Business

Responses That Should Turn You Off While Doing Due Diligence in Nigeria’s Real Estate By Dennis Isong

Don’t Worry, the Land is Clean” Whenever a seller or agent says, “Don’t worry, trust me,” without providing proof, you should immediately worry. In Nigeria’s real estate market, trust is earned, not assumed.

Published

3 months ago

January 27, 2025

OCHEFA

Let me share a story. A painful one. In November 2023, I met Chika, a young entrepreneur full of ambition.

She had saved for three years to buy her first plot of land in Lagos.

She dreamed of building her own bakery there someday—a dream she’d nurtured since childhood. Chika found a seller through a friend’s recommendation.

The location seemed perfect, and the price was “a steal.” When she began asking basic questions during due diligence, the seller’s responses were… strange.

When she asked about the land’s title, the seller waved her off. “Ah, no need to stress yourself. Trust me, this land is clean!” he said, flashing a reassuring smile.

When she pressed further, he added, “See, other buyers are waiting. If you waste time, someone else will grab it!” Against her better judgment, Chika paid.

The fear of missing out overpowered her. Months later, she discovered that the land was already sold to two other buyers.

Her N3 million vanished. Her bakery dream was shattered. She sat in my office, teary-eyed, asking, “Dennis, why didn’t I see the red flags?

How could I have been so blind?” Her story is a painful reminder that some responses during due diligence are major red flags.

If you hear any of the following phrases or behaviors, it’s time to step back and protect yourself.

1. “Don’t Worry, the Land is Clean” Whenever a seller or agent says, “Don’t worry, trust me,” without providing proof, you should immediately worry. In Nigeria’s real estate market, trust is earned, not assumed.

A land being “clean” means it is free of disputes, government acquisition, or other issues. If the seller refuses to provide documents like the Certificate of Occupancy (C of O), Deed of Assignment, or Survey Plan, it’s a glaring warning sign. What they’re really saying is, “I have something to hide, and I don’t want you to find out.”

2. “You Don’t Need a Lawyer” Ah, this one. Many shady sellers will try to convince you that involving a lawyer is unnecessary. They’ll say things like:

● “I’ve done this for years; lawyers just want to collect your money.”

● “You’ll waste time if you involve a lawyer.” This is manipulation, plain and simple. A lawyer ensures that all documents are valid and protects you from legal pitfalls. If someone discourages you from hiring a lawyer, it’s a sign they’re trying to cut corners—and possibly scam you.

3. “The Price Will Increase Tomorrow” Pressure tactics are a classic move in real estate fraud. When a seller tells you, “Other buyers are waiting,” or “If you don’t pay today, the price will go up tomorrow,” it’s often a ploy to rush you into making a hasty decision.

Think about it: Why would a genuine seller rush you? Good land doesn’t sell itself in one day, especially when proper documentation is involved. If they’re pushing you to act fast, it’s likely because they don’t want you to uncover the truth.

4. “I’ll Handle All the Documents for You” While it may sound convenient, a seller offering to handle all documentation should raise your suspicions. Why don’t they want you to see the process?

Here’s the truth: handling documentation gives you control and ensures transparency. If you blindly trust a seller to “take care of it all,” you might end up with fake or incomplete papers.

5. “It’s Family Land; We Don’t Have Titles Yet” In Nigeria, many disputes arise from “family land.” Sellers often claim they inherited the land and don’t have titles yet but promise to “regularize” the documents after you pay.

This is risky. Without proper titles, you could be buying into a web of family disputes. If they can’t produce a clear document, walk away.

6. “You Don’t Need to Inspect the Land” Imagine paying for land you’ve never seen. Unbelievable, right? Yet, it happens more often than you think. Some sellers will discourage you from inspecting the property by saying:

● “The land is far; I’ll show you pictures.”

