News
Real Estate Investment in Nigeria by Dennis Isong
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The Nigerian real estate market represents one of Africa’s most dynamic and promising investment frontiers.
With over 200 million people and an urbanization rate exceeding 4 percent annually, the demand for residential and commercial properties continues to surge, particularly in major cities like Lagos, Abuja, and Port Harcourt.
This demographic dividend, coupled with the country’s status as Africa’s largest economy, creates compelling opportunities for real estate investors seeking both capital appreciation and rental income.
The market’s potential is further enhanced by Nigeria’s young population, with more than 60% under the age of 25.
This demographic trend is driving demand for affordable housing, student accommodation, and modern office spaces.
Additionally, the expansion of the middle class, despite economic challenges, has created a growing market for mid-range residential properties and retail spaces.
The sector’s contribution to Nigeria’s GDP has consistently grown, demonstrating its resilience and potential for sustainable returns.
Benefits of Real Estate Investment
Real estate investment in Nigeria offers numerous advantages that continue to attract both domestic and international investors.
Perhaps the most significant benefit is the potential for substantial capital appreciation.
Property values in prime locations across major Nigerian cities have historically shown impressive growth rates, often outpacing inflation.
In particular, properties in developing areas of Lagos and Abuja have recorded appreciation rates of 20-30% annually, presenting opportunities for significant wealth creation through strategic property acquisition.
The rental market also provides a steady stream of income for investors.
The persistent housing deficit, estimated at over 17 million units, ensures strong rental demand across various property segments. High-end residential properties in exclusive neighborhoods can command premium rents, while commercial properties in business districts often yield attractive returns.
The dollarization of rents in prime locations also offers a hedge against currency fluctuations, particularly beneficial for international investors. Furthermore, real estate investment serves as an effective inflation hedge in Nigeria’s sometimes volatile economic environment.
As inflation rises, property values and rental income typically adjust upward, preserving the real value of investments.
The tangible nature of real estate assets also provides security and stability compared to more volatile investment options.
Additionally, the sector offers various investment entry points, from direct property ownership to Real Estate Investment Trusts (REITs), allowing investors to participate according to their capital capacity and risk appetite.
The dollarization of rents in prime locations also offers a hedge against currency fluctuations, particularly beneficial for international investors
Strategic Investment Considerations Success in Nigerian real estate investment requires careful consideration of several strategic factors.
Location remains paramount, with properties in established or rapidly developing areas offering the best potential for value appreciation and rental demand. Areas with improving infrastructure, proximity to business districts, or major development projects often present early-mover advantages for astute investors. The choice of property type must align with market demand and demographic trends.
Residential developments targeting the growing middle class, particularly in the form of apartments and townhouses, have shown strong market acceptance.
Similarly, purpose-built student housing near major educational institutions addresses a significant market gap.
In the commercial sector, mixed-use developments combining retail, office, and residential components have gained popularity, offering diversification benefits within a single investment.
Understanding the local real estate market dynamics is crucial for timing investments effectively.
Market cycles in different Nigerian cities can vary significantly, influenced by factors such as infrastructure development, economic activities, and government policies.
Successful investors often combine market timing with a long-term perspective, recognizing that while short-term volatility may occur, the fundamental drivers of demand remain strong.
Challenges and Risk Mitigation Despite its potential, real estate investment in Nigeria faces several significant challenges that investors must navigate carefully. One of the most prominent issues is land title documentation and property rights.
The complex land tenure system, governed by the Land Use Act of 1978, can make property acquisition procedures lengthy and complicated.
Obtaining Governor’s Consent for property transfers and ensuring clean titles requires due diligence and often professional legal assistance. Infrastructure deficits pose another significant challenge.
Many areas suffer from inadequate power supply, water access, and road networks, necessitating additional investments in private infrastructure solutions.
This can significantly impact development costs and eventual returns. However, savvy investors often turn this challenge into an opportunity by incorporating sustainable infrastructure solutions that add value to their properties.
The regulatory environment presents its own set of challenges.
Multiple layers of government oversight, changing policies, and sometimes overlapping jurisdictions can create uncertainty.
