 Owning a property in Nigeria is good investment. The thought of owning one can be quite satisfying and to an extent could give you a sense of security. However, this reality could be shattered if you get scammed. If you are dreaming of owning a property in Nigeria, there are things to know in order to avoid being scammed. The idea is not in any way out of place. It is a great thing and even greater if you've decided to make it a reality. In all you do, don't ever rush the process of acquiring your desired property. Don't allow sentiments and excitement to cloud your judgement. Now, on the show today, our focus will be on how to secure genuine properties in Nigeria. Welcome to Business Insights and Plus TV Africa. I am Justin Acadone. Now, former Minister of Trade and Investment Dr. Ousya Gwaganga has appealed to President Borla Tinnable to declare the industrial sector a national priority and back it with plans, policies and finances. Ouganga, who delivered a lecture at the 3rd Adeolo Jutola Lecture and Presidential Luncheon, said industry multiplies national wealth, create jobs and is critical for exchange rate and balance of payment management. Details in this report. The key theme here is setting the agenda for competitive manufacturing under the AFCFTA, what Nigeria needs to know. Otumba Francis Mechurye is the president of the Manufacturers Association of Nigeria, Men. He hits the ground running by lamenting the slow rate of industrialization in Nigeria and the challenges affecting the performance of manufacturers. Other speakers believe that the AFCFTA can be achieved if stakeholders address the challenges affecting the nations. We need to develop the right strategies and post-saturday efforts to position our economy as the number one manufacturing hub of the African economy. Evidence is from several parts of the world, including China, United States, Japan, Germany, South Korea, after the importance of manufacturing sector in building a resilient economy. The AFCFTA is not just an agreement, it is a platform for collaboration, even beyond the walls of Nigeria, how do we reach for regional integration that will give us competitive manufacturing. Nigeria must actively engage in regional and continental cooperation with the following steps. The steps that will bolster regional integration, we must strengthen our commitment to regional integration by harmonizing trade and manufacturing policies with other AFCFTA state parties. This is why we have continued to prioritize the critical infrastructure and the implementation of policies and strategies aimed at improving the ease of doing business and strengthening the productive capacity of MSMEs across all sectors. The former Minister of Trade and Investment Dr. Lushego Agangere takes the stage. The ease of the opinion that embracing competitive manufacturing under the AFCFTA is crucial for Nigeria's economic growth and integration into the global market. He says Nigeria may not be able to compete with China now, but it can be a hub in Africa by investing in infrastructure, innovation, and skilled labor while addressing trade barriers. It is important to make it absolutely clear from the outset that in modern global economy industrial development is not luck. Industrial development does not happen by accident, it is a nation's choice. Countries must therefore have an intentional, precise, and intense approach to nurturing and expanding industrial activities. No, the experts say to become a prosperous nation with a strong denier and reclaim its position as a Jewel of Africa. Nigeria must industrialize. Welcome back from that report. Research will help you verify that the other party is true, working with someone you don't trust is going to turn out to be disastrous. You want to do your due diligence and know that you can trust them before you do business for the people you're getting properties from. I demo soon. Babacin Dabiordo is a Nigerian based serial entrepreneur and visionary leader whose many years of hard work has culminated into his strategic positioning and grows as a building developer, real estate consultant, as well as a haulage and logistics expert. He is the founder of High Max Plus Real Estate, an internationally recognized company founded in 2021 and the company is a testament to the power of education, hard work, and an entrepreneurial spirit. His journey from humble beginnings to becoming a successful entrepreneur and mentor is an inspiring story of dedication and perseverance. He joins me now to discuss further on the show. Many thanks for joining me Babacin Dian Business Insights on Plus TV Africa. Thank you very much. It is indeed my pleasure. Right now we're looking at our secure and property genuine ones so that you don't get scammed and at the end of the day you don't have issues in the future. So are there critical steps to be considered when one intends to get a property? Thank you very much. Now, when it comes to property in Nigeria, especially in illegal states, there are so many things you actually need to do. First of all, before you purchase any property, you have to do your own personal findings. The reason is that a lot of people hire under the big company name, that company is big, this company is big. For the fact that the company is showing you a particular document, you also need to engage the software. If that document belongs to this particular land, you also need to engage your lawyer to help you to confirm if it's something you can go ahead or you need to know where you want to put your money. So it's very, very important that you do your own business. Okay, speaking of doing due diligence, for instance, an intending investor, for instance, does he need to do a search