Nigerians Lose Millions to Property Scams as New Platform Moves to Secure Real Estate Transactions

By Iyojo Ameh

Growing cases of property fraud, ranging from forged land documents to multiple sales of the same plot, have continued to undermine investor confidence in Nigeria’s real estate sector, prompting the launch of a new digital platform aimed at restoring trust and transparency in property transactions.

AmariPay, a technology-driven trust infrastructure platform founded by members of the Nigerian diaspora, says it is entering the Nigerian market to address the widespread fraud that has left many investors counting heavy losses and discouraged others from investing in the country’s lucrative property market.

Speaking during an interactive session with journalists in Abuja, the company’s founder Dr. Charles Joseph said the platform was inspired by personal experiences with real estate fraud and designed to provide a secure environment where buyers and sellers can conduct transactions with confidence.

According to the company’s Chief Technology Officer, Engr. Eval Esege, the idea emerged after the founder suffered significant financial losses from property investments in Nigeria.

He noted that fraudulent practices such as selling one property to multiple buyers, falsifying ownership records, and concealing encumbrances on properties have become major obstacles to investment.

“Many investors have lost confidence because of the level of fraud in the system. Some people buy land only to discover it has been sold to several others. In other cases, buyers find out that a property has already been used as collateral by a bank. These are the kinds of issues we are trying to eliminate,” he said.

A Sector Plagued by Fraud

Nigeria’s real estate industry has long battled allegations of land grabbing, fake title documents, impersonation, and disputes over ownership rights. For many Nigerians in the diaspora, the fear of being defrauded has become a major deterrent to investing in property back home.

AmariPay estimates that documented losses linked to property fraud amount to hundreds of millions of naira, though stakeholders believe the actual figure could be much higher due to underreporting and unresolved disputes.

The company argues that rebuilding trust is essential if Nigeria hopes to attract greater domestic and diaspora investment into the housing and property sectors.

How the Platform Works

To address these challenges, AmariPay has introduced an escrow-based payment system that allows funds to remain secured until all parties are satisfied that agreed conditions have been met.

Under the arrangement, buyers deposit funds into a protected payment channel while the platform conducts identity checks and verifies transaction details. Payment is only released after confirmation that the property and supporting documentation meet required standards.

Company officials stressed that customer funds are not directly controlled by AmariPay but are managed through partner banks and payment processors.
The platform also provides transaction tracking and audit trails, allowing users to monitor every stage of the process.

Verifying Property Ownership

One of the key concerns raised during the session was how the company intends to verify ownership in a country where many landowners lack formal Certificates of Occupancy (C of O) and often rely on customary documents, allocation papers, receipts, or local authority records.

Responding, the company said its verification process extends beyond a single title document and involves examining multiple records, ownership histories, supporting documents, and other available evidence before properties are approved for listing.

Officials acknowledged that land documentation remains one of the most complex issues in Nigeria’s property market but maintained that robust verification procedures can significantly reduce the risk of fraud.

Combating Identity Fraud

Beyond property verification, the company says it is deploying advanced identity authentication systems to prevent impersonation and fraudulent transactions.
Prospective users are required to undergo Know Your Customer (KYC) and Know Your Business (KYB) checks using government-issued identification documents, National Identification Numbers (NIN), biometric verification, geolocation technology, and live-video authentication.

The measures, according to the company, are intended to ensure that individuals cannot use stolen identities, fake documents, or proxy accounts to carry out transactions.

Diaspora Investors in Focus

The founders believe the platform could become particularly valuable to Nigerians in the diaspora, many of whom remit billions of dollars annually but remain cautious about investing in property due to fears of fraud.

They argued that technology-driven trust mechanisms could help bridge the confidence gap and encourage more overseas Nigerians to invest in real estate, housing developments, and other ventures across the country.

“Trust is the foundation of every transaction. If investors are confident that their money and assets are protected, they are more willing to invest,” a company representative said.

Regulatory Compliance

The company said it has registered with the Corporate Affairs Commission (CAC) and is working within existing regulatory frameworks, including anti-money laundering requirements and financial compliance standards.

While AmariPay is currently operating through partnerships with licensed financial institutions and payment service providers, its executives indicated that the company may seek additional regulatory approvals as its operations expand.

As concerns over property fraud continue to mount across Nigeria, industry observers say solutions that improve transparency, verification, and accountability could play a crucial role in reducing disputes and restoring confidence in one of the country’s most important investment sectors.