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5 Mistakes Nigerians abroad make when buying properties in Nigeria

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To live and work in a foreign country comes with its challenges. However, no one wants to lose its hard-earned resources or income due to wrong investment. Meanwhile, it’s without a doubt that 55% of Nigerians living abroad definitely love to invest in Nigeria but sometimes they go about it the wrong way and make serious mistakes.

Just like a story (real-life story) that was published on Nairaland Forum about a US-based Nigerian man who invested a huge sum of N787 Million in a landed property at Sangotedo in Lagos state. And was presented with a fake document for the land, imagine losing this amount of money to fraudsters. Meanwhile, this kind of mistake can easily be avoidable once the investor is well equipped with the right information and knowledge.

Thus, these are the mistakes I want us to discuss in this article. Knowing and being able to avoid these mistakes can help save one from lots of headaches and stress trying to recover your lost fund.

1.PROCRASTINATION

This has been one of the huge sets back many diasporas have. Most state, “I’ll invest when I’m back in Nigeria”. But they don’t remember that real estate doesn’t wait for anyone. For instance, in this present developing area of Lagos state that’s Ibeju Lekki, the selling price of the most landed property has been appreciated by 20% – 30% for the past 5 years and still appreciating because of the massive ongoing development in the area.

For example, we have the Dangote Refinery being set-up in that location which is intended to be Africa’s biggest asset with an estimated value of $9bn. Also, there’s a seaport, Lekki international airport, and Lekki free trade zone being set-up by the Lagos state government. Because of these developments and other potentials, the place is now referred to as the new Lagos and land appreciation rate is increasing daily.

With the rate property appreciates especially in developing or developed areas, a minute delay can cause one to be purchasing a property at a higher cost than it should be. For instance, as of 2016 a plot at Amen Estate Phase 2 was selling for N10m. Then, in 2018 it was sold for N12m but right now it’s selling for N25m. So, if there’s any diaspora who invested in Amen Estate Phase 2 in 2016 when it was sold for N10m, rather than wait anytime he/she comes to Nigeria to invest in the property. Then, the person must have saved the additional cost over these years, and the property has also appreciated by 150%.

Hence, knowing the right time to invest in a property and bury that procrastination idea is a great deal.

 

2.INVESTING OUT OF EMOTION:

It’s difficult not to let your heart rule your head when purchasing an investment property. Don’t be surprise that I raised this point, we have a lot of people especially those living outside Nigeria make the same mistake over and over again of investing out of emotion not because they need to invest in that property. Most diaspora may invest in a property they don’t know anything about or didn’t do their background research on. But simply invested because either a friend or family introduce them to it, or out of fear of missing out.

 

This can be a costly mistake, even though there’s nothing wrong with investing in a property being introduced to you by a friend or family. However, ensure to do thorough research on the product and make sure it worth spending on. Don’t allow to be pushed by that “gut feel” it mostly occurs out of anxiety or fear. Take your time (but don’t procrastinate) to research the property you want to invest in, seek expert advice and make an unbiased but right decision.

 

3.NO IN-DEPTH KNOWLEDGE

Before investing in any property, it’s best to have first-class information about the property. This helps one in making the right decision whether to invest in it or not. Most Nigerians living abroad hardly know much about the property. For instance, the specific location and even the surrounding vicinity can help determine if its best for the purpose of your investment. The property valuation, potentials, land documents/title are other option to consider.

 

  1. NO THOROUGH BACKGROUND RESEARCH 

It’s very necessary that you undergo thorough research on the property investment before making any move. Most diasporas hardly partakes in any thorough background rather 65% of them depend on the research carried out by their family or friends without involving any professional services to help investigate the property they want to invest in.

And this can be hazardous if care is not taken, you might be purchasing a government property without any authorization to build on it or buying land already bought by someone else.

5.RELATIVE OR FRIENDS CONCLUDING ON THE PROPERTY

It’s fine to have your relative or friends inspect the property to invest. But, don’t allow them to make the final conclusion for you. This is because they may be ruining your property acquisition procedure if not handled with care. Also, most don’t have a personal interest in it and so may not make the right decision when it comes to the choice of investment. Some even make the mistake of making payment through their relatives

 

WHAT THEN IS THE BEST WAY TO GO ABOUT IT?