on the property or does he really need to get the help of an expert to run a check or just how does it really work? Before you made that, you cannot do it by yourself because that is not your field. You need to engage your software to help you to, you know, when you are buying a property, they definitely show you a particular document. So how do you know that the document they are giving to you will become belongs to a particular land? So you need to engage your software to help you to pick a coordinate. So your lawyer will take the coordinates to Secretary Hattala also to confirm if it's something they can buy. You know, when people want to buy properties, they'll say, okay, I want CFO. Even CFO, that's a primary date. Oh, CFOs are common. That's a primary date. CFO is on 99 years. So you need to know how many years have been used, how many years remain, so that you can, you know that, okay, even if I'm going for this particular property, I only have 44 years left, or 55 years left. So you need to be aware of what's going on. So in Verde now, you're saying that CFOs have an expiry date. And for instance, let's say the family is a family land and they've been using it for, let's say, about 50 years over time. And what if it expires, what does one need to do since you've actually gotten ownership of such property? That's what I said. You need to be aware. When your CFO is expired, that's the way you can renew it. But if you are not having a government, it might just come wondering that that particular land has been given to somebody else. You also because after that 99 years, the property go back to the government. So it's not yours, definitively. Once you check your CFO, you'll see that this property, you are losing the land from the government for 99 years, or 100 years. So you need to be aware that, OK, the property that I'm getting from Mr. A, how many years should remain, 50 years, so that you're prepared if you are still alive there, or your children is taken over, that, OK, in the next year or so, yes, you have to renew this document. Yeah. Let me just put in from that point. It talked about renewals. So invariably, when a CFO expires, you can go back to the government to renew it. Does it take a rigorous process since you originally owned the property? Yes, yes. If you want to renew, there are some documents that you need to also look for. Are you paying your land then? There's a land due that you're supposed to be paying every year. Land use are. So you check all those documents before you can renew the property. OK. So it's not something that you just do immediately. So you need to carry your lawyer along to be able to have it. One prominent occurrence that we see specifically in Lagos, or most western part of the country, is the issue of homoniles and then family lands. Because over time, someone goes to acquire a property and he meets maybe another family member. And they say that I'm the head of the family and I've gotten, I have all the rights to sell this to you. Then over time, you may have done your payment. And then the issue of he's not the one that is authorized to sell this property coming. So how do you handle the issue of homoniles and land grabbing, which is like a common feature in real estate in Lagos specifically? That's what I said. It's not something you can do by yourself. When you engage your lawyer, these are the things that they will do. Sometimes when they say that this land belongs to a social family, that family, they might also have a standard family. The owner of the family leader might have like three or four wives. So this one, they say I'm the head of the family for family. I'm the head of the family for the, and both of them carry the same surname. So those are the things your lawyer will find out, OK, how many head of the family you people have there, who they will also need to carry, if possible they will carry the ballet or the game of that community. So it's not something you can do by yourself. It's something that you need to engage lawyer, you need to engage your somewhere else. All right, but the next question would be, how does one protect himself from property developers who always claim to have all the requisite requirements and people actually buy, patronize, and get the land properties or even get outright property. And over time they found that these properties are not actually approved or they didn't really get due diligence from the government. How does an investor protect himself? Thank you very much. Legal status really help us with a lot of information. So before you pay for any property, there's a way you can take the copy of the document and go to allow such a comment. There's a certain amount of money that you pay for you to get the research on that particular property. Anyone can go by himself. You can go by yourself, you can send your lawyer. Recently I actually want to buy a mini estate, a standard estate. And the document they give to me is CFO. But after taking the document to allow us to confirm, I just call it truly the document is CFO, but they have an issue with the community. And the case is already at the court. So in the situation where I pay for that property and the community doesn't allow me to develop outside but it's CFO. So that's why you need to do your own findings. So invariably you have to, an investor has to look out for lander properties that actually into litigation, really. So that way you will not be paying and not even have the right to come build on. Yes. What about if you actually buy a plot from a supposed estate managed by a property developer, is it a CFO that will be given to you or what properties would you, or what document will be given to you to show that you have