The President of the Real Estate Developers Association of Nigeria (REDAN), Akintoye Adeoye, has called for an urgent, multi-layered strategy to curb the growing activities of fraudulent developers in Nigeria. He said the rise of unprofessional practitioners threatens public trust and continues to damage genuine investment in the real estate sector.
Speaking in an exclusive interview, Adeoye explained that the association is tightening its internal ethics and disciplinary frameworks to ensure developers maintain professionalism. According to him, REDAN’s Membership, Ethics and Disciplinary Committee now plays a stronger role in holding violators accountable.
He emphasised that the problem cannot be solved by associations alone. Adeoye revealed that REDAN is set to re-submit a revised bill for the creation of the Real Estate Regulatory Council of Nigeria (RECON). The bill, once passed, will provide an independent structure for deeper oversight, licensing, and sanctions against erring practitioners across the country.
Adeoye also highlighted plans to work more closely with the Nigerians in Diaspora Commission (NIDCOM) to protect diaspora investments and reduce cases of fraud targeted at Nigerians abroad.
Beyond regulation, Adeoye outlined multiple systemic challenges facing Nigeria’s housing developers. He identified bureaucratic delays in land titling, inefficient implementation of the Land Use Act, high financing costs, and inconsistent demolitions as obstacles that continue to frustrate project delivery.
He urged governments at all levels to digitise and simplify land processing, arguing that land administration should support development rather than serve purely as a revenue tool. He said transparent and timely issuance of Certificates of Occupancy would drastically improve investor confidence.
On pricing concerns, the REDAN president warned that Nigeria’s over-dependence on imported building materials exposes developers to volatile exchange rates.
To address this, REDAN has inaugurated a new Directorate for Alternative Building Materials.
The committee will work with NBRRI, NASENI and other agencies to promote local materials and push for technology-driven innovation in construction through the association’s Prop-Tech initiative.
Adeoye also reaffirmed REDAN’s long-standing advocacy for the recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN). He said FMBN remains the only institution offering single-digit mortgage and construction finance, making its strengthening vital to reducing housing deficits and improving affordability.
He further explained that Nigeria’s housing sector continues to suffer from a lack of verifiable data, a gap REDAN has been working to close. He noted progress made since the establishment of the National Real Estate Data Collation and Management Programme (NRE-DCMP) in 2018.
He added that REDAN is now part of the newly inaugurated Joint Committee on National Housing Data, tasked with producing a credible national housing-deficit figure and developing a National Housing Data Centre.
Speaking on the suspended Rural Housing Project, Adeoye acknowledged that affordable funding challenges slowed implementation.
However, he assured that REDAN remains committed to reviving the scheme, describing it as a critical tool for reducing Nigeria’s multi-million housing deficit and expanding opportunities across the 774 local government areas.
