Cecil Osakwe, a real estate developer, has bemoaned what he calls the hostile business climate in Nigeria, which he attributes to the persecution of entrepreneurs through drawn-out court processes.
An ongoing ₦300 million action involving alleged wrongful eviction and property damage before an Abuja Federal Capital Territory High Court is one of the legal fights that Osakwe, a lawyer and managing director of Alkire Partners Nig Ltd, is currently facing.
Business success in high-value areas like real estate typically attracts protracted legal fights, as the developer reflected on court challenges that follow investments in the property sector. He claims that business is being hurt rather than helped by the current scenario.
The acquisition of land remains one of the most delicate parts of real estate development in Nigeria, he continued.
Developers have a lot on their plates between understanding complicated ownership structures, checking land titles, and meeting regulatory standards. Disputes, delays, and monetary losses can result from a lack of adequate due diligence.