PropTech in Nigeria: How Technology Is Changing Real Estate Investment

Nigeria’s real estate sector continues to attract interest, but rising property prices, increasing construction costs and the substantial capital required to purchase property have made direct ownership difficult for many people.

Property technology, commonly known as PropTech, is creating alternative ways to participate in the market. One example is fractional real estate investment, which allows multiple investors to contribute towards a property rather than having to purchase the entire asset individually.

Although this model can lower the financial barrier to entry, it also raises important legal questions. When does a property investment arrangement become a regulated financial product, and what responsibilities do the businesses operating these platforms have?

These questions are particularly important under Nigeria’s Investments and Securities Act, 2025 (ISA), which provides a framework for regulating investment activities and protecting investors.

What Is PropTech?

PropTech refers to the use of technology to improve how real estate is developed, marketed, financed, bought, sold, leased and managed.

It includes digital property marketplaces, online transaction platforms, property management software and technology-enabled investment services.

Fractional real estate investment is one of the models supported by these developments. It allows several people to participate financially in a single property or real estate project, with each investor holding an interest according to the legal structure of the arrangement.

Pooling resources to acquire property is not a new idea. Individuals have long combined their funds to purchase and manage real estate. Technology has changed how these arrangements can be organised, promoted and administered.

Previously, coordinating several property investors could involve extensive paperwork, significant administrative costs and difficulties monitoring contributions and investment performance.

Digital platforms can simplify these processes, improve record-keeping and make investment opportunities easier to distribute to potential participants.

However, fractional real estate arrangements do not all have the same legal structure. Depending on the arrangement, investors may own direct interests in a property, hold shares in a company established to acquire the asset, or participate through a trust or another recognised investment vehicle.

The distinction is important because the legal rights of investors and the regulatory obligations of the platform may differ according to the structure used.

Understanding the Regulatory Requirements

Making property investment more accessible does not remove the legal obligations associated with raising and managing money from investors.

Depending on how an arrangement is structured, several laws may apply, including the Investments and Securities Act, 2025, the Land Use Act, 1978, the Companies and Allied Matters Act, 2020, the Nigeria Data Protection Act, 2023, and the Money Laundering (Prevention and Prohibition) Act, 2022.

These laws address different aspects of property ownership, corporate operations, investment regulation, personal data protection and financial crime prevention.

Consequently, PropTech operators must look beyond the technology used to offer their services. They also need to consider the legal nature of the investments they promote, the rights granted to participants and the obligations arising from their business models.

Investors, in turn, need to understand what they are purchasing and whether the relevant platform and investment arrangement meet applicable legal requirements.

SEC Oversight and the Investments and Securities Act

The Securities and Exchange Commission (SEC) regulates Nigeria’s capital market and has responsibilities relating to investor protection and the maintenance of fair, efficient and transparent markets.

Under the ISA, the regulatory treatment of a PropTech investment depends significantly on the arrangement’s actual structure and activities.

For example, a platform that collects money from members of the public to invest in property and promises returns may raise different regulatory considerations from a straightforward arrangement in which two people jointly purchase a plot of land.

The label attached to an investment product does not, by itself, determine its legal status. The underlying rights, financial arrangements and manner in which funds are collected and managed are important factors.

For businesses developing digital property investment products, assessing these questions early can help identify the registrations, disclosures and other compliance measures that may be required.

When Does Fractional Property Investment Become a Collective Investment Scheme?

A collective investment scheme (CIS) is one of the regulatory categories relevant to fractional real estate.

The ISA addresses arrangements in which investors contribute money or other assets to participate in a portfolio, with those contributions pooled and managed collectively.

Where an arrangement meets the statutory definition of a CIS, it falls within the SEC’s regulatory framework.

However, not every fractional ownership arrangement automatically qualifies as a collective investment scheme.

For example, two individuals who directly purchase a plot of land together may simply be co-owners. If they each acquire a direct interest in the property and the arrangement does not involve the relevant features of a regulated collective investment scheme, the legal treatment may differ from a platform that pools public funds and professionally manages a portfolio of properties.

