The early promoters of UMUORII RAINBOW ESTATES LIMITED (previously called Owerri North Housing Estates Limited) were Owerri North Local Government Council and Antioch American Investment Company Limited. Their promotion agreement dated 15th March 2007 was filed same day with both the Economic Affairs Bureau of the Office of the Secretary to the Imo State Government and the Corporate Affairs Commission (CAC), and for the purpose of incorporating the new Public Private Partnership (PPP) company.
When sometime in 2009 the learned Attorney General of Imo State determined that residential /commercial housing development was outside the gamut of functions of local government councils, the Transition Committee of Owerri North Local Government could no longer continue in the promotion of the project. The matter eventually went before the Federal High Court in Suit No. FHC/OW/CS/167/2008:OWERRI NORTH HOUSING ESTATES LIMITED & ANOR V. HON. AUSTIN ACHILIKE, TRANSITION CHAIRMAN OWERRI NORTH LOCAL GOVERNMENT & ORS. In its consent judgment given on 21st January 2010, the court ordered Antioch American Investment Company Limited to continue with the project by taking all necessary steps for ensuring that the project is accomplished on the terms that Owerri North Local Government and Antioch American Investment Company had originally agreed upon. Said terms were essentially set out in the Irrevocable Power of Attorney donated by Owerri North Local Government Council to the Company dated 30th March 2007 and registered as No. 31/31/948 of the Lands Registry at Owerri.
Antioch American Investment Company Limited has till date remained legal owners, promoters and managers of both Umuorii Rainbow Estate and Umuorii Rainbow Estates Limited which holds the land title.
It is pertinent to clarify for the general information of the pubic and the security and anti-graft agencies of Nigeria that a group operating as BASE PROJECTS & REAL ESTATE CONSULTING LIMITED and claiming to be the lawful attorney of the original landowners of Plot P.10 Egbu/Uratta Layout Owerri have no connection whatsoever with Umuorii Rainbow Estates Limited or Umuorii Rainbow Estate Limited (previously called Owerri North Housing Estates Limited. Any person recognizing and dealing with the promoters of the said company in relation with plots of Umuorii Rainbow Estate is doing so at his or her own risk. Everyone should be guided by the subsisting Judgments and Judgments Enforcement Orders of different High Courts and the Court of Appeal governing the Umuorii Rainbow Estate and its plots.