Business
Real Estate Due Diligence: What Every Buyer Must Check Before Paying in Lagos State by Dennis Isong
Avoid lands tagged as “committed”—this means the government has already planned something for that area.
Mr. Samuel had finally saved enough to buy his dream plot in Lagos. He was tired of renting and wanted a piece of land to call his own.
One day, he came across a well-dressed agent who promised him a juicy deal—a prime piece of land in Ibeju-Lekki at an unbelievably low price.
The agent assured him that everything was “clean.” No Omo Onile drama, no government wahala. Mr. Samuel was excited.
He visited the land once, saw a few other buyers inspecting, and felt reassured. Without conducting any serious checks, he quickly made payment.
The agent even arranged for a “lawyer” to draft a deed of assignment. Everything seemed perfect.
Two months later, Mr. Samuel decided to start building. That was when the nightmare began. A group of fierce-looking men stormed the site, shouting that the land belonged to their family.
They claimed they never sold it to anyone. Confused and scared, Mr. Samuel tried calling the agent—his number was switched off.
The “lawyer” who drafted his deed had disappeared too. He went to the Lagos State Land Registry, only to discover that the land was government-acquired. Mr. Samuel had lost everything.
His hard-earned savings, his dreams, and his peace of mind. This could have been avoided if only he had done proper due diligence before paying.
What is Due Diligence in Real Estate?
Due diligence means verifying everything about a property before committing to buy it. It’s like running a background check to make sure you are not about to throw your money into a trap.
Lagos is notorious for real estate fraud—Omo Onile disputes, fake land documents, and government-acquired properties being resold illegally. One wrong move and you could lose millions.
So, before you pay a kobo, here are the critical things you must check:
1. Confirm Ownership: Who Really Owns the Land?
Never assume the person selling the land is the real owner. People sell land they don’t own every day in Lagos. Some are tenants or relatives of the real owner, while others are pure scammers.
What to Do:
● Ask for the title documents (C of O, Deed of Assignment, Governor’s Consent, or Survey Plan).
● Go to the Lagos State Land Registry (Alausa) to verify the document. If the land is not registered, don’t buy it.
● If it’s family land, ensure all family members involved sign the documents to avoid future disputes.
2. Verify Land Title and Documents
Even if the seller shows you a C of O, don’t trust it blindly. Fake C of Os and land documents flood the market. Some lands also have government restrictions, meaning they can be demolished anytime.
What to Do:
● Conduct a search at the Lagos State Lands Bureau to verify if the title is genuine.
● Cross-check survey plans at the Office of the Surveyor-General to confirm the land’s coordinates and whether it falls under government acquisition.
● Engage a trusted real estate lawyer to help you review the documents.
3. Check for Government Acquisition Issues Lagos State is aggressive when it comes to land acquisition. Some lands are meant for future government projects but are still being illegally sold to unsuspecting buyers.
What to Do: ● Visit the Lagos State Ministry of Physical Planning and Urban Development to check if the land is under acquisition.
● Avoid lands tagged as “committed”—this means the government has already planned something for that area.
4. Conduct a Physical Inspection—Don’t Rely on Photos Many buyers have fallen victim to real estate scams because they paid for land they never saw. Some agents take buyers to a different land, collect money, and disappear.
What to Do:
● Visit the land multiple times—morning, afternoon, and evening. ● Talk to neighbors and ask questions about the land’s history.
● Check for any signs of disputes (e.g., different people laying claims to the land).
5. Avoid Verbal Agreements—Everything Must Be in Writing Many people have lost money because they trusted verbal agreements. Some sellers will promise you land and later deny ever meeting you.
What to Do:
● Ensure you have a proper sales agreement signed by both parties.
● The agreement should be prepared by a trusted lawyer, not the seller’s lawyer (to avoid conflict of interest).
● Every payment must be documented, and receipts issued.
6. Investigate the Seller or Real Estate Company Some real estate companies in Lagos operate like Ponzi schemes.
They sell lands that don’t belong to them, promising fake allocations.
Before you pay, verify! Before you sign, investigate! Before you trust, confirm! And if you need expert guidance, reach out to a trusted real estate professional (like me) who can help you avoid the pitfalls.
What to Do:
● Research the company’s history and reviews from past buyers.
● Confirm their RC number and check if they are registered with CAC.
● Visit their physical office and ask tough questions. 7. Beware of Omo Onile Wahala Omo Onile (land grabbers) can frustrate landowners with illegal fees and disturbances.
They can show up after purchase, demanding extra money or threatening to seize the land.
What to Do:
● Buy land in secured estates to avoid Omo Onile drama.
● If buying directly from a family, ensure ALL family members agree to the sale.
● Have a lawyer draft an indemnity clause in your agreement to protect you from future Omo Onile claims.
