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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Business
NDPC Chief Advocates for Warehousing Citizens Data Locally
Olatunji made the call today during the opening ceremony of data protection peer review conference at the Continental Hotel in Abuja, organised in partnership with the World Bank, Nigeria Data Protection Commission (NDPC), and Smart Africa.
The National Commissioner and Chief Executive Officer of the Nigeria Data Protection Commission (NDPC), Vincent Olatunji, has advocated for developing indigenous technologies to support data protection processes, including breach reporting, compliance monitoring, and public awareness systems, rather than relying solely on imported solutions.
Olatunji made the call today during the opening ceremony of data protection peer review conference at the Continental Hotel in Abuja, organised in partnership with the World Bank, Nigeria Data Protection Commission (NDPC), and Smart Africa.
The conference is being attended by nine African countries – The Gambia, Sierra Leone, Liberia, Ethiopia, Burundi, Somalia, Malawi, Zambia and Kenya.
Delegations from the participating countries are joined by representatives of key regional organisations, including the Economic Community of West African States (ECOWAS), Economic and Monetary Community of Central Africa (CEMAC), and the Intergovernmental Authority on Development (IGAD).
Olatunji told participants that the initiative would promote East-West peer learning and strengthen mechanisms for building and operationalising data protection regimes across the continent.
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Business
OPEC+ announces 188,000 barrels-per-day output increase in first meeting without UAE
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” OPEC said in its statement.
Oil supply has been choked since the Iran war began on February 28, as the Strait of Hormuz – a vital shipping route for global oil and gas supplies – has remained effectively closed.
OPEC+ has agreed an increase in oil output of 188,000 barrels per day, the cartel said on Sunday, as it pushes on with production in the first meeting since the loss of its key member, the United Arab Emirates.
CNBC reports that the group of seven major oil producers announced it would increase June production by slightly less than May’s output hike of 206,000 bpd. Sunday’s figure excludes the United Arab Emirates share of output, which officially departed OPEC on May 1.
The seven countries included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” OPEC said in its statement.
Oil supply has been choked since the Iran war began on February 28, as the Strait of Hormuz – a vital shipping route for global oil and gas supplies – has remained effectively closed.
Business
President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.
The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:
” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.
Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.
President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.
The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.
At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.
With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.
Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Tinubu will be accompanied on the trip by some of his ministers and senior aides.
He will return to Nigeria at the end of the Rwanda summit. “
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