● “The area is still developing, but it’s a good investment.” Never buy land without seeing it yourself—or better still, with a professional surveyor. Pictures can be deceiving, and some sellers will show you land that doesn’t even exist. 7. “Don’t Involve the Community” In many parts of Nigeria, land transactions involve local communities or traditional rulers. Some sellers, however, will warn you not to speak to the community, saying:

● “They’ll confuse you.”

● “The land doesn’t concern them.” This is a major red flag. Communities often have valuable information about the land, including its history, disputes, or encumbrances. If a seller is trying to cut them out of the process, something is likely wrong.

8. “The Survey Plan is With Someone Else” The survey plan is a crucial document that shows the exact location and size of the land. If a seller says it’s “with someone else” or promises to provide it after payment, be careful.

How can you verify what you’re buying without a survey plan? This excuse often hides fraudulent intentions.

9. “Don’t Worry About a Search; It’s Stressful” Conducting a search at the land registry is one of the most critical steps in due diligence. It confirms whether the land has a valid title and is free from disputes.

If a seller tells you not to bother, they’re trying to hide something. The search process might take time, but it’s worth every second.

10. “Just Trust Me” Finally, the ultimate red flag is when a seller relies solely on trust without offering proof. Real estate is a business transaction, not a friendship. Trust is good, but documents are better. How to Protect Yourself

• Ask Questions: Don’t feel intimidated. Ask for every document—C of O, Deed of Assignment, Survey Plan, and any other relevant papers.

• Hire a Professional: Get a lawyer, surveyor, or real estate expert to guide you.

• Do a Search: Visit the land registry to verify the property’s status.

• Visit the Land: Inspect the property yourself to confirm its existence and condition.

• Involve the Community: Speak to locals to understand the land’s history and avoid disputes.

Final Thoughts Chika’s story—and countless others like it—reminds us of one thing: due diligence is not negotiable.

If a seller’s responses sound suspicious or dismissive, take a step back. It’s better to miss out on a deal than to lose your hard-earned money.

In Nigeria’s real estate market, red flags are everywhere. Your job is to spot them, avoid them, and protect your investment. Don’t let pressure or promises cloud your judgment.

Always remember: it’s better to walk away than to walk into trouble. Your investment deserves protection. Don’t rush. Don’t assume. Verify everything.

Written by Dennis Isong, your trusted partner in Nigeria’s real estate market. Let’s guide you to safe and profitable property investments.

Business

The Untapped Wealth in Inherited Family Lands: Turning Ancestral Property into Profitable Real Estate Investments in Nigeria by Dennis Isong

Published

5 minutes ago

April 20, 2025

OhiBaba

In Nigeria, we often hear things like: “That land in the village belongs to my grandfather.”

“Our family land has been there since I was a child.” “We just leave it there. Nobody touches it.

“What if I told you that the land you inherited from your father, grandfather, or even great-grandmother might just be sitting on gold — not literal gold, but real estate potential that could start making you money today?

Let’s break it down.

1. The Emotional vs Economic Value of Inherited Land

Many families in Nigeria attach deep emotional and cultural value to ancestral land.

It’s a symbol of roots, heritage, and continuity. But while emotions are valid, leaving valuable property to gather bush and termites does not honor the legacy — it stagnates it.

Ancestral land should not just be a memory bank; it should be a financial engine.

2. Common Myths That Keep Family Lands Idle

Let’s address the biggest myths: “It’s just bush, what can I do with it?” That bush is someone’s dream site for a school, farm, event center, or warehouse.

“We don’t want to sell our heritage.” Who says you must sell it? You can lease, rent, or build and still retain ownership.

“There’s a land dispute in the family.”

Then resolve it. Land conflict delays wealth. Engage a legal mediator and document ownership properly.

“It’s in the village, nobody will rent there.” These days, villages are turning into towns. Many urban workers are relocating to semi-rural areas because of cost and quiet.

People now work in the city and sleep in the village.

