Business
The Hidden Costs of Buying a House in Lagos—What Nobody Tells You! By Dennis Isong
The Hidden Costs of Buying a House in Lagos—What Nobody Tells You! By Dennis Isong
Buying a house in Lagos is a big dream for many people. But beyond the excitement of holding your own key and calling a place your own, there are some “silent” costs that can shock you if you’re not prepared.
Whether you’re buying for personal use or investment, understanding these hidden costs will help you avoid unexpected financial stress. Let’s break it down in plain, simple English.
1. Legal Fees (The Lawyer Must Chop)
After finding your dream house, you’ll need a lawyer to verify the documents and guide you through the transaction. This is not free. Most lawyers charge 5%–10% of the property value. Some might charge a flat rate, but for properties in hot areas like Lekki, Ikoyi, or Ikeja, expect to pay a reasonable sum.
Why it matters: A good lawyer can save you from buying “wahala” property. It’s better to pay legal fees than to cry later.
2. Agency Fee (Oga Agent Will Collect Him Share)
If an agent links you to the property, they will demand an agency fee. This is usually 5% of the property value. Even if you found the house online, if an agent steps in to facilitate the process, expect a bill.
Pro Tip: Always agree on this fee upfront to avoid drama later.
3. Survey Plan Cost
You’ll need a survey plan that shows the exact size and location of the land/house. This isn’t cheap, especially in Lagos. The cost depends on the location but can range from ₦150,000 to ₦1 million or more.
Hidden truth: Some properties may already have a survey, but you still need to verify and possibly update it in your name.
4. Governor’s Consent or C of O Charges
Many properties in Lagos come with either a Certificate of Occupancy (C of O) or Governor’s Consent. If you’re buying a property with a C of O and you’re not the first owner, you’ll likely need to process Governor’s Consent.
This can cost millions of naira, depending on the size and location of the property.
Don’t ignore this: It’s a legal requirement and gives you full ownership rights. Without it, you may just be a “caretaker.”
5. Development Levy
If you’re buying in an estate or a new development area, the developers may ask you to pay a development levy. This fee covers roads, drainage, streetlights, and sometimes even security.
It’s not usually mentioned until after you’ve paid for the land.
Range: From ₦500,000 to ₦5 million or more depending on the estate.
6. Documentation Fees (Paperwork Is Not Free)
Many developers and property sellers will charge you for documentation. This includes:
- Deed of Assignment
- Receipts
- Allocation letters
All these might cost you ₦100,000 to ₦1 million or more.
Reality check: Buying a house is not just about paying for the building—it’s about legal ownership, and documentation is key.
7. Omo Onile Wahala (Land Grabbers & Area Boys)
If you’re buying undeveloped land in some areas, you might have to “settle” local boys. These omo onile can charge you for everything:
- Fencing the land
- Foundation laying
- Roofing
And sometimes, even for just visiting the site!
Cost: Can run into hundreds of thousands or even millions, depending on how bold they are.
How to avoid it: Buy from verified estates or areas with government allocation.
8. Cost of Title Verification (No Be Every Paper Be Correct)
Even when you see “C of O” or “Governor’s Consent” on paper, you still need to verify the title at the Lagos State Land Registry.
Cost: Between ₦50,000 to ₦300,000, depending on whether you’re doing it yourself or through a lawyer.
Why it’s necessary: Some papers are forged. You don’t want to discover this after payment.
9. Utility Connection Charges
Once you move in, you may need to pay for:
- Electricity connection (Prepaid meter or transformer contribution)
- Water connection (Borehole or estate water)
- Waste disposal registration
These things may sound minor, but combined, they can cost ₦200,000 to ₦500,000 or more.
10. Renovation or Finishing (Especially for ‘Buy & Fix’ Properties)
Some houses may look fine on the surface but need work—painting, plumbing, tiling, roofing repairs, etc.
If you’re buying a second-hand home, budget for at least ₦500,000 to ₦5 million depending on the age and size of the house.
Note: Always inspect with a builder or engineer to get a realistic renovation estimate before buying.
Final Thoughts: Don’t Just Budget for the House, Budget for the Extras!
Many people make the mistake of saving ₦50 million to buy a house only to realize they need another ₦5–₦10 million for all the other things nobody warned them about.
Smart Move: When planning to buy a house in Lagos, always set aside 10%–20% of the property price to cover these hidden costs. That way, you’re not caught off guard.
Bonus Tips:
- Always involve professionals—lawyers, surveyors, and real estate consultants.
- Don’t rush because the agent says “another buyer is coming tomorrow.”
