Fraudulent agents and developers are taking advantage of the desperation displayed by prospective homeowners and tenants to defraud their victims of billions of naira. The largely unregulated nature of the market makes these unsuspecting prospective homeowners fall prey to unscrupulous individuals, and charlatans, VICTOR GBONEGUN reports.
United States-based Nigerian couple, Olubukola and Oluyomibo Olaniyan decided to invest in the property market at home. In early 2022, they subscribed to a three-bedroom terrace duplex residential property, owned by a popular real estate development firm at the cost of N56.7 million.
The couple made an initial deposit of N10 million, and a contract was sealed for the sale of the building, while an agreement was sent to them.
Part of the agreement was that a 50 per cent down payment must be made before the commencement of the building, and because of this clause, the couple sourced funds…
Source: Guardian Newspaper
