The barrier to entry for calling oneself a “realtor” in Nigeria is dangerously low. Armed with a smartphone, stolen architectural renders, and a sponsored Instagram post, sophisticated syndicates and desperate agents routinely siphon millions from unsuspecting investors.
If a deal looks too good to be true in Lekki or Maitama, it is not a blessing—it is bait. At Nexora Homes, our primary job isn’t finding properties; it is disqualifying the 80% of market listings that are financially or legally toxic.
Here are the critical red flags that indicate a property listing is likely a scam.
1. The “Excision in Progress” Trap
This is the most common land scam in Lagos. Developers will sell you land claiming the excision (government release of land to indigenous families) is “in process” or “awaiting approval.”
The Reality: The government is under no legal obligation to approve an excision. If they deny it, your land is automatically forfeited to the state. Never buy land based on a pending excision. Demand a published Gazette number or a Governor’s Consent, and verify it at the Land Registry in Alausa.
2. Disconnect Between Price and Neighborhood Data
In real estate, there are no “miracle discounts.” If prime 4-bedroom terraces in Ikate are selling for ₦250 million, and an agent sends you a listing for a brand-new unit at ₦130 million because the “owner is relocating,” walk away. Distressed sales exist, but massive deviations from neighborhood comparables usually signify one of three things: the title is heavily encumbered, the property is sinking, or the seller does not actually own the house.
3. Refusal to Share the Survey Plan Before Deposit
A genuine seller will allow your legal team to conduct a search. If an agent or developer refuses to provide a copy of the Survey Plan or the title document number before you make a commitment deposit—often citing “company policy” or “confidentiality”—they are hiding something. You cannot verify what you cannot see.
4. The “Ponzi” Off-Plan Developer
Off-plan investments are lucrative, but they are frequently abused. A major red flag is a developer who has three or four massive ongoing projects but has never successfully completed and handed over a single estate. These developers often use the funds from Buyer B (in a new project) to finish the roof for Buyer A (in an old project). When the cash flow stops, the sites are abandoned.
Protect Your Capital
At Nexora Homes Ltd, we act as your forensic shield. Every property we list has passed a stringent 12-point legal and structural verification process. Stop gambling with your net worth. Partner with professionals who protect your capital as fiercely as you do.