You have heard about Nigeria real estate fraud. It is no joke. It is real.
Fraudsters are on the prowl because it's easy to catch a victim since many people are tired of being bullied by greedy landlords and want a house of their own.
There are two classes of Lagos Nigeria real estate fraud fraudsters.
The purpose of this page is to expose these fraudsters for what they are. And also help you avoid falling victim to their antics and smooth talk.
The Omoniles are traditionally children of the native owners of the land. Some still have lands inherited from their late parents or grandparents. This class of Omoniles have land to sell and usually feed on proceeds from land sales.
Most are just lazy and do nothing else but just sell property.
Unfortunately for them, the inherited land has a limit. Once they finish selling all inherited land, there's nothing left to sell.
So how do they fend for themselves?
Many turn to being touts. They resell land previously sold but yet to be developed by the buyer. Sometimes they sell the same land to two or more buyers. These buyers then get locked in a perpetual fight for who gets possession of the land.
These Omoniles can be dead heartless. Sometimes they even sell property developed half-way by the buyer. Once you . . .
1. buy a land and leave it fallow or
2. buy a land, build it half-way, and take a break for a length of time
. . . you become a target for unauthorized property resale by the Omoniles.
The Omoniles in some areas are more aggressive and greedier than others.
Generally, if the inherited property left to sell is little, real estate fraud by the Omoniles increase.
That is one aspect of the Lagos Nigeria fraud perpetuated by the Omoniles.
Another thing they do is to extort money from buyers developing their property.
For example, in one area, Omoniles charge as much as 30,000 naira for foundation fees and another 30,000 naira as roofing fees.
Don't get this wrong.
That fee is not for helping you with your foundation or your roofing. You pay that fee so they don't harass workers on your property. If you refuse to pay, they will stop work on your property by force of arms.
Omoniles are basically touts and local mafia. Refusal to make payments can lead to substantial losses. Therefore buyers pay without hesitation.
The pure fraudsters have nothing to sell. They are the popular 419 coalition you've heard so much about.
They're in for the money. They want to scam you of your hard-earned money. These are high-class Nigeria real estate fraud scammers.
They come with fake documents that look like the real thing. They show you property for sale that's not really for sale by the owner.
Why do they have a high degree of success?
1. They take time to pick their candidates.
They look for greedy people. Then offer them dead cheap property. Anxious not to miss this "once in a lifetime deal" the victims source for funds from everywhere they know and pay in a hurry.
You've lost your money.
Nigeria real estate fraud is real. But real estate fraud is not just a Nigeria problem. Real estate fraud is everywhere.
If you're greedy, you will fall victim with your eyes open.
Remember . . .
1. If a real estate deal is too good to be true, it probably is.
2. Use an experienced home inspection service
3. Do not look for dead cheap property. Property is not cheap in Lagos Nigeria. If it's dead cheap, it's probably fraudulent
4. Use a trustworthy real estate agent.
Be wary of Nigeria real estate fraud. But also be wary of real estate fraud (and any kind of fraud) wherever you live in the world.
Buy right. Enjoy your investment.
Click HERE to buy property for sale in Lagos with genuine title documents