3. Real Possibilities:

What You Can Do With Inherited Land

Let’s talk about how to transform that “useless” land into profit:a) Agribusiness Lease

If you don’t have money to farm it yourself, lease the land to an agro-entrepreneur. Nigeria’s food needs are rising, and farmland is gold.b)

Event Center or Open Space Rental

Got family land with space? Flatten it, clear it, fence it, and start renting it out for weddings, parties, and church crusades.

Rural areas love open-air events.c)

Build Low-Cost Housing for Rent

Build a few 1-bedroom bungalows or mini-flats.

People are moving to outskirts like Ikorodu, Mowe, and Ifo. Affordable housing is in demand. d )

Warehouse or Storage Facilities

Urban traders need warehouse space in cheaper locations. Rural lands close to main roads are perfect for this.e)

Instead of leaving the land idle and arguing over it during Christmas family meetings, why not take charge and begin something that creates cash flow?

Partner with Developers

You bring the land, they bring the money. A good joint venture agreement can turn idle land into profit-yielding property while you still retain your rights.

4. Legal Steps You Must Not Ignore Before you do anything, please make sure of the following:

Proper Documentation: Make sure the land has a Deed of Assignment, survey plan, and preferably a Certificate of Occupancy or Governor’s Consent if within a government-acquired zone.

Family Agreement:

If it’s a family land, gather everyone and get a written agreement to avoid “wahala” later.

Registered Company (Optional): Consider registering a business to manage the land, especially if you’re building rentals or leasing. Get a Lawyer: Never cut corners.

A good property lawyer will save you stress, especially for joint ventures or leasing contracts.

5. True-Life Example: From Bush to Blessing.

Mr Tunde inherited a 2-acre land in Ilaro, Ogun State. For 10 years, it was just a yam farm.

In 2022, he cleared it, fenced it with blocks, built a borehole, and put plastic chairs under canopies. He started renting it out as an event ground. Today, every Owambe weekend earns him 100k-200k. All from “just family land.” Imagine that.

6. From Liability to Legacy

Family lands can move from being a burden to being a blessing.

Instead of leaving the land idle and arguing over it during Christmas family meetings, why not take charge and begin something that creates cash flow?

Think of it this way: Instead of telling your children, “This land belongs to your grandfather,”

You can say: “This property feeds our family today, and will feed yours tomorrow.”

7. Final Thoughts

It’s time to change our mindset. Not all real estate investment starts with buying new land. Sometimes, the land has already been given to you — free of charge.

The true investment is in your vision.Don’t wait till that land becomes an illegal dump site or is taken over by “omo onile” drama.

Begin today. Inspect it. Clear it. Value it. Use it. Your next real estate breakthrough might be hiding in your father’s backyard.

And if you ever need someone to help you inspect, plan, or connect you to builders, surveyors, or developers… you know who to call — Me, the real estate preacher with a sprinkle of bush-to-business miracles!

Business

CBN warns BDCs, banks to tighten compliance on anti-money laundering, counter-terrorism regulations

Published

1 day ago

April 19, 2025

Charles Flames

The Central Bank of Nigeria has warned licenced Bureau De Change Operators and financial institutions in the country against violating its anti-money laundering and counter-terrorism financing framework.

The apex bank issued this warning in a circular signed by its director of compliance department, Amonia Opusunju on Thursday.

CBN vowed to impose sanctions on BDC operators who failed to adhere to its regulatory framework.

“BDC operators are reminded that they are required to fully comply with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022; the Terrorism (Prevention and Prohibition) Act, 2022; and the Regulatory and Supervisory Guidelines for Bureau de Change Operators in Nigeria, 2024,” CBN said.

“Any other relevant laws, regulations, and guidelines issued by the CBN and Nigerian Financial Intelligence Unit (NFIU).

“All BDCs are advised to ensure that their operations, staff training, transaction monitoring, and customer onboarding procedures are always fully compliant with applicable requirements,” the apex bank said.