ownership to that particular document? If you are buying a property, you need to request for all the documents they have concerning that property, from their survey to the CFO. If they say they have a T-shirt, you have for the copy of the CFO. But I'm sure if they have CFO, they'll have CFO to cover the entire estate, not for a lot of lands. But even after having the CFO, you can see the old partner concept. Okay. For a particular portion. So it is not enough. After asking for the CFO, you have for the document, you get the copy and also take it to Alawsoa to go and confirm. Because a lot of them, they will just, maybe, you know, we have different, different departments in Alawsoa too. You understand? But when you want to do a project, you actually need to do approval. But because they don't want to go with a normal processing, they'll be looking for a way to buy a plot or those things. So you need to confirm that, okay, the document they actually give to you belongs to that particular land and the house that you want to pay for as the genuine approval. Okay. You've done your due diligence. You've gotten approval and you've done your searches at the state government, the land bureau or whichever department the handle started. And you've gotten a position and you are not ready to build your property. So how do you go about securing it? You know, how we, how advice anybody, you know, even if you check the CFO, you have, they give you, there's a particular year that they give you to develop your property. Okay. You can't just abandon your property. Even if you are not ready to build that, you can just put a mini-flavor. When you are in a developer state, they manage your property for you. In a developer state, they manage your property for you. Well, you know, we have a different type of property. So it depends on the kind of property you are buying. Okay. All right, so you buy from a developer state and then they manage all of that for you. But what if it is your own property and you are not building in the next month, what steps can you do to secure yourself? If you are not building in the next six months. Yes. What steps do you need to secure yourself? Yes, as to show that the below equipment on your land. You can put it to a fence on it. You can just to make sure that the property is secured. But I believe that as a next-state, they also have general security. But as a next-state, you are paying for that, maybe modeling service charge. All right, it is still a business inside some plus TV Africa. We're looking at real estate development, how you can actually secure to get in genuine properties. In the moment, we'll be back. We'll still have our guests with us. Don't go away. Welcome back. It's still business inside and plus TV Africa. We're looking at real estate development and the show today. And my guest is Babatundi Ademus. We are looking at how to secure your investment and then show that you don't get scammed. So, Babatundi, let's continue from where we start. Looking at all of this. Now, I say we want us to go back to what happened in the Qatar area of Lagos. Some people claim that they bought their properties genuinely. How could they have done it better so they don't end up the way they did right now and they don't end up crying? Well, thank you very much. Now, a lot of people are thinking that, babe, when I'm buying a house, I don't need to do any investigation because every document has already been secured. But you still need to do your duty just because the reason is that a lot of developers are looking for a way to cost. So, instead of having them to do the writing, they will look for a way to bribe all the other people that will have them to get their approval for them to build on a particular place. But the fact remains that that particular person is not going to stay in the office forever. So what another people call me, they will discover that that place is not the place that they're supposed to put buildings. What's supposed to be there, maybe turn out or whatever. So that is why you need to do your own duty just to actually know that this is the type of building that's supposed to be here. In Somalia, you're not supposed to do modern story building. In Somalia, you're not supposed to do modern bungalow. And in the places that are supposed to put bungalow, you're not going to put a two-story or three-story building there. So those are the things you need to check. There are some areas that are meant for commercial area. There are some areas that are supposed to be supermarket and you're putting buildings there. There are some areas that are in approved layout. So that's why sometimes you see buildings in Lagos and they claim to have approval from government and next you see a Lagos State Building Control Agency coming with their big red X. Yes, the reason is that when you have a particular, when maybe there's a particular community or a particular entity, there are so many things that are supposed to be there. Those people, they are going to have supermarket, they will have a recreational center or whatever. So sometimes because the developer wants to make money, where they're supposed to put a, maybe a hospital or where they're supposed to put a market, they will start putting building there. Sometimes it's not maybe because the land is not good, but what's inside the approver, that is the only one you're supposed to put there. So and there's some, when you do your sand search, there's some area that the country, the land cannot take more than two or three-story building. But because the land is expensive, so it takes, so you actually want to put a test to the building there. So those are the things we need to check before we pay for any