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
FG borrows N13.21trn from World Bank in 20 months
The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).
The World Bank has approved over N13.21 trillion ($8billion) as loans for different developmental projects for President Bola Ahmed Tinubu-led federal government in the last 20 months,
Daily Trust analyses of the various loans indicated that they were targeted at several interventions in various sectors of the economy with three fresh loans amounting to $1.1 billion approved between Friday and yesterday.
The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).
The 2025 budget of N54.99tn has a debt service component of N14.32tn and N13.64tn for recurrent expenditure.
Business
Women make up 15% of 288 new billionaires in 2025
One of the most striking trends among the newcomers is the high percentage of self-made billionaires.
The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.
Forbes’ 2025 World’s Billionaires list has welcomed a record 288 new billionaires, pushing the total number of billionaires to 3,028 globally.
This group, which includes entrepreneurs, investors, and heirs, is collectively valued at nearly $680 billion, averaging $2.4 billion per person.
The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.
The United States remains the dominant force, contributing the most new billionaires with 103 additions this year.
Among the top names is Marilyn Simons, widow of quantitative hedge fund founder Jim Simons, whose net worth is estimated at $31 billion.
She stands alongside Lyndal Stephens Greth, the daughter of oil magnate Autry Stephens, who holds $25.8 billion following her father’s passing in 2024.Germany ranks second in terms of new entries, with 37 individuals joining the list, including Johannes von Baumbach. At 19 years old, he becomes the youngest new billionaire globally, with a fortune of $5.4 billion.
Along with von Baumbach, 14 other heirs to the Boehringer Ingelheim pharmaceutical empire also made their debut on the list.China and Hong Kong together contributed 32 new billionaires, with jeweller Xu Gaoming being one of the notable additions, valued at $8.2 billion. India saw 17 new billionaires, while Russia accounted for 15.
One of the most striking trends among the newcomers is the high percentage of self-made billionaires.
Of the 288 newcomers, 196 (approximately 70%) built their wealth from the ground up, rather than inheriting it.
The wealthiest self-made newcomer is Saudi Arabian entrepreneur Sulaiman Al Habib, whose fortune stands at $10.9 billion. Al Habib’s success is a notable achievement as Saudi Arabia has seen a resurgence of billionaires on the list for the first time since 2017.
Alexandr Wang, the 28-year-old co-founder and CEO of Scale AI, is the youngest self-made billionaire this year, valued at $2 billion.
(BusinessDay)
The House of Representatives Public Accounts Committee (PAC) said on Saturday that it has successfully recovered an additional $14.2 million (N21.4 billion) from four oil and gas companies as part of its ongoing investigation into financial discrepancies in the sector.
This latest recovery follows an earlier announcement on March 16, 2025, of recoveries amounting to ₦28.7 billion ($19.24 million), bringing the total recovered so far to $33.44 million (₦50.1 billion).
In a statement by Akin Rotimi Jr, House Spokesperson, the breakdown of the latest recoveries is as follows:
✓ Platform Petroleum Ltd: $1.9 million (N2.9 billion)
✓Midwestern Oil and Gas Ltd: $1.578 million (N2.3 billion)
✓Universal Energy: $523,845 (N785.7 million)
✓Aradel Energy Ltd: $10.3 million (N15.5 billion)
Speaking on the recoveries, the Chairman of the Committee, Rep. Bamidele Salam, credited the successes recorded to the unwavering support and leadership of the Speaker of the House, Rt. Hon. Abbas Tajudeen, PhD., GCON.
He noted that the Speaker’s firm commitment to legislative oversight and accountability has ensured that committees operate effectively, free from undue interference, and with a clear mandate to safeguard public resources.
“Under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance.
The independence granted to committees like ours has enabled us to carry out our mandate diligently, ensuring that public funds are properly accounted for.
This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria,” Rep. Salam stated.
In addition to the recovered funds, the Committee has issued a 20-day ultimatum for four companies to remit a total of $23.2 million (N34.8 billion).
Failure to comply within the stipulated timeframe will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.
The companies and their required payments are as follows:
- Total Energies: $2 million within 7 days
- Seplat Energies (SPDC): $6.036 million and N1.5 billion within 7 days
- Aradel Energy Ltd: $12.1 million within 7 days
- Network Exploration: $3.1 million within 7 days
Rep. Salam emphasised the Committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight. - The Committee also expressed concern over several companies that have disregarded invitations to appear before it.
- The following firms are now under heightened scrutiny and may face further actions if they continue to evade accountability:
- Frontier Oil and Gas
- Conoil Producing
- Walter Smith Petrochemical
- Bilton
- Energia Ltd
- Aiteo Petroleum Ltd
- Pillar Oil Lt
- Additionally, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and is expected to appear before the Committee on April 16, 2025, to finalise the matter.
- The actions of the Public Accounts Committee reflect the House of Representatives’ increasing resolve to ensure transparency, accountability, and financial discipline in the Nigerian oil and gas sector.
- Ongoing investigations are expected to uncover more discrepancies, with the Committee continuing its public hearings on the 2021 Auditor General’s report, which indicated that over ₦10 trillion in payments remain outstanding to the Federation Account from industry operators.
- “The era of impunity and financial recklessness in the oil and gas sector is coming to an end.
- We are determined to recover every kobo owed to the Nigerian people and ensure that public funds are managed with the highest level of integrity,” Rep. Salam reaffirmed.
Meet Bashir Ojulari The New NNPCL Group CEO
BREAKING: Tinubu Sacks NNPCL Board , Replaces Mele Kyari with Bashir Ojulari as Group CEO
FG borrows N13.21trn from World Bank in 20 months
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
News3 days agoI nearly withdrew from 2023 presidential race -Tinubu
-
Crime3 days agoLynched Edo travellers: Governors move against reprisals as 16 slain hunters buried
-
Sports2 days agoUPDATE: How bankruptcy led Nigerian boxer to death in Ghana – NBBofC
-
News18 hours agoPresident Tinubu congratulates Jim Ovia on admission to the freedom of the city of London
-
Business3 days agoHouse Public Accounts Committee Recovers Additional $14 Million from Oil Companies
-
News17 hours agoKogi State enforces ban on rallies, public gatherings amidst riding security concerns
-
Business3 days agoDangote, Adenuga, Rabiu, Otedola remain on forbes Africa’s billionaires List
-
Sports3 days agoNigerian Boxer, Olanrewaju Dies in Boxing Ring