Property Fraud Costs Investors Millions as AmariPay Unveils Digital Trust Platform for Real Estate Transactions

A new technology-driven platform, AmariPay, has entered the Nigerian market with a promise to tackle one of the country’s most persistent investment challenges property fraud amid growing concerns over the billions of naira lost annually to land scams, forged documents, and multiple sales of the same property.

The company, founded by members of the Nigerian diaspora, said it developed its digital trust infrastructure in response to widespread fraud in the real estate sector, which has discouraged many local and foreign investors from committing funds to property transactions.

Speaking during a media interaction in Abuja, AmariPay’s Chief Technology Officer, Engr. Eval Esege revealed that the platform was conceived after the company’s founder suffered significant financial losses from fraudulent real estate dealings in Nigeria.

According to him, the experience exposed the vulnerabilities within the country’s property market and inspired the development of a technology-based solution designed to restore confidence among investors.

“Many investors are reluctant to bring money into Nigeria because of the high risk of fraud. We have seen cases where one piece of land is sold to multiple buyers, and instances where properties used as collateral by banks are later sold without disclosure. These are some of the issues we are trying to solve,” he said.

The company estimates that documented losses from property-related fraud run into hundreds of millions of naira, although industry observers believe the actual figure may be significantly higher.

Tackling Nigeria’s Trust Deficit

Speaking further, the Founder/CEO of AmariPay, Dr. Charles Joseph describes the platform as an African-led trust infrastructure platform that uses digital verification, escrow services, and identity authentication to reduce risks in property transactions and other high-value payments.

Under the system, funds paid by buyers are held in escrow until all agreed conditions are met and the buyer confirms satisfaction with the transaction. The company says it does not directly control customer funds but relies on partnerships with licensed banks and payment processors.

He explained that buyers can track transactions in real time and, where necessary, halt a transaction and request a refund through the platform before funds are released to a seller.

The platform also assigns what it calls a “Trust Score” to sellers based on the authenticity of their documentation, ownership history, business records, and customer reviews.

Verification Challenges in Nigeria’s Property Market

One of the major concerns raised during the session was how the platform intends to verify properties in a country where many landowners do not possess Certificates of Occupancy (C of O) and often rely on customary land documents, receipts, or other forms of ownership records.

Responding, Dr. Joseph said the platform’s verification process goes beyond reviewing ownership documents. They noted that land records, receipts, business registrations, and supporting documentation would be scrutinised before properties are listed for sale.

He acknowledged that document verification remains one of the biggest hurdles in Nigeria’s property sector but insisted that rigorous due diligence is necessary to reduce fraudulent transactions.

Identity Verification and Anti-Fraud Measures

To prevent impersonation and identity theft, Engr. Esege pointed out that AmariPay employs Know Your Customer (KYC) and Know Your Business (KYB) protocols supported by international and local identity verification partners.

Users are required to submit government-issued identification documents, National Identification Numbers (NIN), and biometric information. The system also uses geolocation technology, facial recognition, and live-video authentication to ensure that users are who they claim to be.

According to the company, these measures are intended to prevent criminals from using stolen identities or fake documents to conduct transactions on the platform.

Building Confidence Among Diaspora Investors

The platform’s promoters believe the initiative could play a significant role in attracting diaspora investment into Nigeria’s real estate sector.

They argued that many Nigerians abroad are interested in investing back home but are often deterred by stories of fraudulent land deals, disputed ownership claims, and lack of transparency.

“Trust remains one of the biggest barriers to investment in Africa. We have the talent and opportunities, but people need confidence that their investments are secure,” one of the founders said.

The company disclosed that it has already registered with the Corporate Affairs Commission (CAC) and is working to ensure compliance with financial regulations, anti-money laundering requirements, and other relevant legal frameworks.

Beyond Real Estate

Although property transactions remain its primary focus, AmariPay said it plans to expand its services into education payments, including direct school fee remittances to universities and other institutions.

The company’s executives also disclosed plans to onboard businesses and real estate developers onto its platform, including some of its own housing projects, as part of efforts to demonstrate confidence in its trust-based model.

Industry analysts say initiatives such as AmariPay could help address long-standing concerns over fraud and transparency in Nigeria’s property market.

However, they note that success will depend on the platform’s ability to maintain regulatory compliance, verify ownership records accurately, and earn the confidence of investors in a sector where trust has often been in short supply.