Here’s the best great strategy for Nigerian’s living abroad to buy their property without physical inspection;

Employ the services of a professional like a lawyer or well-trusted Realtor to inspect the place with your representative at a convenient time. Then, instruct them to go live (I mean a live video record) so to enable you to inspect the property with them. Also, that of the neighborhood where the property is located.

Next, is to choose the desired plot that’s where you’ll be allocated together via the live video. Then, proceed with the land document but make sure that the land/property document has been duly verified and authorized by the government. This can be carried out by your professional lawyer, not just your family or friend. Then, you can proceed with the payment to the official payment channel of the Real Estate Company. It’s not advisable to make payment through your relative except on the ground of total trust.

Dennis Isong helps individuals invest right in real estate. For questions on this article or enquiring about real estate, send him an email: dennis@landproperty.ng or whatsapp/call +2348164741041

GidiNews is exclusively designed to cover and report Lagos, Nigeria's commercial capital city. We bring you news updates, reports, opinions and analyses in Politics, Business, Sports, Entertainment, Crime, Health and Education among others. GOT NEWS FOR US? Reach us: +2349090870065, +2348055441309

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Tourist resorts in Lagos you should visit during holidays and their investment opportunities

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One of the biggest sectors all over the world is tourism. This sector generates a lot of money yearly. The good thing about tourist resorts is that the fortune spreads among people living nearby. Asides from this, businesses thrive best here.

In Nigeria, Lagos which is known as the center of excellence is believed to have so many tourist resorts which are largely in the highland.

In this article, I would highlight the tourist resorts in Lagos and why you should consider buying a property around these places.

1. LA CAMPAGNE TROPICANA BEACH RESORT

La Campagne Tropicana Beach Resort is popular because it is the most visited beach.

Tropicana is located at Ibeju-Lekki along the Free trade zone road. The resort has features like a Mangrove forest, freshwater, sandy beach, etc. Tropicana provides comfort and a new experience within Nigeria, that’s why people visit the place often.

2. LA MANGA LUXURY BEACH VILLA

La Manga beach resort is located in Ilashe, an Island in Lagos State, Nigeria. La Manga is a resort with a landscape that provides great scenery and calmness. It’s a beach resort couples can visit. The view of the sea provides an ambiance that is attractive enough for anyone to want to be there.

3. THE OMU RESORT

The Omu Resort is more of a recreational facility or an amusement park coupled with wildlife. You can do these at Omu Resort: swimming, fishing, hunting, horse riding, canoeing, etc.

The Omu resort is always a place people go to for relaxation.

4. INAGBE GRAND RESORT

The Image Grand resort, developed by a real estate company is located about 15 minutes from Victoria Island, Lagos by boat ride. Image Grand resort is a holiday resort many people like to be in. There’s even a rumor that the resort has a charm to re-spark your passion for love. can do this on this beach.

5. EKO TOURIST BEACH RESORT

The Eko tourist beach resort is located  in Ibeju-Lekki, and is widely known as Akodo Beach. It is no doubt one of the finest beach resorts in Nigeria, Lagos State. The Eko resort beach is just a 5 minute drive from the Lekki free trade zone.

I added Eko tourist beach as one of the best resorts in Lagos because of its amusement parks, swimming beach, coconut groves, and many other activities.

6. KAMP IKARE BEACH RESORT

Kamp Ikare resort in Lagos is a private beach resort close to the Ikare Village in Badagry, Lagos. Kamp Ikare beach is a beautiful place recommended for couples and is said to provide different services.

WHY YOU NEED TO BUY A PROPERTY CLOSE TO THESE RESORTS

1. It’s a good business venture

These places bustle with activities and like I said at the beginning, the fortune spreads across those that also live closer. Doing business here is a great decision as making money in multiples is not a problem here.

You could consider buying a property here for business these ember months and see how lucrative it is. Buying properties near tourist destinations can be used for business ventures. Tourists love to stay for a day or two in rental houses where they can relax, feel at home, and can easily go from one destination to another. You could consider a short let apartment in this case.

2. There are greater prospects in these areas

Already, the resort centers have created much value in these areas. Asides from this, the value of the property increases faster because it is located in a region on the rise.

3. Good rental opportunity

One of the benefits of owning a property close to resort centers is the opportunity to rent it out during holidays and peak seasons. You would agree with me that it’s an excellent way of paying off your dream house.

4. It’s an investment in the quality of life

Living close to resort centers improves your quality of life, which is an investment in itself.