The distinction depends on the facts and legal structure of each arrangement. Businesses should not assume that every co-ownership model is regulated in the same way, nor should they assume that calling an investment fractional ownership exempts it from regulation.

Raising Money Through Shares and Other Securities

The ISA also provides frameworks for raising investment capital through securities connected to real estate and property development.

Depending on the structure, a company may issue shares or other permitted investment instruments that provide investors with financial rights associated with a property project or business.

Real estate investment trusts and other recognised structures can also enable multiple investors to participate in property-related investments and potentially benefit from rental income or changes in asset value.

These arrangements are legally distinct from one another. Buying shares in a company that owns property does not necessarily give a shareholder direct ownership of a specific property. The investor’s rights depend on the company’s structure, the relevant agreements and the securities acquired.

Where an investment product falls within the ISA’s provisions, the applicable registration, authorisation, disclosure and other regulatory requirements must be considered.

The law’s provisions concerning securities and property-related fundraising are therefore important for companies seeking to attract capital through digital platforms.

When Does an Investment Offer Become Public?

Another important consideration is whether a fundraising activity constitutes an invitation to the public.

The ISA establishes rules governing public offers of securities and the requirements that may apply, including prospectus-related obligations.

Offers distributed through mass media, websites or electronic channels may fall within the relevant provisions. The law also addresses offers circulated to particular groups and the distribution of application forms in connection with securities.

However, the statutory framework includes provisions concerning private arrangements that are not intended to make an investment available beyond the group originally approached.

The exact treatment depends on the circumstances and the applicable statutory conditions. Simply limiting access to a website or circulating an offer to a selected group does not necessarily establish that an arrangement is exempt.

PropTech operators planning to advertise investment opportunities online should therefore assess the legal implications of their marketing methods before inviting people to contribute money.

What PropTech Businesses Need to Consider

For developers, founders and operators of digital real estate platforms, regulatory compliance should be considered when designing an investment product, rather than postponed until after money has been raised.

Businesses should understand the legal structure of the product, the rights investors receive, how funds will be held and managed, and whether the activity requires regulatory registration or approval.

They should also establish appropriate documentation, disclosures and procedures for communicating investment risks.

These steps can help reduce the risk of disputes and regulatory problems as the business grows.

The specific requirements will depend on the business model and the laws applicable to its activities. Professional legal advice is therefore important before launching or expanding an investment platform.

What Investors Should Check Before Committing Funds

Digital platforms can make property opportunities easier to discover, but convenience should not replace due diligence.

Before investing, prospective participants should establish who legally owns the underlying property, what rights the investment provides and how the arrangement is structured.

They should also understand how returns are expected to be generated, what fees may apply, how and when funds can be withdrawn or an investment sold, and what risks could lead to losses.

Investors should verify relevant property documentation and investigate whether the platform and investment product comply with applicable regulatory requirements.

They should not assume that an advertised return is guaranteed or that a digital platform’s presence online establishes the legitimacy of its offering.

Careful examination of the investment documents, ownership arrangements and applicable regulatory status can help investors make better-informed decisions.

Conclusion

Fractional real estate investment has existed in different forms for generations. PropTech has changed how these arrangements can be organised, managed and offered to potential investors, creating opportunities for wider participation in the property market.

However, technology does not remove the legal principles governing property ownership, fundraising and investment regulation.

The legal and regulatory treatment of an investment depends on its substance, rather than the terminology used to describe it. An arrangement promoted as fractional property ownership may still fall within securities regulation if its actual features meet the relevant statutory requirements.

For PropTech businesses, sustainable growth requires more than developing an accessible digital platform. It also requires an appropriate legal structure, clear investor rights and compliance with applicable regulations from the outset.

For prospective investors, understanding the ownership model, expected returns, risks and regulatory position is essential before committing capital.

As Nigeria’s real estate sector becomes more technology-driven, sound due diligence and effective compliance will remain important to building trust and supporting responsible investment.

Disclaimer

This article is intended for general educational purposes only and does not constitute legal or other professional advice. The regulatory treatment of a particular investment depends on its specific circumstances and applicable law. Investors and businesses should seek qualified professional advice before making investment or compliance decisions.

