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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.

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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.

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FG collected N6.9 billion mining fees across Nigeria in Q1 2025 – Dele Alake

Alake disclosed this via his official X page on Monday.

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The Minister of Solid Minerals Development, Dr. Dele Alake, has announced that in Q1 2025, the federal government collected N6,957,826,200 in mining fees across Nigeria.

Alake disclosed this via his official X page on Monday.

“I am pleased to share some exciting developments in the mining sector; in the first quarter of this year, the Federal Government collected an impressive N6,957,826,200 in mining fees and registered 118 new private mineral buying centers,” he stated.

Source: Nairametrics.

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

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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!

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

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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.

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