Similarly, CBN also urged all financial institutions in Nigeria to tighten compliance with both domestic and international sanction lists, including the United Nations Consolidated Sanctions List and the Nigerian Sanctions List, in line with the Terrorism (Prevention and Prohibition) Act 2022 and others.

“Financial institutions are required to maintain a robust and dynamic sanctions compliance framework that enables them to identify and respond promptly to updates or changes across all applicable sanctions lists; prevent the use of their systems and platforms for transactions involving designated individuals or entities; conduct real-time screening of customers, transactions, and beneficial owners; and file appropriate reports with the Nigerian Financial Intelligence Unit and notify the CBN, where necessary,” the circular partly reads.

Recall that on February 27, 2024, the financial regulator approved the sale of foreign exchange (FX) to BDC operators, reversing its decision to halt FX sales to the BDCs in 2021.

Meanwhile, on February 6, 2025, the apex bank introduced new regulations limiting BDC operators to purchasing a maximum of $25,000 per week from a single bank.

Business

For The Record: “I Will Build an “NNPC that’ll be the Pride of Nigerians”- Ojulari

Published

2 days ago

April 18, 2025

OCHEFA

The new Group Chief Executive Officer of the NNPC Ltd., Mr. Bashir Bayo Ojulari, has pledged to build an NNPCL that will be the pride of all Nigerians.

“We recognize that our greatest asset is our people. Our success will be powered by empowered employees. As such, we are fully committed to creating a workplace where everyone is valued, motivated, and inspired to thrive. Together, we will build a high-performing, globally competitive NNPC Ltd that is proudly Nigerian and proudly world-class,” Ojulari said during a meeting with the staff of the Company, with a vow to pursue the company’s bold ambitions and build an NNPC that will be the pride of all Nigerians.

In a Town Hall meeting held at the NNPC Towers in Abuja, on Thursday, Ojulari said it was a huge honour and responsibility to lead the NNPC Ltd.

He describes the Company as an entity that means a lot to Nigeria and its future.

“We stand at the gateway of a new era—one that demands courage, professionalism, and a relentless drive for excellence.

The task before us is great, yet the opportunity to redefine Nigeria’s energy future is even greater. Now is the time to turn our transformation promise into performance,” Ojulari told thousands of the Company’s staff.

Ojulari said that the NNPC Ltd. under his stewardship aims to attract sectoral investments worth $30 billion by 2027 and $60 billion by 2030; raise crude oil production to over 2 million barrels per day, sustained through 2027, and attain 3 million by 2030; expand refining output to 200kbpd by 2027, and 500kbpd by 2030; grow gas production to 10bcf per day by 2027, and 12bcf by 2030 and deepen energy access and affordability for all Nigerians.

To achieve these targets, the company will be focusing on reconfiguring its business structure for agility and value creation, conducting independent value assessments to inform data-driven decisions, enforcing a robust performance management framework, building transparent, value-aligned partnerships with all stakeholders, and, most critically, taking control of its narrative.

While explaining the criticality of pursuing the Company’s bold ambitions, the Group CEO said the targets are not just metrics, but indicators of hope, jobs, industrial growth, and energy security for millions of Nigerians.

Describing NNPC Ltd. as a renewed, forward-facing, and future-ready organisation that is proudly leading Nigeria’s energy transformation, Ojulari said “it’s time we tell our story—one of innovation, reform, and national pride.”

He charged staff to be proud of NNPC Ltd.’s recent transformation, stressing that the next journey to becoming a fully-fledged limited liability company will require the collective drive towards making NNPC more transparent, profitable, and accountable.

The Group CEO pledged to give all employees the space to be able to outperform competitors.

“We will provide the best combination where the experienced and the young will both thrive towards achieving our set targets,” he assured.

He said his Management will deepen collaboration with the Company’s in-house and national unions to build a stronger, trust-based relationship that reflects shared purpose and mutual respect.

He also called on all staff to lead with integrity and act with urgency while bringing their very best to the table.