Real Estate in Nigeria – House Warming Without Tears.
Many Nigerians have left their homeland in search of better opportunities, hoping to eventually return. To prepare for this, many invest in buying land and building homes to secure a place to live upon their return. However, individuals abroad often need reliable people to assist with land purchases and property development. The most common option is to trust family members, as it’s believed that family always acts in one’s best interest. Unfortunately, countless stories of betrayal, shared both in family gatherings and online, reveal a different reality.
One such case involves a woman who had spent 15 years abroad, regularly sending money home for her building project. When she made an unannounced visit, she found that nothing had been done, and her brother had stolen the funds. In such cases, recovering the money becomes difficult, as family pressure often demands internal resolution with phrases like “we are family.”
Attempts to involve the law are met with emotional manipulation, and while some do get refunds, most never see their money again. A common misconception is that those living abroad have endless resources and should easily overlook such misappropriations.
Having some real estate in Nigeria shouldn’t be a difficult goal to achieve when you approach it the right way.
There are several measures people can take to protect themselves in these situations:
- Hire professionals: While costlier, regulated professionals like lawyers, engineers, and surveyors have more at stake if they breach ethics.
- Keep payment records: Ensure payments are made through secure channels, like bank transfers, to avoid disputes.
- Regular monitoring: Appoint someone to monitor progress, requesting regular updates through photos or videos.
- Pay based on progress: Funds should be sent in phases, contingent on specific milestones being met.
- Get written agreements: Avoid relying solely on verbal commitments and ensure formal documentation.
- Be cautious of low prices or urgent financial requests without proper explanation.
Real Estate in Nigeria – Conclusion
Hiring a relative to oversee your home construction might appear to be a convenient and reliable option, but it can become a costly and emotionally draining process if not carefully managed. To prevent issues, it’s essential to clearly outline the project’s details, set achievable goals, and agree on a formal contract. This approach will help mitigate risks and lead to a smoother project. It’s important to remember that a successful home build depends on more than just family bonds – it requires solid communication, trust, and respect. By maintaining a balanced and thoughtful approach, you increase your chances of completing the project without sparking family tensions.
John A. Edjeba, Esq,LLM,ACIarb(UK),ACTI,ACIPM,ACIS
Partner – Uwensuyi-Edosomwan SAN & Co
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