5. Location

Your quality of life, the caliber of people you meet, etc. largely depend on the location you are. I can’t stress this enough. Location is the utmost determinant of what you become and your property potential in the property market sooner or later.

6. Networking opportunities

Being surrounded by affluent people offers ongoing networking opportunities. Who you know is more important than what you know.

7. Close to local amenities

Owning a property close to resort centers allows you to have quick and easy access to hospitals, restaurants, shopping malls, sporting facilities, etc.

8. Perfect for a family home

It’s a great investment for your children, especially for annual family get-togethers. People are choosing to buy homes that offer beyond shelter. A home close to the resort center is a perfect location.

9. Higher market value

If you are buying the property to invest, it’s a good return on your investment. In the long term, you can either choose to retire from it or sell it. Both ways, there’s no regret.

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Baba K. O. Latunji: The Final Bow

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By Gani Adeniran

K. O. Latunji. By his transition to the great beyond on Friday, September 16th 2022 at 92 years, Ibadan again lost one of its finest community leaders, a great coordinator of friendships and all good things, a highly cerebral lawyer and a defender of all that is noble and virtuous, Baba Karimu Oladele Latunji, popularly known as K. O. LATUNJI.

The likes of Chief Richard Akinjide, SAN, Chief Bode Akindele (Parakoyi Ibadan) and Chief Adebayo Adetunji (Baba Onisiga), being of the same age-bracket, had earlier pre-deceased Baba Latunji in the glorious payment of the debt that we all owe. They and the others still alive were the first set of Ibadan educated elites who excelled in their various chosen careers and championed the course of Ibadanland to the best of their abilities.

My earliest recollection of Baba Latunji was about 1972 through my age-mate and friend, Kola Afolabi, who was at Comprehensive High School, Aiyetoro while I was at Ilesa Grammar School. Kola usually dropped his name as if he was his biological father! Baba Latunji was his idol. Later I got to know that Kola’s mother and Chief Latunji were of the same paternal parentage. Chief Latunji hailed from Itabale Olugbode (with concurrent ties with Oranyan) both in the present Ibadan North East Local Government. My late mother being from Iyalode compound at Itabale Olugbode was also familiar with Chief Latunji being one of the earliest lawyers of the time. In 1973, my mother had won a shop at the Shopping Complex built by Ibadan City Council at Agodi Gate through competitive bidding. Chief K. O. Latunji also had his office in the area.

My mother had apparently ran foul of some of terms of tenancy agreement and she was going to be dispossessed of the shop. The person holding onto the shop for her while she was in Abidjan, Ivory Coast (where she was an itinerant trader) was playing a fast one and had sought Chief Latunji’s retainership without my mother’s consent. On a particular day in 1976, upon my return from Ilesa, I led my mother to Chief Latunji’s chamber and, lo and behold, we met that particular man in the lawyer’s office!

As the man and Baba were speaking in English and I couldn’t understand much of their conversation, my mother, sensing injustice, got impatient and left furiously! The rest is history now. I later became very close to Chief Latunji and he honoured me with his presence in all the social gatherings that I duly invited him. He would attend usually in the company of Basorun Kola Daisi. Baba has a good sense of history and I readily remember his various interventions on critical issues involving Ibadan, be it in the appointment of commissioners, chief judges, justices, including the location of important facilities, and dates of settlement of misunderstanding. He once told me of his influence in the resolution of the impasse between a military Governor and late Labanji Bolaji, a very highly respected and incorruptible journalist in the Sketch newspaper.

Being trained in the best tradition of the English Bar, justice, equity and fairness were his watchwords. About two years ago, a friend of mine had approached me about a land that belonged to Baba which he bought through a third party and a ranking lawyer but he never perfected the deal. He himself now wanted to sell the land. I led my friend to Baba Latunji who remembered the allocation very well. Chief asked him to go back to the lawyer who sold the land to him in order to perfect the deal and collect the relevant documents.

He said it would be unprofessional for him to give out copies of the document. Moreover, Baba said that the lawyer was the son of his long-standing friend and fellow lawyer (now deceased). Sensing that my friend didn’t want to go back to the lawyer to collect the document, Chief Latunji told him that he could send for the lawyer right now and he would come. My friend said that he preferred that Baba should conclude the deal for him. Baba then told my friend pointblank that he would still charge his professional fees from the ranking lawyer anytime he turned up. Baba would not have the devious way of my friend who wanted to cut corners and play one lawyer against another lawyer! As we left Baba’s house, my friend confessed that it was the fear of possible payment of additional fees that made him to seek Baba’s help in the matter.

