Nigerians have been urged to conduct thorough verifications and due diligence before purchasing land to avoid falling victim to fraudsters and land grabbers.
Experts in land administration, real estate and agribusiness gave the advice on Saturday in Abuja at the maiden edition of the Land Bankers Summit, organised by ISUAN Agro-Estate.
The summit, with the theme: “Land Banking: The Smart and Sustainable Path to Generational Wealth,” brought together professionals, investors, policymakers, surveyors, lawyers, architects and other stakeholders in the real estate sector.
Speaking at the event, Mr Ohimai Abraham, Chief Executive Officer (CEO), ISUAN Agro-Estate, said the summit was organised to bridge the knowledge gap among Nigerians on land acquisition and investment.
According to him, the major challenge confronting prospective property investors was not lack of funds but misinformation, misdirection and inadequate knowledge about land and real estate investment.
Abraham said the company had discovered in the course of its operations that many Nigerians wanted to acquire property and build legacies but were discouraged by fear, mistrust and lack of reliable information, apart from bad experiences they are aware of.
He said the summit is designed to provide knowledge on identifying genuine land, assessing risks, conducting due diligence and understanding the factors that determine the value of land in different locations.
He noted that land should not be viewed merely as a commodity to be bought and sold but as an asset capable of creating wealth and building generational legacies.
“When land is acquired wisely, properly documented, strategically located and patiently held, it can become a powerful foundation for wealth, investment, development and legacy,” Abraham said.
He said the ISUAN, popularly known as ARAHA, had focused on making genuine and affordable land available to Nigerians and had, within one year, served more than 400 clients.
He also said the company decided to organise the summit as part of activities marking its first anniversary and to contribute to restoring confidence in the real estate sector.
He said, “We discovered that there is no shortage of funds. What there is a shortage of is knowledge.
“There is a lot of distrust, misinformation and fear in the real estate space. We are simply trying to play our part in filling that gap and helping people understand how to identify genuine properties and invest wisely.”
On government intervention, he called for improved infrastructure in emerging development corridors, saying infrastructure was critical to property appreciation and sustainable development.
Abraham said the provision of roads and other basic infrastructure would accelerate development and increase the value of properties in such areas.
An agribusiness consultant and Executive Secretary, Network for Agricultural Technical Education of Nigeria, Mr Newton Ovie, urged Nigerians to explore land banking for agricultural production and wealth creation.
He said land around rapidly developing areas such as Karu and Karishi in Nasarawa State could provide opportunities for agricultural investments because of the growing population and increasing demand for food.
Ovie said Nigeria’s projected population growth would create enormous opportunities for food production and agribusiness.
He said individuals who cannot afford land alone can form cooperatives through families, associations, churches or mosques to acquire land collectively.
“The common man belongs to a family; he belongs to an association, a church or a mosque. These groups can come together in cooperatives and purchase land, then divide and allocate it among themselves.
“That way, the common man can have adequate buying power,” Ovie said.
He, however, urged prospective agricultural investors not to acquire land and begin farming without first establishing a viable business structure and identifying the market for their produce.
He identified ginger, pepper and cassava as some of the crops with significant investment opportunities, urging investors to develop business plans covering inputs, production, processing and marketing.
He said land acquired for agriculture should be utilised strategically to generate sustainable income rather than being left idle.
Also, Happy Byanyiko, a lawyer and speaker at the summit, emphasised the importance of due diligence before acquiring land.
She said land-related disputes and fraud were prevalent in many parts of Nigeria, particularly in areas experiencing rapid development.
Byanyiko advised prospective buyers to inspect the property and conduct searches with the relevant land authorities to ascertain its ownership status and ensure that it was free from encumbrances.
“Before you acquire land, you should inspect it and conduct the necessary searches to establish whether it is registered and whether it is encumbered.
“Some of these searches will help you know whether the land is free from encumbrance and legally registered,” she said.
She warned that failure to properly investigate land could result in multiple sales of the same property by family members or other individuals.
Byanyiko advised buyers to ensure that acquired properties were properly documented and registered to secure their interests.
On his part, Mr Ahmad Adra, Principal Surveyor, Nasarawa Geographic Information Service (NAGIS), also advised Nigerians to carry out proper investigations before purchasing land.
Adra said NAGIS had handled several cases involving fraudulent land transactions and individuals who allegedly defrauded unsuspecting land buyers in Nasarawa State.
He urged prospective land buyers to make use of the relevant land administration authorities to verify ownership and documentation before committing their funds to avoid falling victims of land fraud and also get value for their monies.
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