NiDCOM Urges Diaspora Investors to Verify Mortgage Institutions Before Buying Property

The Nigerians in Diaspora Commission (NiDCOM) has urged Nigerians living abroad to carry out proper checks on mortgage institutions and property developers before committing funds to real estate investments in Nigeria.

The advisory was given during the second day of the Nigeria Diaspora Investment Summit (NDIS), which focused on building confidence in investment opportunities available to Nigerians abroad. Themed “Bridging the Trust Gap: Connecting Diaspora Capital with Credible Home-based Opportunities,” the summit brought together stakeholders across the financial, real estate and infrastructure sectors.

Speaking at the event, NiDCOM's Acting Secretary, Hon. Abdulrahman Terab, disclosed that the commission had established a dedicated complaints desk in partnership with the Economic and Financial Crimes Commission (EFCC) approximately five years ago to tackle fraudulent activities affecting Nigerians in the Diaspora, particularly in property transactions.

He explained that the initiative had supported several Nigerians abroad in recovering funds lost through questionable real estate dealings. According to him, the commission receives complaints from diaspora investors experiencing difficulties with property purchases and works with relevant agencies to address their concerns.

Contributing to the discussion, the Managing Director and Chief Executive Officer of AG Mortgage Bank, Dr Ojonimi Simon Ogwu, identified the inability of investors to distinguish between licensed mortgage institutions and regular property development companies as a major concern in the sector.

He noted that some property developers attract potential buyers through impressive office buildings, signboards and online visibility, creating the impression that they operate as established mortgage institutions. This, he said, can expose unsuspecting investors to financial risks.

Meanwhile, the Chief Executive Officer and Principal Partner of Afrique Capital and Equity Funds Limited (ACEFUNDS), Dr Kazeem Bello, advocated investment models that would allow Nigerians at home and abroad to combine financial resources and participate in credible development projects.

Also speaking, the Director of Planning, Research and Strategy at the Infrastructure Concession Regulatory Commission (ICRC), Mr Akwu Okolo, stressed that transparency, accountability and strong institutional structures were essential to rebuilding confidence in Nigeria's investment environment.

The discussions highlighted the need for stronger investor protection, reliable financial institutions and transparent property transactions to encourage more Nigerians in the Diaspora to invest in the country's real estate and infrastructure sectors.