Chief Executive Officer of foremost real estate company, Pelican Valley Nigeria Ltd, Dr. Babatunde Adeyemo, says most people in the Diaspora do not conduct due diligence before purchasing landed property.
Adeyemo stated this against the backdrop of the fears expressed by some Diaspora Nigerians concerning the demolition of their properties in the country.
Recall that recently, a United States doctor, Kimberly Stark, in a viral video clip was seen making a passionate appeal to President Bola Tinubu for assistance.
Making his appeal, Stark said, “My name is Dr. Kimberly Ellen Stark. I am from Chicago, Illinois, in the United States of America. I am here today on the grounds that everything I have worked so hard for is from America to Nigeria, and I chose to invest in Nigeria.
“Coming here today, I can see most of my dreams crumbled and shattered. I bought more than six plots, and I intend to buy more, but how can I invest when the one I invested in is not protected here?
“I appeal to the president of the Federal Republic of Nigeria to please come to my assistance, the Nigerian Diasporans, and all these investors who stand here today. Come and assist us and help us come to this matter. Thank you.”
But the Pelican Valley boss while reacting to this development, stated that it’s imperative to conduct due diligence before purchasing lands in Nigeria.
According to Adeyemo, “In as much as I would love to sympathise with Dr. Kimberly Stark, I would also like to say that more Nigerians in the Diaspora would still cry in this kind of circumstance, because most Diasporans don’t often do their due diligence before they procure or purchase land.
“Real estate business is not something somebody can gamble about. If you want to buy a property, there are laws that govern the real estate business, and if you want to purchase a property, you should try as much as possible to do your research on what you want to purchase.
“You need to do your due diligence about the proprietor of the company you want to purchase such property from, number one. What kind of person is behind the investment, the management of the investment that you want to be part of? That’s number one.”
He said the laws stipulate that if you want to do a real estate business in large volume, and you call it an estate, there are certain conditions that must be met before venturing into such business.
Adeyemo added, “Number one is a government-approved layout. If this woman had purchased the property from a government-approved layout estate, this occurrence wouldn’t have come to pass.
“Stark wouldn’t have found herself in this kind of unfortunate situation, because before the government would give an approval, such land must be free from government acquisition, number one.
“If your land is free from government acquisition, the government will not just come and develop such land. And if the property actually had a government-approved layout, such property would have been in the master plan of the state government. There wouldn’t be any condition that would have warranted demolishing or losing such properties.
“So as a potential investor, if you want to buy, you move closer to those people that can help you. You do your due diligence. For example, I’m on my way to the Nigerian Diaspora Commission event, where I was invited as a real estate entrepreneur to sensitise and advocate, sensitising Nigerians in the diaspora towards promoting diaspora investment.”
The Pelican Valley CEO therefore enjoined other Nigerians in the diaspora to learn their lesson by adhering to the directives and guidance of the Nigerian Diaspora Commission for investments and due diligence process.
“You should go for properties that are verifiable, both from the relevant government agencies, and also do the due diligence thoroughly before investing their hard-earned funds,” he added.
Speaking in the same vein, a Rotarian and real estate expert, Victor Oyefeso, also stressed the importance of due diligence for property buyers.
According to him, “Buying land may seem straightforward; just pay the seller, and the land is yours. However, securing true ownership in the eyes of the law is critical, and many buyers fail to consider the necessary steps beyond payment. It is not enough to just pay for the land; you must ensure that you truly own it and that ownership is legally recognised. Property investors should take specific actions to avoid potential pitfalls, including land demolition by the government or court orders.”
Oyefeso warned that before making any payment, a land information chart should be conducted to verify the land’s history and legal status.
He explained that this process helps buyers to determine if the land is under government acquisition or if there are other legal encumbrances.
“Another critical step is obtaining a land receipt, which serves as proof of payment. The receipt confirms that the seller has acknowledged receipt of payment and that the transaction has been completed. Additionally, a deed of assignment is essential, as it outlines the terms of the transaction, whether it’s a lease, purchase, or other arrangement. In addition, the deed should be prepared by a lawyer to ensure all terms are clear and legally binding,” he added.
Oyefeso further explained that a registered survey was another important document that established the boundaries and perimeters of the land, warning that leaving such land without any fencing or development heightens the risk of encroachment.
Join our Telegram group and receive breaking and trending news updates directly on your phone.
Join for News Updates ✕
