The CEO of Lifecard International Investment Limited, Grace Ofure Ibhakhomu, says that while Nigeria’s real estate sector remains a high yield frontier, investors must shift from passive “land banking” to active development to protect their assets from land grabbers and policy shifts.
Speaking in an interview with ARISE NEWS on Friday , Ibhakhomu addressed the growing anxieties of diaspora investors facing issues ranging from Omo Onile (land grabbers) to government led demolitions and reallocations.
She admitted that even seasoned developers are not immune to these hurdles, sharing a personal account of having to “rebuy” a property already built upon due to late stage litigation.
One of the things you should do is make sure that at least there is a structure on your property. The idea of buying and just walking away if you don’t have money to develop, there’s no need, because you might not know what will happen.”
Ibhakhomu highlighted that even the highest form of title, such as Governor’s Consent, can be challenged by administrative changes or security led relocations.
However, she maintained an optimistic outlook on the long term value of such investments, noting that government led relocations typically account for land appreciation, ensuring that patient investors do not lose their capital.
Addressing the disparity between the ease of business in places like Dubai versus Nigeria, she acknowledged that local investors often rely on “faith and prayers” due to systemic dysfunctions.
Nevertheless, she pointed to emerging government policies as a sign of progress.
To circumvent the risks of the “Coastal Road” type scenarios or land grabber extortions, she advised, To mitigate investment risks, Ibhakhomu advised buyers to purchase from established developers rather than direct land owners, priorities immediate physical possession of the property, and recognize that the long term cost of infrastructure often far outweighs the initial price of the land.
Refusing to shy away from the harsh realities of the market, Ibhakhomu shared that she has sacrificed significant profit to maintain her integrity and urged that the only way to truly secure an investment is to ensure physical structures are placed on the ground
Goodness Anunobi
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