he said.

“He first sent ₦400,000, then ₦350,000, ₦190,000, then he sent ₦200,000. After that, he sent ₦300,000, then ₦560,000, then sent ₦100,000, and ₦350,000. Thank God for Obasanjo’s internet.”

Ubi Franklin's final credit to owed investor — Franklin’s final credit to Ekeleoutomiye at 7 am on Monday morning

Ekeleoutomiye invested ₦2 million in Franklin’s Instant Apartment in July 2021, and both parties signed a contract that the company would pay him ₦600,000 annually.

He was supposed to get ₦150,000 every three months, but he was only paid ₦150,000 once in October 2021.

He told FIJ he sent messages to Franklin in 2022, asked people to talk to him and even wrote to him through his lawyers in January 2023.

Franklin ignored every appeal he made. On Saturday, he tweeted about it. Franklin then vowed to not pay anything until he took down the tweet.

FIJ sent WhatsApp messages to Franklin in April and on Sunday. He read them but did not respond. A report was published afterwards.

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