Why nigerias big real estate transactions are swept under the carpet
A very interesting and timely topic!
Nigeria's real estate sector has experienced significant growth in recent years, with many high-profile transactions taking place. However, it's true that many of these transactions are not publicly disclosed, which can raise concerns about transparency and accountability.
There are several reasons why Nigeria's big real estate transactions might be swept under the carpet:
- Lack of regulation: The Nigerian real estate sector is largely unregulated, which can lead to a lack of transparency and accountability. There is no centralized database or registry to track property ownership, making it difficult to monitor large transactions.
- Cash-based transactions: Many real estate transactions in Nigeria are cash-based, which can make it difficult to trace the source of funds. This lack of transparency can lead to concerns about money laundering and other financial crimes.
- Political connections: In Nigeria, political connections and influence can play a significant role in real estate transactions. This can lead to a lack of transparency, as those involved may not want to disclose their connections or the terms of the transaction.
- Fear of backlash: Real estate developers and investors may be reluctant to disclose large transactions due to fear of backlash from the public, government, or other stakeholders. This can be particularly true if the transaction involves a high-profile individual or organization.
- Lack of public interest: In Nigeria, there may be a lack of public interest in real estate transactions, which can lead to a lack of scrutiny and oversight. This can make it easier for large transactions to be kept under the radar.
- Corruption: Unfortunately, corruption is a significant issue in Nigeria, and it can play a role in real estate transactions. Those involved in large transactions may be motivated to keep them secret to avoid scrutiny or to conceal illegal activities.
- Tax evasion: Real estate transactions can be a way for individuals or companies to evade taxes. By keeping transactions private, those involved may be able to avoid paying taxes or hiding income.
- Fear of competition: Large real estate transactions can attract unwanted attention and competition from other investors or developers. By keeping the transaction private, those involved may be able to avoid competition and maintain their market advantage.
- Lack of media scrutiny: The Nigerian media may not have the resources or inclination to investigate and report on large real estate transactions. This can make it difficult for the public to stay informed about these transactions.
- Government priorities: The Nigerian government may have other priorities than transparency and accountability in the real estate sector. This can lead to a lack of attention and resources dedicated to monitoring and regulating large transactions.
It's important to note that these are just some possible reasons why Nigeria's big real estate transactions might be swept under the carpet. There may be other factors at play as well.