- If it sounds too good to be true, it probably is.
Need Help Navigating the Lagos Property Market Without Falling Into Hidden Cost Traps?
Call me your real estate bodyguard. I’ve seen the drama, heard the stories, and helped people like you avoid premium tears.
Let me help you buy smart, safe, and stress-free.
#DennisIsong
Your Lagos Property Plug.
(And unofficial Omo Onile negotiator. Don’t worry, I sabi am.)
STOP LOSING MONEY IN LAGOS REAL ESTATE! Learn How to Protect Your Investment Today.
=> LandProperty.ng/free
Your future deserves the assurance of due diligence.
Business
FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS
FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS
The Chief Press Secretary (CPS) to the Chairman of the Independent National Electoral Commission (INEC), Mr. Adedayo Oketola, has said that a purported X (formerly Twitter) account attributed to the Commission’s Chairman, Prof. Joash Ojo Amupitan, SAN, is fake and part of a coordinated disinformation campaign.
In a public statement issued on Monday in Abuja, Mr. Oketola disclosed that a comprehensive, multi-layered forensic investigation conducted by independent cybersecurity experts has conclusively established that the INEC Chairman does not operate any personal X account.
He said, “The Independent National Electoral Commission (INEC) , committed to a full forensic investigation, commissioned an independent forensic cybersecurity expert, who conducted a multi-layered forensic and digital investigation using X platform data, internet archive records, OSINT tools, identity forensics and cross-platform analysis.”
Oketola stressed that all posts, replies, and screenshots linking him to the handle @joashamupitan are fraudulent, forensically unverifiable, and technically impossible.
The controversy began on April 10, 2026, when viral social media posts alleged that the Chairman made a partisan comment — “Victory is sure” — in response to another user, supported by screenshots and purported digital records.
However, the CPS said the forensic investigation uncovered clear evidence of fabrication and impersonation, highlighting the following key findings:
· No Digital Linkage: There is no connection between the disputed X account and Prof. Amupitan’s verified email addresses or phone numbers, as multiple recovery and verification attempts failed to establish any link.
· False BVN/OPay Claims: Data used to suggest ownership of the account only confirms identity and does not establish control of any social media handle, making such claims a logical fallacy.
· Timestamp Manipulation: The alleged reply “Victory is sure” was posted 13 minutes before the original tweet it responded to—an occurrence that is technically impossible and definitive proof of fabrication.
· No Historical Record: Searches on the Internet Archive’s Wayback Machine showed zero evidence of the account or its alleged activity prior to April 2026.
· Non-Existence on X Platform: Live checks confirmed that the alleged reply does not exist and has never existed on the platform.
· Account Renaming Pattern: On the same day the screenshots went viral, the account was renamed @sundayvibe00, set to private, and labelled a “parody account,” indicating deliberate impersonation and damage control.
· Coordinated Multi-Platform Impersonation: At least seven fake accounts across Facebook and Instagram using the Chairman’s identity were identified, pointing to a sustained disinformation effort.
“The forensic evidence is comprehensive, multi-sourced, and unambiguous. The posts attributed to Prof. Joash Ojo Amupitan on X are fabricated. The account is a clear case of impersonation,” Mr. Oketola said.
Quoting one of the independent investigators, he described the development as “a coordinated digital impersonation and disinformation campaign,” warning that advances in artificial intelligence had made it easier to fabricate misleading content.
He urged the public to avoid sharing unverified information, noting that “the fact that content goes viral does not make it authentic,” and called on media organisations to prioritise accuracy over speed.
Mr. Oketola said the independent forensic report had been referred to the law enforcement agencies for necessary action. He also appealed to law enforcement agencies to investigate the origin of the fake account and prosecute those responsible under the Cybercrimes (Prohibition, Prevention, etc.) Act.
He said, “Media organisations, in particular, have a duty to apply strict forensic verification standards to social media posts and screenshots before publishing them, especially when such content implicates public officials or carries serious consequences for public trust and institutional credibility. Accuracy, not speed, must guide reporting in matters of this nature.”
He reiterated that all official communications from INEC are disseminated exclusively through its verified platforms, including its website (www.inecnigeria.org), verified X account (@inecnigeria), official Facebook page, online news portal (www.inecnews.com), formal press statements from its headquarters in Abuja, and official media briefings. Any account purporting to represent the INEC Chairman in a personal capacity, he said, should be treated as fraudulent unless formally verified by the Commission.
