The complexities of Nigeria’s property sector have once again come under the spotlight as Osakwe, a lawyer and Managing Director of Alkire Partners Nig Ltd, warns that prolonged legal battles and “hostile” regulatory environments are becoming major deterrents to high-value investment.
Osakwe, who is currently embroiled in a high-profile dispute involving an alleged ₦300 million illegal eviction and property damage case, argues that the current judicial pattern often “punishes rather than protects” legitimate enterprise.
The Real Estate Minefield: Due Diligence vs. Dispute
Land acquisition remains the most volatile stage of property development in Nigeria. According to Osakwe, the transition from developer to owner is fraught with structural risks:
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Fragmented Ownership: Navigating complex, often undocumented lineage-based land holdings.
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Title Verification: The grueling process of ensuring government-recognized validity of land titles.
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Regulatory Compliance: Meeting shifting bureaucratic requirements that, if missed, can lead to years of litigation.
“Failure to conduct proper due diligence often leads to disputes, delays, and financial losses,” Osakwe stated, highlighting that even for seasoned professionals, the “due diligence” phase is no guarantee of safety from future litigation.
Case Study: FCT/HC/CR/222/2023
The ongoing case against Osakwe and co-defendant Victor Giwa (also a lawyer) serves as a stark example of the “legal stagnation” currently affecting the Federal Capital Territory (FCT) High Court:
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The Charges: A nine-count charge including criminal intimidation, threat to life, forceful eviction, and the destruction of property valued at ₦300 million.
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The Gridlock: Proceedings have been repeatedly stalled. Arraignment has been adjourned multiple times as the Director of Public Prosecution (DPP) reviews the charges and defendants fail to appear simultaneously.
A Broader Trend of “Entrepreneurial Punishment”
While the specific merits of Osakwe’s case remain sub judice, his experience reflects a systemic trend noted by analysts across the fintech, manufacturing, and infrastructure sectors.
Key issues cited by stakeholders include:
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Repeated Adjournments: The “slow grind” of the court system ties up capital and prevents businesses from moving forward.
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Inconsistent Enforcement: Uncertainty around how property rights are protected in practice vs. on paper.
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High Stakes of “Criminalization”: The increasing tendency to move commercial disputes into the realm of criminal charges, which can irreparably damage an entrepreneur’s reputation before a verdict is even reached.