building. It's not only land, any property that you want to buy because this is your hand-warning, so you need to actually do your research very well. Okay, as we run from this discussion right now, there are lots of building developers, not just in Lagos, across the country and over time they tell people that you can actually be a landowner in five years by making maybe instalments, making payments by instalments and maybe doing an outright payment once, then spread the rest for the next five years. There are lots of them and lots of people I encourage, but we've heard people who say that they've had to deal with unscrupulous developers. How, for instance, how would you advise someone who is out to make such payments and he feels that he's going to be a landowner in five years, only for him to come back after some time. We find that some things are just going to all right. You know, I'll say before, land is not toothpaste, as you can see, somebody do an advert for me online and I just want to pay. You need to check the property. You know, I have no leg of what you are paying for is very, very important. Because sometimes, you know, when it comes to land that can you document in legal states, they are not cheap. And you will know whether, if you want to do land banking, you should know that the land you are paying for is not going to be inside the community. So you need to check, is this water lot? Is it mixed land? Here there's not that, the problem, majority of them are having is because the land is water lot. They need to create access route for them to be able to allocate to you. What if the government come and do the route before they can allocate? Are you paid for five years? Government is not coming to that place yet. So it's not all of them that doesn't have land. Majority of them have land, but they cannot allocate to you now. Because the land is water lot. So you need to have idea of what to abide. The thing is that if you already know that it's a mixed land, it's water lot, you know that before I can be able to get access to my land will be the next 10 years. So even if you are not in Nigeria, you are in that, you should have somebody that can help you to check you and send the pictures. But I thank you so much. There's a whole lot that one needs to consider when one wants to acquire ownership of land and properties. And so I'm sure Nigerians have learned one or two things. We must say a very big thank you to you, Mr. Bobato, the Adamos of War, sharing all of this useful insight with us on the show today. You're welcome. All right. Just before we go, Nigerians and indeed Africans have been encouraged to harness and promote tailor-made solutions to cater to indigenous demands. This advice was given on the sidelines of a graduation ceremony for Nigerians who underwent training on semi-conductor design by Cheap Lab. Let's take details of that report. I'll see you again next time. My name is Justin Akadone. Many thanks for being a part of the show. The semi-conductor technology stands as a cornerstone for modern economies. And as such, investing in this domain could unlock substantial foreign exchange earnings through localized processing of raw materials and export of semi-conductor products. Olaf Adinro and Yen Chou are two visionaries who have pledged to redefine the landscape of technology in Africa and the extension of the world. With a Cheap Lab cohort, they have trained young Nigerians on Cheap Design. On the sidelines of the graduation, they speak more about their drive. So what we're doing is essentially bringing Nigerian Africa to the table to build the AI custom chips. And so it could be used to solve, we could create our own Nigerian chat GPT, for example, or different kind of applications. But there's also a huge amount of software developers who are having a hard time making a living. So in the Cheap development world, there's a huge global shortage of qualified skill. And the earning potential for that is massive. For example, our graduates, we're targeting that they'll be making 10x, 10 times what a normal graduate salary would be and that's life changing. Chairman of the Nigerian's Industrial Commission, Abike Dabir Erewa, is here to show the federal government's support. She gives insight on the enormous potentials Nigerians, both home and abroad possess, as well as what these feet means for the country. Nigeria will be exporting microchips to other parts of Africa. So we should support and encourage young Nigerians that are talented all over the world. So that's why we're here. And I believe in him. I believe in the young generation of Nigerians, both at home and in the diaspora, what we need to do is to encourage them. No doubt, this venture has the potential to stimulate job creation, elevate local contents development for the international community and also bolster a more resilient economic environment. They're looking to keep that talent here in Nigeria. That's kind of the intent behind the idea. And so I think by keeping the talent here in Nigeria will allow for any number of issues to be looked at, considered, and ideally solved. We want Africa to be the forefronters in building chips in this part of the world. And we want Nigeria to be the country leading that thing, leading it. So that's the reason why we decided, OK, let's start something that has to do with chip design. And also we want women, at least 60% of women, to be a part of this movement. Because if you know very well, women pay more attention to details because designing chips involves details. In all, the idea is providing a solution to the global skills shortage. As graduates of the academy would work with top microchips and semiconductor industries in the world.