Business
How FirstBank is investing in Its People and Building Future Leaders
How FirstBank is investing in Its People and Building Future Leaders
For an average 9-5er, having a job isn’t enough. You want a career that grows with you, gives you stability, and opens doors to bigger opportunities. People everywhere are looking for workplaces that don’t just pay salaries but actually invest in their staff, helping them learn, lead, and succeed.
That’s exactly what FirstBank is doing. The Bank is building a future where every employee has the opportunity to grow, lead, and thrive. Through its human capital management and development agenda, FirstBank is creating numerous pathways for staff to transform their careers and become tomorrow’s leaders.
Conversion Programme: Turning Opportunities Into Careers
Needless to say that there is no desire for the 9-5er to remain in a temporary role when they can secure a full-time career. With FirstBank’s Conversion Programme, eligible non-core employees who have served for at least one year can transition into permanent positions. This initiative ensures that hardworking staff are rewarded with stability, growth, and the chance to contribute more meaningfully to the Bank’s success.
Leadership Programmes: Grooming the Next Generation
FirstBank has designed three flagship programmes to identify and nurture high-potential talents:
- FirstBank Management Associate Programme (FMAP): A 24-month fast-track initiative that grooms future middle managers. Upon completion, participants are promoted to Assistant Manager grade, regardless of their previous grade.
- Leadership Acceleration Programme (LAP): Focused on preparing internal middle-management talents for leadership responsibilities, ensuring the Bank’s succession pipeline remains strong.
- Senior Management Development Programme (SMDP): A programme for senior managers who are proven leaders in their functions and critical to the Bank’s succession plan.
These programmes are not just training—they are career accelerators, designed to put staff on the fast lane to leadership.
FirstAcademy: Learning With Global Standards
Backing these initiatives is FirstAcademy, FirstBank’s corporate university, accredited by the Chartered Institute of Bankers of Nigeria (CIBN).
Staff also benefit from partnerships with institutions like Rome Business School and Association of Chartered Certified Accountants (ACCA), gaining access to world-class training—often at discounted rates
A Workplace That Values People
FirstBank’s parent company, First HoldCo PLC, was named second in the Best Workplaces in Financial Services in Nigeria. The Bank remains firmly committed to responsible employment practices, ensuring that all colleagues are treated with dignity, fairness, and respect.
The Future Is Human
With these initiatives, FirstBank is showing that its greatest investment is its people. By empowering staff through various growth opportunities, the Bank is not just building a workforce, it is cultivating leaders who will shape the future of banking in Nigeria and beyond.
Business
FirstBank Partners Ekiti State Government on Launch of Innovation Enterprise Support Fund
FirstBank Partners Ekiti State Government on Launch of Innovation Enterprise Support Fund
Lagos, 10 April 2025 – FirstBank, West Africa’s premier financial institution and the leading financial inclusion service provider, is proud to announce its partnership with the Ekiti State Government in launching the Innovation Enterprise Support Fund, a groundbreaking initiative designed to empower startups, scale tech-enabled businesses, and accelerate innovation-driven economic growth across the state.
The programme provides funding, mentorship, and market access to high-potential enterprises, with a focus on strengthening Ekiti’s innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities. Notably, at least 40 percent of the fund has been reserved for female-led enterprises.
The Innovation Enterprise Support Fund Initiative is structured as a three-phase programme covering ideation, pre-acceleration, and acceleration for about 60 startups. Each enterprise will receive financial support ranging from ₦150,000 to ₦1,200,000, enabling job creation, revenue generation, and market-ready product launches.
Speaking on the partnership, the Managing Director/Chief Executive Officer, FirstBank Group, Olusegun Alebiosu, said “Entrepreneurship and Innovation are two of our core values at FirstBank. We believe MSMEs are enablers of economic growth and for 132 years, we have stood beside Nigerian businesses through every phase of growth, transition and transformation. We have remained committed to building stronger business through improved access to finance and capacity building; we created the SME Connect Platform to serve as a digital hub where Nigerian entrepreneurs find the resources to move from vision to value. We are excited about this partnership, and we see more than startups. We see future industry leaders, employers of labour, and perhaps our next big partners.”
The partnership aligns with FirstBank’s longstanding commitment to financial inclusion, SME development, and youth empowerment, with an emphasis on supporting women entrepreneurs, who represent 35% of Nigeria’s startup cohort.
FirstBank has been a consistent promoter and supporter of the innovation ecosystem and SMEs in Nigeria, providing notable interventions to help them scale their platforms and businesses. The Bank has designed multiple digital platforms for its SME customers to leverage on for business growth and expansion.
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