8. Know the Land Use Purpose
Not all lands are meant for residential buildings. Some are strictly for commercial, agricultural, or industrial use.
What to Do:
● Check the zoning regulations at the Lagos State Ministry of Physical Planning.
● If you’re buying for business, ensure you won’t run into legal troubles later.
Don’t Let Greed and Urgency Lead You Into a Trap Many people fall victim to real estate scams because they are in a rush or want “cheap land.”
Lagos is a tough market—if a deal looks too good to be true, it probably is.
Remember Mr. Ade’s story? Don’t let it happen to you. No matter how urgent the deal seems, take your time to verify everything.
Due diligence is not a waste of time; it’s the only thing standing between you and financial disaster.
Before you pay, verify! Before you sign, investigate! Before you trust, confirm! And if you need expert guidance, reach out to a trusted real estate professional (like me) who can help you avoid the pitfalls.
Business
NAFDAC misleads the Senate to ban sachet alcohol – MAN
Business is based on data and logic. Not sentiment. Data is key. Bring your data. Alcohol is not produced for children.
Photo by Ochefa / Ohibaba.com; 28 January 2026
The leadership of the Manufacturers Association of Nigeria (MAN), on Wednesday accused the nafdac to have misled the Senate to approve the ban on sachet alcohol and PET bottles.
The leadership of the association made the accusations on the occasion of the 10th edition MAN Media Personality Awards/ Presidential Media Luncheon, held in Lagos.
Francis Meshioye, the president of the association, and Segun Ajayi-Kadir, Director -General of MAN, emphasised that NAFDAC didn’t provide the Senate with empirical data showing the negative impacts of alcohol on children.
“Business is based on data and logic. Not sentiment. Data is key. Bring your data. Alcohol is not produced for children.
It is clearly written on the sacrhet it is for people 18+; the companies producing them have done the campaigns; they have NAFDAC numbers. So NAFDAC should do its job.
They misled the Senate they didn’t give enough information to the Senate,” said Ajayi – Kadir.
Meshioye urges the government to prevail on the regulator to suspend the ban, because, “When manufacturing thrives, Nigeria thrives..when manufacturing wins, government wins.”
Business
CBN grants Opay, Moniepoint, Kuda Palmpay and Paga national banks status
With national licenses, these FinTechs are subject to higher capital requirements, for example, N5 billion for national MFBs, and must maintain offices for dispute resolution while continuing to drive financial inclusion.
• CBN Governor Olayemi Cardoso
THE Central Bank of Nigeria (CBN) has upgraded the licenses of major FinTech companies and Microfinance Banks, including Opay and Moniepoint, to national status, allowing them to operate across the country following compliance with regulatory requirements.
The upgrade applies to key players such as Moniepoint MFB, Opay, Kuda Bank, Palmpay, and Paga, which have grown rapidly through mobile technology and agent networks, effectively outgrowing their previous regional licenses.
The Director of the Other Financial Institutions Supervision Department, Yemi Solaja, confirmed this development in Lagos at the annual conference of the Committee of Heads of Banks’ Operations,
He said: “Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide.”
Solaja emphasized the importance of physical presence for customer support, noting “Most of their customers operate in the informal sector.
They need a clear point of contact if any issues arise.
”With national licenses, these FinTechs are subject to higher capital requirements, for example, N5 billion for national MFBs, and must maintain offices for dispute resolution while continuing to drive financial inclusion.
The reform follows previous enforcement actions, including 2024 penalties of N1 billion each on Moniepoint and Opay for KYC non-compliance, underscoring the CBN’s ongoing efforts to strengthen standards in digital finance
Business
Afreximbank terminates credit rating with Fitch
Fitch cut Afreximbank’s credit rating to one notch above “junk” status last year, citing high credit risks and weak risk-management policies, and put it on a “negative outlook” – rating agency terminology for another downgrade warning.
African Export-Import Bank (Afreximbank) has terminated its credit rating relationship with Fitch Ratings.
In an announcement on its website, Afreximbank explained that it’s decision follows a review of the relationship, and its firm belief that the credit rating exercise no longer reflects a good understanding of the Bank’s Establishment Agreement, its mission and its mandate.
The bank maintained that it’s business profile remains robust, underpinned by strong shareholder relationships and the legal protections embedded in its Establishment Agreement, signed and ratified by its member states.
Reuters, in an additional report , said that Afreximbank has been in a battle over whether it must take losses on loans to debt-defaulted countries, including Ghana and Zambia, which turns on whether it enjoys so-called “preferred creditor status”.
Fitch cut Afreximbank’s credit rating to one notch above “junk” status last year, citing high credit risks and weak risk-management policies, and put it on a “negative outlook” – rating agency terminology for another downgrade warning.
It has also said that any weakening of preferred creditor status at institutions like Afreximbank “could lead to negative rating action.”
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