Property taxes, development permits, and building regulations vary across states and local governments, requiring thorough understanding and compliance.
Nevertheless, these challenges can be managed through proper research, engagement with local authorities, and partnership with experienced local professionals.
Financing poses a significant hurdle, with high interest rates and relatively short tenure mortgage products limiting funding options. Most Nigerian banks require substantial equity contributions and offer loans at interest rates that can significantly impact project viability.
However, innovative financing solutions are emerging, including partnerships with development finance institutions, vendor financing arrangements, and off-plan sales strategies that help manage funding challenges.
The informal nature of significant segments of the Nigerian real estate market can complicate investment decisions.
Limited availability of reliable market data, price transparency issues, and informal transaction practices make market analysis challenging.
However, this information gap also creates opportunities for investors who conduct thorough research and build strong local networks. Construction costs and quality control present ongoing challenges.
Fluctuating material costs, skilled labor shortages, and the need to import certain building components can impact project budgets and timelines. Maintaining construction quality while managing costs requires careful contractor selection and robust project management systems.
However, investors who successfully navigate these challenges often achieve premium valuations for quality developments.
Security concerns in certain regions and the general business environment risks require careful consideration in investment planning.
However, these risks can be mitigated through appropriate location selection, security measures, and insurance coverage. Many successful investors focus on areas with stable security situations and strong economic fundamentals.
Real estate investments in Nigeria presents significant opportunities for those willing to understand and navigate its unique market dynamics.
While challenges exist, they are not insurmountable and often create opportunities for well-prepared investors.
Success requires a combination of thorough market research, strong local partnerships, professional advisory support, and a long-term perspective.
As Nigeria’s economy continues to grow and urbanize, real estate investment, when approached strategically, offers the potential for substantial returns while contributing to the country’s development.
■ For personalized guidance and expert advice, Dennis Isong is here to help you navigate the complexities of Nigeria’s real estate market, ensuring a stress-free property acquisition process. Contact him today at +2348164741041!
Crime
Alleged money laundering: Yahaya Bello’s name not on property documents, EFCC witness tells court
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Case adjourned to March 6, 7 for continuation of trial
The Federal High Court, Abuja, on Monday, adjourned the money laundering case instituted by the Economic and Financial Crimes Commission against the immediate past Governor of Kogi State, Yahaya Bello, to March 6 and 7, 2025, for continuation of trial.
The court adjourned after the prosecution counsel, Kemi Pinheiro, SAN, called his two witnesses, one on subpoena.
When Pinheiro, SAN, called the first witness, Segun Joseph Adeleke, the Defendant’s Counsel, Joseph Daudu, SAN, objected, saying that the witness’ name was not included in the initial list of witnesses provided by the prosecution.
This, he said, could affect his cross-examination.
The trial, however, proceeded and the witness, who identified himself as the General Manager of Efab Properties Limited, was asked to tell the court what he knows about a property on 1, Ikogosi Road, Maitama and another one in Gwarinpa.
Adeleke told the court that the name of the former governor did not reflect on any of the two properties being examined on Monday and that he did not sight him throughout the transactions.
Giving an account of what transpired, he said sometime in 2020, his chairman, Chief Fabian Nwora, introduced him to a young man called Shehu Bello and that they had a discussion concerning the purchase of the property.
“We had a discussion concerning the purchase of the property in question. And he told me that the young man would be coming back to make payment for the property at an agreed price of N550 million,” he said.
When asked if he had seen Shehu Bello since that day, he said, “I saw him three times. The first time was for introduction, the second time for payment and the third time was when he brought a legal document for the execution of the EFAB property.”
The EFCC lawyer then mentioned another property at 5th Avenue in Gwarinpa and told the witness to tell the court what he knows about it.
Responding, the witness said the property was purchased by one Nuhu Mohammed for N70 million and was paid for through a bank transfer.
He was asked if he remembered which bank the money came from, but he said no.
On cross-examination, the defendant’s counsel, Daudu, SAN, asked if the witness’ actions were purely based on the instructions of his chairman. He responded, “Yes.”
