Landmark Water View scandal reveals Nigeria’s real estate fraud, oversight failures
The unfolding crisis at the Landmark Lagos Water View Apartments starkly reveals the decay eating away at Nigeria’s real estate industry.
What began as a glittering promise of luxury waterfront living has unravelled into a cautionary tale of rampant fraud, spectacular mismanagement, and regulatory paralysis — leaving thousands of hopeful Nigerians trapped in a web of broken contracts, lost investments and dashed dreams.
Launched in 2019 on Lagos’ prestigious Water Corporation Road in Oniru, Landmark Water View was aggressively marketed as a premier estate with delivery promised by 2025.
Many buyers poured in, seeing it as a gateway to prosperity and modern urban living. Yet those hopes are collapsing. Construction has stalled indefinitely, official updates have become scarce, and allegations are mounting over the misappropriation of buyer deposits.
A buyer confided, “I put my life savings into this project because Landmark sold it as a once-in-a-lifetime opportunity. Two years later, I have no apartment, no refund and no written commitment on when I’ll get either.”
Another said, “They are hiding under the removal of the beach, which they knew had been planned for over a decade. Instead of prioritising Water View, they moved on to acquire new assets like Nike Lake. That’s not fair to those of us who trusted them.”
Other buyers, speaking anonymously to journalists in Abuja, described being trapped in indefinite limbo as silence and delays erode their hopes. “It’s not just about money, it’s about trust — and right now, that trust is gone,” one lamented.
This scandal is far from isolated; it epitomises a toxic systemic pattern plaguing Nigeria’s real estate sector.
Developers like Nahman Construction — reportedly without proper offices and with questionable tax compliance — operate with near impunity. Meanwhile, the Landmark Group is said to be facing bankruptcy proceedings, yet investors remain tied to uncertain outcomes.
Regulators mandated to protect consumers — FCCPC, LASRERA, and the Ministry of Housing — are failing spectacularly. The Federal Competition and Consumer Protection Commission (FCCPC) is investigating a class petition on the Landmark Water View matter but has been largely unresponsive during the inquiry.
This regulatory vacuum emboldens unscrupulous operators to run Ponzi-like schemes, collecting advance payments with little assurance of project delivery.
Landmark’s CEO, Paul Onwuanibe, cites an 18-month construction pause due to demolished beachfront access, a resumed timeline, and voluntary refund offers. Yet only two of the 107 buyers have accepted refunds — fuelling scepticism. Branding and reputation cannot mask years of delays and financial opacity.
The human cost is devastating: families have lost life savings; housing plans have collapsed; futures have been imperilled. Legal recourse remains slow or inaccessible. Without mandatory escrow accounts that release funds only after verified construction milestones, buyers remain dangerously exposed.
The absence of transparent audits and enforceable penalties leaves investors vulnerable.
The Landmark Water View scandal is a wake-up call — Nigeria urgently needs real estate reforms. Regulatory bodies must be empowered, escrow arrangements standardised, and developers held publicly accountable. Civil society and media vigilance are essential to exposing abuses early.
Buyers must also be educated to recognise red flags and demand stronger protections. Until structural reforms occur, tragedies like Landmark Water View, Capital City Estate, Reiz Continental, and Pearl Garden will continue to corrode Nigeria’s housing market and social fabric.
Behind glossy advertisements lies a hazardous environment where opportunists thrive — and where families pay the price.
The investigative angle on Nahman Construction’s office issues and tax status will be incorporated separately, but it illustrates how fragmented and opaque these real estate operations have become.
