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Mistakes to Avoid When Buying Property in an Estate in Lagos by Dennis Isong

Investing in real estate, especially in Lagos, Nigeria, can be a lucrative opportunity, but it’s not without its pitfalls. Lagos is known for its dynamic property market, with a wide range of options, including estates.
However, navigating this market requires careful planning and consideration to avoid common mistakes that could lead to financial losses or legal issues.
In this article, we will highlight the mistakes you should avoid when buying property in an estate in Lagos.
● Lack of Due Diligence
One of the most crucial steps when buying property in an estate is conducting thorough due diligence.
Failing to investigate the property’s history, ownership, and legal status can be a costly mistake.
Make sure to obtain all necessary documents, including a Certificate of Occupancy (C of O) and a survey plan. Verify the property’s ownership and history to ensure it is free of disputes and encumbrances.
● Ignoring Location Considerations
Lagos is a sprawling city with varying property values depending on location.
Failing to consider the location carefully can lead to dissatisfaction with your investment.
Evaluate the estate’s proximity to essential amenities like schools, healthcare facilities, markets, and transportation hubs.
Also, consider the security and infrastructure in the area.
● Overlooking the Reputation of the Estate Developer
The reputation and track record of the estate developer are crucial.
Avoid buying property in an estate developed by a company with a history of legal issues, subpar construction quality, or delays in project delivery.
Research the developer’s past projects and seek feedback from previous buyers.
● Not Inspecting the Property
Never buy property without physically inspecting it. Pictures and descriptions can be misleading, and visiting the site allows you to assess the property’s condition, potential renovation needs, and whether it aligns with your expectations.
● Skipping a Property Inspection
In Lagos, some properties may be subject to flooding during the rainy season.
Ignoring a proper inspection, which includes checking for flood risk and drainage systems, can lead to devastating consequences.
Engage a qualified surveyor or engineer to assess these factors.
Avoid buying property in an estate developed by a company with a history of legal issues, subpar construction quality, or delays in project delivery
● Overextending Financially
Avoid the mistake of stretching your finances too thin to acquire property.
Carefully assess your budget, including the purchase price, legal fees, taxes, and potential renovation costs.
Create a realistic financial plan to ensure you can comfortably afford the property without jeopardizing your financial stability.
● Neglecting Legal Assistance
Property transactions in Lagos can be complex, and legal guidance is essential to protect your interests.
Hire a reputable real estate attorney who specializes in Lagos property law. They can review contracts, conduct due diligence, and ensure all legal requirements are met.
● Not Understanding Estate Rules and Regulations
Each estate in Lagos may have specific rules and regulations governing property ownership and management.
These rules can affect your ability to use, rent, or resell your property. It’s essential to understand and abide by these regulations to avoid potential conflicts or penalties.
● Not Considering Future Growth
Lagos is a rapidly growing city, and the landscape can change significantly in a short time.
Failing to consider potential developments and infrastructure projects in the area can lead to missed opportunities or reduced property value appreciation.
Research upcoming projects and urban planning initiatives that could impact the estate you’re interested in.
● Underestimating Maintenance Costs
Owning property in an estate comes with ongoing maintenance responsibilities and associated costs.
These can include security fees, waste management, and common area upkeep.
Ensure you are aware of these expenses and budget for them accordingly to avoid financial strain in the long run.
● Relying Solely on Verbal Agreements
In real estate transactions, verbal agreements hold little to no legal weight.
Always insist on putting all agreements in writing, including terms, conditions, and any promises made by the seller or developer.
A written contract protects your interests and ensures both parties are held accountable.
● Rushing the Decision-Making Process
Buying property is a significant decision that shouldn’t be rushed. Take your time to thoroughly research, evaluate, and compare different options.
Don’t succumb to pressure from developers or agents to make a hasty decision. A well-informed and patient approach can lead to a more successful purchase.
● Neglecting Property Resale Value
While you may be focused on your immediate needs and preferences when buying property, it’s essential to consider its resale value. Market conditions can change, and you might need to sell the property in the future.
Choose a property that has the potential for appreciation and appeal to a broad range of buyers.
▪︎Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041
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BREAKING: Ganduje Resigns as APC National Chairman with immediate effect

Abdullahi Umar Ganduje has resigned as the National Chairman of the All Progressives Congress (APC), with immediate effect.
Ganduje, who previously served as the Governor of Kano State from 2015 to 2023, cited health reasons for his resignation, stating the need to focus on his personal well-being.
His tenure as APC chairman, which began in August 2023, was riddled with internal party crises, legal disputes, and allegations of financial misconduct.
While his resignation letter attributed the move solely to health concerns, party insiders suggest rising political tension and internal opposition may have influenced his decision.
There have also been reports linking his exit to accusations of financial impropriety.
Some party members allegedly protested against what they described as “excessive financial demands” from his office—particularly over complaints by aspirants for FCT area council positions about the high fees required to secure party tickets.
Ganduje’s leadership faced multiple legal challenges. In April 2024, a Kano State High Court issued an ex parte order barring him from identifying as a party member, following a suit filed by some APC officials.
Although a separate suit filed by the APC North Central Forum seeking his removal was later dismissed by a Federal High Court in Abuja, his position remained contentious.
As the APC is yet to issue an official statement, speculation continues to mount over the true circumstances of Ganduje’s departure and its potential implications for the party’s future direction.
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Nigeria New Tax Laws: What You Need to Know

