Stakeholders Seek Stronger Collaboration, Consumer Protection as Nigeria Moves to Establish Real Estate Regulatory Authority
The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen; Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma; and other key stakeholders in Nigeria’s housing and real estate sector have called for stronger regulation, institutional collaboration and improved consumer protection to address fraudulent practices and strengthen confidence in the industry.
They made the call at the Stakeholders’ Conference on the Proposed National Real Estate Regulatory Authority (NRERA), themed “One Vision, One Ecosystem, One National Housing and Real Estate Plan.”
The conference brought together policymakers, government agencies, real estate developers, financial institutions, regulators and other industry stakeholders to deliberate on the proposed regulatory framework and the need to establish a more transparent, accountable and coordinated real estate market.
Declaring the conference open, Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, said Nigeria’s major challenge in the property market was not a shortage of real estate assets but a lack of trust and reliable mechanisms for verifying property ownership, development approvals and the credibility of developers.
He noted that prospective homeowners often face difficulties confirming land ownership, while developers encounter delays in securing approvals from government institutions that do not adequately share information. He added that some property buyers commit their savings to projects that are subsequently abandoned, sold to multiple buyers or left without the necessary legal approvals.
According to the Speaker, the proposed NRERA should not become another government agency that duplicates existing responsibilities but should serve as an instrument for protecting property, investment and citizens.
He proposed that the authority maintain a verifiable national register of licensed developers, real estate agents and registered projects, enabling prospective buyers to confirm the identity of operators, project approvals and compliance records before making financial commitments.
Tajudeen also advocated stronger consumer protection measures, including protected project accounts for qualifying off-plan developments, with developers accessing funds according to verified construction milestones.
He further called for the modernisation of property title verification through digital systems that connect land registries, survey records, registered ownership, planning approvals and other relevant information across institutions.
The Speaker stressed that the proposed authority should coordinate existing regulatory institutions rather than undermine their statutory responsibilities, particularly those of state governments, which retain important powers over land administration.
He also advocated a legislative sandbox to allow approved businesses to test emerging real estate technologies and innovations under controlled conditions, while maintaining compliance with consumer protection, data protection and anti-money laundering requirements.
On enforcement, the Speaker called for a coordinated national framework that would connect relevant government agencies, professional bodies and financial regulators to improve information sharing, identify fraudulent operators and ensure accountability.
He said the House of Representatives would pursue a legislative roadmap that identifies existing regulatory responsibilities, addresses overlaps, establishes minimum consumer protection standards and provides for phased implementation of the proposed authority.
According to him, the immediate priorities should include a national register of regulated operators and projects, a property verification portal, a complaints management platform and clear enforcement procedures.
He urged stakeholders to look beyond institutional interests and work towards a regulatory framework that protects investment, reduces risks, supports affordable housing and attracts greater private sector participation.
Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, described the proposed NRERA as a welcome development, expressing the Federal Ministry’s commitment to ensuring that the authority fulfils its intended purpose.
He, however, emphasised the importance of placing the authority under the supervision of the Federal Ministry of Housing and Urban Development to facilitate effective implementation and coordination of housing sector reforms.
The Minister also called for stronger collaboration among key government housing institutions, including the Federal Mortgage Bank of Nigeria (FMBN), Ministry of Finance Incorporated (MOFI), Family Homes Funds Limited (FHFL) and Federal Housing Authority (FHA).
He noted that improved coordination among the institutions would promote a more unified approach to housing delivery and strengthen the government’s efforts to provide adequate and sustainable housing for Nigerians.
Darma maintained that government institutions and agencies must work together towards shared national housing objectives rather than operate in isolation.
Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria, Shehu Usman Osidi, also underscored the importance of regulating the entire housing ecosystem to address fraudulent practices and protect prospective homeowners.
He expressed concern over situations where developers collect money from prospective buyers for housing projects without delivering as promised.
Osidi said comprehensive regulation would help curb such practices, strengthen accountability among developers and ensure that beneficiaries receive value for their investments.
Similarly, Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Ume Takang, called for the establishment of NRERA to ensure proper licensing and compliance across the real estate sector.
He said the authority would help create a more structured industry where developers and other operators understand their responsibilities and are held accountable for delivering on their commitments.
Takang also referenced the MOFI Real Estate Investment Funds managed by ARM as an example of the structured approach needed to strengthen confidence and investment in the sector.
The Economic and Financial Crimes Commission (EFCC) also expressed its readiness to support the establishment of the proposed authority and ensure effective enforcement against fraudulent practices.
The Commission, through Francis Usani, Special Assistant on Regulatory Compliance to the EFCC Chairman, reaffirmed its commitment to supporting the regulatory initiative and strengthening enforcement within the real estate industry.
Usani’s position highlighted the importance of collaboration between the proposed authority and existing law enforcement institutions to tackle property-related fraud and other financial crimes.
President of the Real Estate Developers Association of Nigeria (REDAN), Oba Akintoye Adeoye, also emphasised the association’s important role in driving reforms within the industry.
He said REDAN would be instrumental in promoting the training and certification of real estate developers to improve professionalism, strengthen industry standards and curb fraudulent activities.
Adeoye stressed the need to build the capacity of developers and ensure that operators meet recognised standards, noting that a more professional and accountable development sector would help restore public confidence and protect property buyers.
The proposed NRERA is expected to provide a more coordinated regulatory framework for Nigeria’s real estate industry, with emphasis on licensing, compliance, transparency, consumer protection and enforcement.
The conference provided an opportunity for stakeholders including members of the Housing Development Advocacy Network (HDAN) to examine the responsibilities of existing institutions, identify regulatory gaps and contribute recommendations towards a framework that addresses the peculiar challenges of the Nigerian property market.
With housing demand continuing to place pressure on the sector, stakeholders maintained that effective regulation, stronger institutional partnerships and improved accountability would be essential to building a more transparent real estate market, protecting investors and expanding access to decent and affordable housing across the country.
