The Situation
A businessman engaged us on a large commercial space in Victoria Island with good road access, priced at ₦420,000,000 against a higher market expectation. The seller cited relocation abroad and wanted a fast close.
The building presented well. Finishes were current, and nothing in the walk-through suggested a problem. Our structural inspection worked below the finishes.
The floor slab had been raised and relaid, and the profile of the works was consistent with concealment of prior water ingress rather than a specification upgrade. Beneath it, the foundations showed differential settlement, meaning parts of the structure had moved relative to others. Settlement of that kind does not stabilise on its own, and remediation is invasive.
Our client withdrew.
The lesson is about sequencing rather than about any one corridor. Finishes are the cheapest part of a building to replace and the easiest thing to put in front of a buyer. A seller who has spent on the visible layer and is discounting the price is telling you something about the layer you cannot see, and a single dry-weather viewing will not surface it.