President Bola Tinubu on Thursday signed four new tax laws aimed at modernising and streamlining the country’s tax system.
In the new tax law, the Value Added Tax rate remains at 7.5 per cent despite initial proposals to increase to 12.5 per cent, but its scope is expanded.Essential items—such as food, education, healthcare, public transport, residential rent, and exports—are zero-rated to ease inflationary pressure.
For revenue allocation is restructured: now 30 per cent of VAT proceeds are distributed based on consumption (rather than contribution), 50 per cent equally among states, and 20 per cent to population-based allocation.
With the latest development, it is expected that state revenue streams will increase, and it will also discourage tax evasion.
Overview of the four new lawsNigeria Tax Act:
Consolidates various tax rules into a single, simplified code, eliminating over 50 small, overlapping taxes. This reduces complexity and duplication, making it easier for businesses to comply.
Tax Administration Act:
Establishes uniform rules for tax collection across federal, state, and local governments, ensuring consistency and reducing administrative conflicts.
Nigeria Revenue Service Act:
Replaces the Federal Inland Revenue Service with the independent Nigeria Revenue Service, aiming for greater efficiency and autonomy in tax administration.
Joint Revenue Board Act:
Enhances coordination between different government levels and introduces a Tax Ombudsman and Tax Appeal Tribunal to handle disputes fairly.
Key objectives of the new tax rules
Simplify Tax System:
Reduces bureaucratic hurdles and overlapping taxes to make compliance easier, especially for small businesses and informal traders.
Increase Revenue Efficiency:
Aims to boost Nigeria’s tax-to-GDP ratio from 10% (below the African average of 16–18%) to 18 per cent by 2026 without raising taxes on essential goods.
Reduce Financial Burden:
Provides relief for low-income households and small businesses while ensuring high-income earners and luxury consumers contribute more.
Fund Public Services: Increased revenue will support infrastructure, healthcare, and education, reducing reliance on borrowing.Who benefits and how
Low-Income Households:
Individuals earning up to ₦1 million ($650) annually receive a ₦200,000 rent relief, reducing taxable income to ₦800,000, exempting them from income tax.
VAT exemptions on essential goods and services (food, healthcare, education, rent, power, baby products) lower living costs.
Small businesses:
Businesses with an annual turnover below ₦50 million ($32,400) are exempt from company income tax.
Simplified tax filing without requiring audited accounts reduces compliance costs.
Large businesses:
Corporate tax rates drop from 30 per cent to 27.5 per cent in 2025 and 25 per cent thereafter.Tax credits for VAT paid on expenses and assets allow businesses to recover the 7.5 per cent VAT.
Charitable, educational, and religious organisations:
Tax incentives for non-commercial earnings, encouraging community-focused activities.
Impact on different groups
Low-Income Earners:
Benefit most from income tax exemptions and lower costs for essentials, increasing disposable income.
Small Businesses and informal traders:
Simplified rules and tax exemptions encourage compliance and reduce financial strain, potentially formalising more businesses.
High-income earners and luxury consumers face higher VAT on luxury goods and premium services, plus capital gains tax on large share sales.
Government: Expects increased revenue for public services without overburdening vulnerable citizens.
Why reforms were needed:
Nigeria’s tax system was outdated, inefficient, and disproportionately harsh on low-income groups.
The low tax-to-GDP ratio (10%) limited funding for critical services like healthcare and infrastructure.
Overlapping taxes and complex rules deterred compliance, especially among small businesses and informal traders.
Public and expert reactionsPositive sentiment:
Small business owners welcome tax exemptions but seek clarity on enforcement to avoid unexpected levies.
Low-income earners appreciate relief on essentials but remain cautious about implementation.
Taiwo Oyedele, head of the Presidential Fiscal Policy and Tax Reform Committee, claims 90% public support, emphasising that success depends on awareness and trust.
The reforms align with Tinubu’s administration’s goal to reduce economic inequality and boost fiscal capacity without overburdening citizens.
By encouraging voluntary compliance and reducing reliance on loans, Nigeria aims to strengthen its economy and fund development projects.
These reforms mark a significant step toward a fairer, more efficient tax system, with a focus on supporting vulnerable groups while fostering economic growth.
However, their success hinges on transparent enforcement and public trust.
For further details, you can refer to official statements from the Nigerian government or credible news sources covering the reforms.
News
2025 NGE Biennial Convention Opens In Enugu, 400 Editors In Attendance

The 2025 Biennial Convention of the Nigerian Guild of Editors(NGE) has opened in Enugu on Friday, with about 400 hundred Editors drawn from various media organizations across the country participating.
With the theme:”Building A Secure And Cohesive Nigeria: The Role Of Dialogue, Inclusion And The Media,” the convention is holding at the International Conference Centre, Enugu.
During the 4-day event, a new leadership will be elected to pilot the affairs of the Guild for the next two years.
In his welcome address, the President of the Guild, Eze Anaba, whom had already been returned unopposed for a second term, thanked members of the Guild for electing him to lead the union in the last two years.
“My esteemed colleagues, I thank you for the trust and confidence you reposed in me by electing me to lead this Guild over the past two years.
It has been a rare privilege and a responsibility I have carried with pride – one I will cherish for the rest of my life,” Anaba said.
Turning to the theme of the convention, the president said insecurity had “regrettably become a defining feature of our national discourse.
The nature of these challenges may differ across the regions, but their severity is felt everywhere.”
“This reality compels us to ask hard questions.Could the media have done more to promote dialogue and inclusion – essential tools for conflict prevention?”
“Are we, perhaps, sometimes guilty of amplifying fear and sensationalism? Are we presenting all sides of the story fairly?
“Most importantly, how can we Journalists and Editors, contribute constructively to the peace building process?,” he further asked.
He said the conversation aims to “interrogate” these questions and more as esteemed stakeholders in security matters lead the discussions.
Meanwhile, preparations are in top gear for the conduct of election of new Executives of the Guild scheduled to hold much later in the day.
The positions being contested for include Deputy President, Vice President (North), Vice President (West), Vice President (East), General Secretary, Treasurer and members of Standing Committees.
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