Generally, Baba was very jovial and accommodating; he would listen patiently to you before offering a response. Just before he turned 90, he started to will his legal obligations to younger lawyers including the chamber where my daughter-in-law worked. I must not fail to add that Baba enjoyed a good social life. During one of my daughters’ wedding, I had him served with some juice and mineral drinks. He beckoned on me and asked, “what are these?” and added jovially “if you don’t have red wine, just pack them”. I supplied his taste immediately and sought forgiveness from God later. 

About six years ago on his prompting, I brought Baba Latunji to my mother’s house at Agodi Gate after a social reception at Ibadan Civic Centre. Baba couldn’t climb the staircase while my mother couldn’t come down, both due to old age. They both exchanged pleasantries from the distance and Baba sent a token to my mother. Baba Latunji still recognised a number of buildings in the area, including Baba Abondejo House, Adelakun House, Oloko House, Popoola House and Omitade House even though he had not visited the vicinity for over forty years. The last time my mother and Baba Latunji met was at the International Conference Centre, UI in 2019 during my daughter’s wedding.

I saw Baba last twice this year. First, I met with him on March 30th in company of my senior brother after the 8th Day Fidau prayer for my mother to give him a copy of the brochure, and on July 19th after my retirement from the University of Ibadan to give him a copy of my book. He was already weak, armed with the proverbial boarding pass and awaiting the take-off to the hereafter! May Allah illuminate his grave, forgive his sins and grant him Aljanah firdaus. Ire o! 

Adeniran writes from Ajangboju-Akobo, Ibadan

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University education as mere meal ticket…

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By Bola Bolawole <> turnpot@gmail.com <>

0807 552 5533

Last week, the news went viral of a graduate of the Ladoke Akintola University of Technology, Ogbomoso, Oyo state who, on account of his failure to secure a job six years after graduation, returned his certificate to the school and demanded a refund of the money he paid as school fees. It is a well-known journalism parlance that when a dog bites a man, it is no news but when a man bites a dog, bedlam! So, this bad news got copious mention in both social and traditional media. Not long afterwards, the alumni association of the university in question were reported to have come to the “rescue” of the troubled jobless man with a donation of N500,000. Let us take a look at how one of the news mediums reported the story. Titled “Nigerian graduate, who returned certificate to alma mater, receives N500,000 support”, it reads: A graduate of Ladoke Akintola University of Technology (LAUTECH), Ogbomosho, Oyo State, Osunleke Alaba, who recently returned his certificate to the institution requesting refund of his fees during his studentship, has received N500,000 start-up fund support from the alumni association. Mr Alaba, who graduated from the Department of Agricultural Extension and Rural Development, had complained about the “worthlessness” of his certificate following his failure to secure a job many years after his graduation. In a video that went viral, Mr Alaba caused a scene at the reception of one of the school’s administrative buildings, claiming his parents are already tired of his perpetual dependence on them. He said if he received his fees charged him throughout his five-year programme, he could spend it to develop his innate artistic talent.

“I returned the certificate because it had no impact on my existence. I asked for a refund of the fees paid in school so I could use it to build my talent and live a meaningful life. I am an entertainer and even won the MTN talent hunt award during my service year in 2016”. The father of two further said despite his efforts to improve the living condition of his family, he has continued to get advice for him to engage in ritual activities to be rich “but I can never do that. My dad is 90 years old but I continue to borrow money from him rather than give him. All I seek now is help in any form for me to pursue my entertainment career. I don’t want my career wasted.”

Less than a week after the video clip of his weird request went viral on social media, the university’s alumni association came to his aid. In a fresh post on his Facebook page, Mr. Alaba said the alumni association presented him with a cheque of N500,000. He said; “I hereby seize this medium to express my deep appreciation to the Global Body of LAUTECH Alumni as outstandingly led by the President, Hon. Onilede Solomon, popularly known as LIMO; the Board of Trustees, and the Oyo State Chapter of the Association for their presentation of the #500,000 cheque to me today. May Almighty God continue to be with you and all members of the association for their show of love and support! I thank you once again.”