The counsel further asked whether it was correct to say that he did not initiate any discussion with Shehu Bello on his own, to which he also answered, “Yes.”
On the documents signed for the transactions, the Defendant’s Counsel asked the witness if he could confirm that Shehu Bello signed his own part in his presence.
“He did not my Lord,” he answered.
Daudu, SAN, also asked: “Throughout this transaction, did you set eye on the defendant?”
“Not at anytime in the course of this transaction,” the witness responded.
He was also asked if the name of the defendant appeared anywhere on the documents he said were with the EFCC.
He, again, answered, “no!”
The Prosecution then told the court that they had another witness to call, on subpoena.
The Defendant’s Counsel objected that they were being taken by surprise but added that he had no intention of stalling the trial.
The second witness identified herself as Williams Abimbola, a compliance officer with the United Bank for Africa Plc (UBA).
She had the subpoena with her, which the lawyer sought to tender as evidence.
The Defendant’s counsel had no objection and it was marked “Exhibit 1”.
The witness read out the documents the subpoena asked for to include the statement of account of Kogi State Government House, from January 1, 2016 to January 31, 2024.
The statements of account of Maselina Njoku, from January 1 to December 31, 2022, were also admitted in evidence, including the account opening packages of American International School and statements of accounts, from September 1 to September 30, 2020.
Justice Emeka Nwite then adjourned to March 6 and 7, 2025 for continuation of trial.
News
Chief Ayo Adebanjo scheduled for Burial on May 3, 2025
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The family of late elder statesman and Afenifere leader, Chief Samuel Ayo Adebanjo, has announced the funeral arrangements for the revered nationalist, who passed away on February 14, 2025, at the age of 96.
According to the family, the burial ceremonies, scheduled to hold on Saturday May 3, 2025, will take place in Lagos and Ogun States.
In a statement sent to Ohibaba.com and signed by Ms Ayotunde Ayo-Adebanjo, the family said:
Following the passing of our patriarch, elder statesman and nationalist, Chief Samuel Ayodele Adebanjo (April 10, 1928 – February 14, 2025), the family hereby notifies you of the funeral activities:
1. Day of Tributes/ Service of Songs: Date: Wednesday, April 30, 2025 Venue: Harbour Point, Victoria Island, Lagos Time: 1:00 pm – 6:00 pm
2. Wake: Date: Friday, May 2, 2025, Venue: Pa Ayo Adebanjo’s Country Home, Isanya Ogbo, Ijebu Ode, Ogun State, Time: 4:00 pm – 6:00
3. Church Service/Final Burial: Date: Saturday, May 3, 2025, Venue: St Phillips Anglican Church, Isanya Ogbo, Ijebu Ode, Ogun State Time: 10:00 am – 1:00 pm
4. Thanksgiving: Date: Sunday, May 4, 2025 Venue: St Phillips Anglican Church, Isanya Ogbo, Ijebu Ode, Ogun State, Time: 10:00 am – 12:30 pm
We covet your prayers for the family and your professional support as wecontinue with the preparations to give him a most befitting burial. We alsolook forward to your esteemed presence at all the events.
Please accept the assurances of our highest regards.
News
BREAKING: Aiyedatiwa, Adelami sworn in as governor, deputy in Ondo
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Governor Lucky Aiyedatiwa of Ondo State and his deputy, Olayide Adelami, have been sworn in for a fresh four year term.
The Chief Justice of the state, Olusegun Odusola administered the oath to Aiyedatiwa and Adelami amid the presence of the people of the state and dignitaries who witnessed the event.
While taking the oath of office, the number one and number two citizens vowed to uphold the constitution, work within its dictates, and ensure the well-being of the people of the state.
The inauguration marks the takeoff of a new administration in Ondo State.
Present at the oath-taking event were the Governor of Lagos State, Babajide Sanwo-Olu, Governor of Ekiti, Abiodun Oyebanji, Minister of Interior, Olubunmi Tunji-Ojo, Minister of Youth Development, Ayo Olawande, among others.
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