Business
Why Is Due Diligence Important in Real Estate?
It’s not enough to trust a seller or rely on promises. You have to investigate every detail before committing to a property.
By Dennis Isong
In September 2023, I received a call from Tunde, one of my YouTube subscribers.
He said, “Dennis, I’ve been following your videos for nine months. I wish I had called you earlier.
His voice sounded heavy, and I could tell something was wrong.
Tunde shared his story. A few months earlier, he had found a piece of land in Sangotedo.
It was near a proposed shopping mall, and the seller promised him the price would double in a few years.
Excited by the opportunity, Tunde quickly paid a deposit and began making big plans for the land. But his excitement didn’t last long.
Two months after making the payment, Tunde discovered that the land was under government acquisition. It couldn’t be sold or developed legally.
The seller, who had been so convincing, had disappeared. Tunde lost his money and his dream.
He called me to share his heartbreak and said, “Dennis, if only I had known. Is there anything I could have done to avoid this?”
Tunde’s story is a painful reminder of the dangers of skipping due diligence.
It’s not enough to trust a seller or rely on promises. You have to investigate every detail before committing to a property.
What is Due Diligence?
Due diligence is the process of carefully checking a property before you buy it. It’s like a safety net that protects your money and your dreams. When you do due diligence, you:
● Confirm the seller owns the property.
● Check if the land is free from government acquisition or disputes.
● Verify that the property meets all legal requirements. Tunde skipped this step, and it cost him everything.
Why Due Diligence Matters
1. To Avoid Legal Problems
Imagine buying land, only to find out it belongs to the government or someone else. You could lose your money and face years of legal battles. Due diligence helps you: – Confirm ownership. – Avoid family or land disputes. – Ensure the land is safe to buy.
2. To Protect Your Money
Real estate is expensive, and losing your investment can be devastating. Without due diligence, you could: – Buy land already sold to others. – Purchase property with hidden issues like unpaid taxes. – Overpay for land that’s not worth the price.
3. To Avoid Regret
Tunde now regrets rushing into his purchase without asking the right questions or verifying the seller’s claims. His story shows how skipping due diligence can lead to heartbreak.
Learn From Tunde’s Experience
Tunde’s mistake isn’t uncommon. Many people rush into buying land without checking the details.
But real estate is a serious investment, and taking shortcuts can lead to financial and emotional pain. What Can You Do to Protect Yourself? Before buying land, always:
1. Verify ownership: Check the property’s title and ownership.
2. Investigate the land’s status: Ensure it’s not under government acquisition or involved in disputes.
3. Work with professionals: Hire a lawyer or real estate expert to guide you.
Your Investment Deserves Protection
Tunde’s story is a hard lesson, but it’s one we can all learn from. Don’t let excitement or urgency make you skip due diligence.
Take your time, do the research, and ask for help. In real estate, it’s better to be safe than sorry.
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Let’s make your next investment a safe and successful one!
Photo: Ambassador Idaere Gogo Ogan
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled plans to attract up to five billion dollars structured investments to the oil-producing region in five years.
The Chairman of NDCCITMA, Ambassador Idaere Gogo Ogan, made the disclosure at a pre-summit conference ahead of the Niger Delta Economic and Investment Summit in Port Harcourt, Rivers State.
He said that the initiative would catalyse no fewer than 500,000 direct and indirect jobs as well as spur investments and create wealth.
He said the summit with the theme, “Driving Investment, Innovation, and Industrial Growth in the Niger Delta”, slated for Port Harcourt, would deliberate on investment mobilisation, enterprise growth, industrial expansion, and regional coordination.
Business
Dangote: Middle East crisis might take us back to ‘Work from home’ COVID era
In some countries today, what they’ve done is ask everybody to work from home because they cannot afford it.“I think in Indonesia, they only go to work four days a week.
The President of the Dangote Group, Aliko Dangote, has expressed concerns about the ongoing Middle East crisis taking many countries back to the COVID19 era’s work from home.
Dangote stated this on Monday, after a meeting with President Bola Ahmed Tinubu at his residence in Lagos.
While expressing concern about the economic impact of oil price uncertainty, Africa’s Richest man noted that Nigeria and other African countries might be forced to start working from home, just like the COVID19 era.
Dangote called for prayers and international intervention to end the conflict which has affected the price of fuel and other energy sources in the country.
He said, “In some countries today, what they’ve done is ask everybody to work from home because they cannot afford it.“I think in Indonesia, they only go to work four days a week. And they will look at the situation. If it doesn’t improve, they will ask everybody not to go to work anymore. We will do like that time of COVID, where people will now go and work from home,” Dangote said.
It’s not only energy. Some people will try to take a chance and say, ‘Ah, this is an opportunity. So, let me make money. So, if this thing doesn’t de-escalate, it is going to keep going up and governments cannot really now go and add salaries also. So, people will really feel the pinch,” he said.
Dangote explained that the crisis would hit hardest at ordinary Africans operating small businesses, “People who are barbers, people who are doing bread, people who have industries who have to pay their own generator, I mean, you can see what is happening,” he said.
Business
Binance seeks out-of-court settlement in Nigeria tax evasion case
Following submissions from both parties, Justice Nwite adjourned the case until May 12 for a report on settlement talks.
Binance Holdings Limited on Tuesday said it is exploring a resolution of the tax evasion charges filed against it by the Federal Government, signalling a pause in the trial.
Sunday Agaji, the company’s counsel disclosed this before Emeka Nwite of the Federal High Court in Abuja.
Moses Ideho, counsel to the government a deputy director in the legal department of the Federal Inland Revenue Service (now Nigeria Revenue Service), confirmed the development.
Although the matter was slated for continuation of trial, Ideho told the court he had been informed earlier by the defence that the company had approached the tax authority to discuss an out-of-court settlement.
Agaji said discussions were ongoing.
“My lord, parties are exploring settlement. That is essentially where we are,” he said.
Following submissions from both parties, Justice Nwite adjourned the case until May 12 for a report on settlement talks.
( Business Day)
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