15/10/2026
I really commend what Solomon Buchi is doing in calling out fake and fraudulent real estate companies especially the well know brand who feels they are too big to be held accountable.
Fraud exists, and people have lost substantial amounts of money to questionable property transactions.
However, I want to contribute a practical solution to this conversation.
I believe the government should establish a regulated property transaction escrow system to protect both property buyers and sellers in Nigeria.
Here is how it could work:
When a buyer wants to purchase a property, the buyer pays the agreed purchase price into a secure, regulated escrow account rather than transferring the money directly to the seller or a developer.
The funds remain there while the necessary due diligence is completed, including verification of ownership, title documents, survey details, possible litigation and any other legal encumbrances.
Once the agreed conditions are satisfied and the transaction reaches the legally defined completion stage, the funds are released to the seller.
If the transaction fails because the seller cannot establish the agreed ownership rights, or another specified contractual condition is not met, the funds are handled according to the escrow agreement and applicable law.
This system could significantly reduce the risk of buyers losing their money to fraudulent sellers and developers. It could also protect legitimate sellers from buyers who make commitments they never intend to honour.
For Nigerians in the diaspora, such a system could provide an additional layer of confidence when purchasing property remotely.
Of course, an escrow account alone cannot solve every problem. The system would need independent verification, clear release conditions, transparent fees, proper regulation and an effective dispute-resolution process. It must also protect sellers against buyers who attempt to delay or frustrate legitimate transactions.
My point is simple: instead of only condemning the real estate industry, let’s discuss the systems that can make property transactions safer, more transparent and more accountable.
Nigeria needs stronger property verification systems, effective regulation and a reliable framework that protects the money of both parties.
We should not only talk about the problem. We should also propose workable solutions.
What do you think about a government-regulated escrow system for property transactions in Nigeria?