The Nigerian Institute of Quantity Surveyors (NIQS) has raised concerns over what it described as widespread corruption within Nigeria’s housing and financial sectors, warning that the menace is crippling the country’s mortgage system and making homeownership increasingly difficult for citizens.
Speaking at a press briefing in Lagos as part of the Institute’s golden jubilee celebration, NIQS General Secretary, Azeez Ayodabo, urged the Federal Government to review existing mortgage policies to make access more flexible and income-based.
“The government should adjust mortgage thresholds according to income categories. It’s unrealistic to advertise a three-bedroom maisonette for a level six or seven civil servant. Housing schemes should be structured in categories—bungalows, flats, terraces, and duplexes—to match citizens’ earnings,” Ayodabo said.
He lamented that corruption and lack of transparency have weakened the system. According to him, many developers who accessed government loans between 2006 and 2009 failed to deliver affordable homes despite receiving public funds.
“Corruption has eroded the mortgage system. Some exploited connections to access loans meant for the public and diverted funds, forcing the government to take direct control of the process,” he added.
Ayodabo also stressed the vital role of quantity surveyors in ensuring cost efficiency and project integrity.
“Quantity surveyors should be involved throughout projects, not just in preparing the Bill of Quantities. Their oversight prevents cost overruns, material substitution, and poor workmanship,” he explained.
Lagos Chapter Chairman, Rilwan Balogun, called for broader inclusion of quantity surveyors in national infrastructure projects, noting that their expertise is critical to transparency and value for money.
“Engaging QS consortiums early in projects like the Lagos–Calabar Coastal Highway could have prevented inflated costs and opacity,” he stated.
Balogun added that government should mandate the submission of properly prepared Bills of Quantities for all building approvals to reduce cases of abandoned and substandard projects.
Also speaking, NIQS Deputy Chairman, Femi Falusi, highlighted the encroachment of non-professionals into the QS field due to technology misuse.
He called for policies that make it mandatory for all cost estimates and Bills of Quantities to be prepared and stamped by registered quantity surveyors, adding that the Institute continues to encourage members to embrace digital tools and innovation to remain competitive.