The story is as pathetic as it is sad and unfortunate but not, in my view, in the pedestrian sense that many may view it; that is, that this man could not get a paid job after six years of graduation; that he still relied on his aged father for sustenance; and that he has a wife and two children to cater for. I prefer to view it from the other side of the coin: That a man passed through the university without the university passing through him; for that is the import of his declaring his years in the university as a colossal waste. If he is right, then, not only his own time was wasted but also the time of the teachers that taught him. The space he occupied, which could have gone to a worthier student, was also wasted. University education – and the university environment itself – is not only about learning to bag a certificate, it is also about character formation; about developing and forging long-lasting relationships; and about developing an independent and analytical mindset. It is a veritable ground that fertilizes one’s imagination and creates the capacity not just to face challenges in the larger society but also to explode with ideas, with creativity and innovativeness as the new graduate conquers the world, as it were. But for our man here, university education is about acquiring a certificate and the certificate is nothing but a meal ticket. Pure and simple!

I asked Goggle for the main purpose of university education and it says it “exposes students to new research and technology… Studying at university encourages creative and independent thought… University life exposes students to other cultures and backgrounds” I asked again for the benefits of university education and Goggle listed 10; namely: increased access to job opportunities; preparation for a specialized career; increased marketability; increased earning potential; economic stability; networking opportunities; a pathway to advancement; personal growth and improved self-esteem; higher job satisfaction; and positive return on investment. It would appear our man here froze at the very first benefit, which is, securing a paid employment; once that was not forthcoming, he did not bother himself to explore the other vistas that his university education could have opened up unto him. And the reasons for this may not be far to fetch.

The quality of education on offer today: Most of the curriculum is archaic; emphasis is on rote learning with little or no meaningful practicality. Teachers teach to pass or fail students; not necessarily to impart the knowledge in them that will prepare them for the challenges that await them in the larger society. Students study or cut corners to pass examinations and obtain a meal ticket. Everyone leaves the university expecting to land a white collar job and begin the upward mobility to join the privileged class. Craze for materialism is in vogue: Less work, big pay! The get-rich-quick syndrome is everywhere prevalent. Many are still nostalgic about what university education used to offer here: Instant job opportunities; job recruitments were done right on university campuses; multiple job opportunities were usually there for graduating students to pick and choose from; car loans a few months into a job, etc. I witnessed employers visiting our campus at Ife in my first and second year but it fizzled out before my final year!

I must, therefore, admit that successive administrations have mismanaged not just university education but the country as a whole. These days, only the children of the privileged get jobs. Even teaching jobs, which used to be despised, have become like gold. You must know somebody who knows somebody before you can stand a chance of landing a teaching job even in the remotest rural areas these days. But thank God for social media and globalization. Our children and youths who are not voting with their feet in search of any pasture at all abroad are increasingly learning to hook on to the global economy for survival. Many of them live here but work for companies abroad, earning cool foreign exchange. Those who may have problems are those who are not technology savvy. Can someone please tell Osunleke Alaba that it is not all our youths making cool money here that are into cultism and Yahoo-Yahoo! Many are doing genuine business and I encourage Alaba to do likewise.

For someone who read Agricultural Extension and Rural Development, it amazes me that he could go without a job for years and yet could not fathom what he could do with his hands on the farm. We have plenty of arable land: How, for God’s sake, could he not find something to do in an agrarian society like Nigeria? He said he is into entertainment and that he even won an award but did it not occur to him that no one entertains or gets entertained on empty stomach? No job; no means of livelihood; dependent on an aged father; yet, he got married and has fathered two children! What is this man’s definition of responsible behaviour?

The Academic Staff Union of Universities (ASUU) has been on strike for seven months: We have read stories of undergraduates who have taken advantage to learn new trades and move into new endeavours. We have read stories of two who have even written applications that have turned them into multi-millionaires. When school resumes, the likelihood is that many students already making waves in their new endeavours may choose not to return to school. So, Alaba’s problem is not in his stars or in his alma mater but in himself as a person. The alumni people that rushed to gift him some money did not think the matter through before acting hastily. It is like they were too eager to hug the limelight and benefit from the publicity elicited by Alaba’s showmanship. But, pray, how will N500,000 cure the disease of someone seemingly lacking in ideas and bereft of purpose?

*Former Editor of PUNCH newspapers, Chairman of its Editorial Board and Deputy Editor-in-chief, BOLAWOLE was also the Managing Director/ Editor-in-chief of the Westerner newsmagazine. He writes the “ON THE LORD’S DAY” column in the Sunday Tribune and “TREASURES” column in the New Telegraph newspapers. He is also a public affairs analyst on radio and television.

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