Against the backdrop of fraud being perpetrated against Nigerians in the Diaspora who intend to invest in real estate in Nigeria, Messrs Four Seasons Legacy Investment FSLI, a Lagos-based real estate development company with interest in protecting Diaspora investment, has developed a fraud-proof strategy to checkmate all loop holes used fraudsters in real estate transactions.
The strategy is rooted in the partnership between the real estate firm and Bank of America and Fidelity Bank Plc. While the safety of the money of prospective home owners is secured in the banks, the banks will not release any money to anybody on behalf of their owners for real estate transaction without permission from the owners of the money.
At the formal launch of the firm’s dream home initiative on Sunday, the Chief Executive Officer of the company, Mr. Olabisi Tofade,disclosed that the Bank of America has indicated interest to provide funds for Nigerian physicians banking with it to invest in residential and commercial property in Nigeria and any part of Africa.
Tofade who said Fidelity Bank Plc will be the local financial institution for the deployment of the funds to developers after going through the fraud-proof process put in place by the firm, hinted that
for the first time, the Bank of America is ready to offer $50,000 to Nigerian physicians working in America against their asset to invest in residential or commercial property in Nigeria or any other parts of Africa.
“There was also an event where we brought in Fidelity Bank and Bank of America together and explained our system to them. The first thing one of its leaders said was that for the very first time, he sees something that makes sense from Nigeria. They saw the process and they said they would like to partner and they would discuss with the executives which they did and within three weeks they came back to us and they said they want to participate.”
Tofade said the process of dream home portal has a way of selecting and screening developers for home building, vetting what they have done by professionals to guide against shoddy jobs before releasing money to them to move on.
According to him, rather than sending money to aunties or friends, who build block by block, the financial institutions abroad would collect the funds from Nigerians in Diaspora, the banks will help to secure the assets – salaries and wages, adding that the Nigerian financial institution – Fidelity Bank would be there for the deployment of funds to the developers.
He stated that it was a documented fact that money flowing from Nigerians in Diaspora in the last few years annually has now exceeded $21 billion mark, surpassing the earnings from oil.