Business
What to Expect from Real Estate Companies in Lagos As A First-Time Buyer by Dennis Isong
“Marketing is their superpower. They will show you flashy 3D designs, promise you world-class infrastructure, and make you feel like you’re buying a piece of Dubai in Ibeju-Lekki.”
So, you’ve finally decided to buy land or a house in Lagos. Congratulations!
You’re about to step into the unpredictable, sometimes dramatic, and always exciting world of Lagos real estate.
If you’re dealing with a real estate company for the first time, you might be wondering: What should I expect?
Well, let me prepare you. Some things will make you smile, some will test your patience, and some will make you wonder if you should have just stayed a tenant forever.
But don’t worry—I’ve got you covered.
1. A Lot of Marketing Hype
The first thing you’ll notice when dealing with real estate companies in Lagos is that they know how to sell a dream.
You’ll hear phrases like:● “Buy now! Price increases tomorrow!”● “Fastest-growing estate in Lagos!”● “C of O is in process” (what does ‘in process’ even mean?)
Marketing is their superpower. They will show you flashy 3D designs, promise you world-class infrastructure, and make you feel like you’re buying a piece of Dubai in Ibeju-Lekki.
While some of these promises are real, some are just sugarcoating.
Always ask questions and verify every claim.
2. Payment Plans That Sound Too Good to Be True.
Many real estate companies offer installment payments. This is great news, especially if you don’t have all the money at once.
However, read the fine print carefully. Some of them will tell you it’s “zero interest” but hide extra charges in other places. Others will offer discounts that only apply if you pay immediately.
Ask about:● Total cost after installments – Don’t just focus on the monthly payment; check how much you’ll pay in the end.
● Hidden fees – Development fees, documentation fees, survey fees—these things add up!
● Penalty for late payment – Some companies charge ridiculous fees if you miss a payment.
3. Titles and Documentation Confusion
Ah, the famous Lagos land titles. This is where many first-time buyers get confused.
A real estate company might tell you they are selling land with “Excision in Progress” or “Gazette Available.” Sounds good, right?
But what does it really mean?Here’s a simple breakdown:
● C of O (Certificate of Occupancy) – The safest and strongest title. If your land has this, you can sleep well at night.
● Governor’s Consent – Almost as good as a C of O. It means the government has approved the transaction.
● Excision – The government has released the land to the community, but it’s not yet fully documented.
● Gazette – A record showing that the land is excised. It’s a step in the right direction but still needs further documentation. If a company cannot clearly explain the land title to you, be careful.
Always verify with a property lawyer.4. Site Inspections:
What You See vs. What You Get
When a real estate company invites you for a site inspection, prepare yourself mentally. Some estates look perfect on flyers but appear very different in real life.
You might find that:
● The roads are not as smooth as they looked in the advert.
● The estate gate is just a wooden plank.
● The “five minutes from the express” location is actually 15 minutes by Okada on a bumpy road.
Always visit the site before paying. Don’t buy land based on just pictures or drone shots. And if the company refuses to take you for an inspection, that’s a red flag.
5. Sweet-Talking Sales Agents
Sales agents are some of the friendliest people you will ever meet.
They will call you “boss,” “madam,” and sometimes even “our landowner.” Their job is to make you feel like this is the best decision of your life.
But remember, their goal is to close a sale.A few things to note:
● Don’t let pressure make you rush into buying.
● Ask them direct questions—if they dodge, be cautious.● Verify all information from a second source.
6. Delays in Allocation
Many real estate companies in Lagos sell land that is yet to be fully developed.
If you’re buying into an estate that promises allocation at a later date, be prepared for possible delays.
Some people wait months or even years before getting their plots.
To avoid frustration:● Ask for a timeline for allocation.
● Find out if other buyers have already received their plots.
● Get everything documented in writing.
7. Development Fees and Other Surprise Costs
One thing Lagos real estate companies will not always tell you upfront is that buying land is just the first step.
There are other costs, such as:
● Survey Plan Fee – Required to register your land.
● Deed of Assignment Fee – Legal documentation of your ownership.
● Development Levy – To build estate roads, drainage, and electricity.
Before making payments, ask for a breakdown of all charges. If they say, “Don’t worry, we will discuss it later,” don’t believe them.
8. Real vs. Fake Companies
Not all real estate companies in Lagos are legitimate. Some are run by land grabbers (Omo Onile) or individuals looking to scam unsuspecting buyers.
To protect yourself:
● Check if the company is registered with CAC (Corporate Affairs Commission).
● Ask for reviews from past buyers.
● Visit their office—if it’s a small kiosk, be careful.Final Advice for First-Time Buyers
Buying property in Lagos can be rewarding if you do it right.
Here are a few final tips:
1. Do your research – Don’t just take the company’s word for it.
2. Use a lawyer – A real estate lawyer will save you from expensive mistakes.
3. Be patient – Rushing can lead to regret.
4. Keep records – Save every receipt, agreement, and message exchanged.
At the end of the day, Lagos real estate is like Jollof rice—it’s sweet, but if you don’t cook it well, you might end up with something you didn’t bargain for.
If you need help navigating this journey, feel free to reach out.
I’m always ready to help you secure your piece of Lagos without stress.
STOP LOSING MONEY IN LAGOS REAL ESTATE!
Learn How to Protect Your Investment Today.
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Business
MAN woos CBN, MOF for manufacturing refinancing facility
The Director -General of MAN, Segun Ajayi-Kadir, made the call for the facility in a report on the manufacturing outlook for 2026.
Cover image: MAN
The Manufacturers Association of Nigeria (MAN) has called on the monetary authorities ( CBN and MOF) to introduce a Manufacturing Refinancing and Rediscounting Facility (MRRF) believing that it can reinvigorate the manufacturing sector in 2026.
The Director -General of MAN, Segun Ajayi-Kadir, made the call for the facility in a report on the manufacturing outlook for 2026.
He said that the MRRF is to enable banks to refinance approved manufacturing loans at single-digit rates for up to seven years.
He emphasised that to ensure a more robust manufacturing sector in 2026 , there was need for:
- 1. Launch a Manufacturing Refinancing and Rediscounting Facility (MRRF) that allows banks to refinance approved manufacturing loans at single-digit rates for up to 7 years.
- 2. Create a publicly accessible dashboard tracking lending flows, interest rate spreads, loan approvals and sectoral disbursement patterns in real time.
3. Further reduce the benchmark interest rate by at least 200–300 basis points over the next two quarters to make credit affordable for manufacturers.
4. Craft and ensure the effective execution of the implementation strategy for the recently approved Nigeria Industrial Policy.
5. Categorize manufacturers as strategic users of gas to remove the gap between what manufacturers and electricity generation companies pay per cubic foot of gas.
6. Introduce a stable, transparent gas pricing framework for manufacturers and prioritize local gas supply before exports.
Business
Nigeria Revenue Service unveils new logo as FIRS goes to rest
Speaking at the unveiling ceremony in Abuja on Wednesday, the Executive Chairman of the NRS, Zacch Adedeji, said the launch of the logo and accompanying brand elements represents an important milestone in the evolution of Nigeria’s revenue administration framework.
The Nigeria Revenue Service (NRS), which has replaced the now-defunct Federal Inland Revenue Service (FIRS), has unveiled its institutional brand identity (logo) as part of efforts to reposition the country’s revenue administration structure.
The agency came into operation following the signing of the Nigeria Revenue Service Establishment Act 2025 by President Bola Tinubu in June 2025, marking a major shift in the legal and operational framework governing tax administration in the country.
Speaking at the unveiling ceremony in Abuja on Wednesday, the Executive Chairman of the NRS, Zacch Adedeji, said the launch of the logo and accompanying brand elements represents an important milestone in the evolution of Nigeria’s revenue administration framework.
Adedeji noted that the new institutional identity “signals continuity of purpose, strengthened institutional capacity, and a forward-looking approach to supporting taxpayers and national development.”
Business
BREAKING: Heirs Energies Acquires 20.07% Stake in Seplat Energy from Maurel & Prom in $496-500 Million Deal
In a major shake-up in Nigeria’s oil and gas sector, Heirs Energies Limited, chaired by billionaire Tony Elumelu, has agreed to acquire the entire 20.07% equity stake in Seplat Energy Plc from French oil company Etablissements Maurel & Prom S.A.
The transaction involves the sale of 120.4 million ordinary shares at approximately £3.05 per share, valuing the deal at around $496 million to $500 million.
The binding agreement was signed on December 30, 2025, after market close, marking Maurel & Prom’s exit from its long-held position in Seplat, one of Nigeria’s leading independent energy producers listed on both the London Stock Exchange and the Nigerian Exchange.
Tony Elumelu, Chairman of Heirs Energies and its parent Heirs Holdings, described the acquisition as a “long-term investment in Nigeria’s and Africa’s energy future,” emphasizing its alignment with goals of energy security, industrialization, and shared prosperity.
Maurel & Prom CEO Olivier de Langavant stated that the sale allows the company to monetize its stake and redirect resources toward direct investments in oil and gas assets, while expressing confidence in Heirs Energies as a strong, long-term shareholder for Seplat.
Seplat Energy, a key player in Nigeria’s energy transition with significant oil and gas operations in the Niger Delta, recently bolstered its portfolio through acquisitions, including ExxonMobil’s shallow-water assets.
This deal further consolidates indigenous ownership in Nigeria’s upstream sector, following Heirs Energies’ own growth as a major gas supplier powering domestic electricity generation.
The transaction is subject to customary closing conditions and regulatory approvals.
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