Source: Nigeria Housing Market, PropTech in Nigeria: An Investor’s Introductory Guide.

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CFL Group Gives Lagos Land Registry Seven Days to Resolve Title Dispute

The Group Managing Director of CFL Group of Companies, Lai Omotola, has given the Lagos State Land Registry a seven-day ultimatum to address what he described as alleged falsification and manipulation of land documents, warning that affected property owners could seek N5 billion in damages through the courts.

Omotola issued the ultimatum during a press conference in Lagos on Thursday, where he raised concerns over what he described as a sophisticated form of land fraud known as “Land Title Laundry.”

According to him, the alleged practice involves cloning, manipulating and introducing fraudulent land documents into official records to create seemingly legitimate ownership titles over valuable properties.

He said the practice was particularly concerning in high-value areas such as Ikoyi and Victoria Island, where land and property prices are significantly higher.

Omotola alleged that the manipulation of land titles had continued in Lagos for years and that several financial institutions had allegedly accepted fraudulent Certificates of Occupancy as collateral for loans.

He said some banks only discovered the alleged irregularities after borrowers defaulted on the loans secured with the disputed properties.

The CFL Group boss recalled that during the administration of former Lagos State Governor Akinwunmi Ambode, the state government demolished a market opposite the Government House where, according to him, forged Certificates of Occupancy were allegedly being produced.

He, however, said the alleged practice had since become more sophisticated because of the financial interests involved and the alleged participation of individuals within and outside government.

How alleged land title manipulation works

Omotola alleged that the process typically begins with the identification of abandoned or disputed properties in prime locations such as Ikoyi and Victoria Island.

He said speculators could allegedly identify the name of a deceased prominent individual and use the identity to construct a fictitious chain of ownership for a property.

According to him, forged land certificates could then be produced, sometimes with dates going back several decades, before being introduced into the official land registry system.

Omotola alleged that once such documents were entered into the registry, they could appear to be genuine official records.

He further alleged that perpetrators could subsequently declare the supposed original document lost, obtain a police affidavit and use it to process a Governor’s Consent.

He said this could create the appearance that the property had been legitimately transferred to a new owner.

Omotola stressed that a Certificate of Occupancy and a Governor’s Consent are not the same document.

He explained that a Certificate of Occupancy represents the government’s grant of a title to land, while a Governor’s Consent is the approval given by the Governor for a transaction involving an existing interest in land.

He said obtaining a Governor’s Consent did not necessarily correct defects in the underlying title.

According to him, where an investigation subsequently establishes that the underlying documents were forged or obtained through misrepresentation, the consent could be cancelled.

Victoria Island property dispute

Omotola said his concerns were also based on a dispute involving a property at 24 Adeola Odeku Street, Victoria Island, which he said was purchased by his company.

He said CFL Group acquired the property and began construction before another company allegedly arrived with police officers and sealed the premises.

The other party allegedly claimed ownership based on a Governor’s Consent.

Omotola said the opposing party claimed that the original owner of the property was Samuel Oladele Ige, who allegedly sold it to the late Alhaji Ganiyu Amusan, the father of businessman Tayo Amusan.

He said CFL Group investigated the alleged ownership history and contacted members of Samuel Ige’s family.

According to Omotola, the family said Samuel Ige died in 2012, making it impossible for him to have personally sold the property in 2015.

He also said the family told the company that Ige’s will contained no indication that he owned the property at 24 Adeola Odeku Street.

Omotola said further investigations into the claim involving Alhaji Ganiyu Amusan also raised questions because Amusan died in 1994.

He argued that this meant Amusan could not have personally purchased the property in 2015, as allegedly stated in the disputed ownership history.

Disputed affidavit and registry records

Omotola said investigators also found a police affidavit allegedly sworn by Samuel Ige in 2015 declaring that his original land certificate had been lost.

He said Ige’s first son, Niyi, disputed the authenticity of the document, alleging that the photograph and signature appearing on the affidavit did not belong to his late father.

He further alleged that a letter of objection purportedly written by Samuel Ige before the Governor’s Consent was issued was received by the Land Registry on September 1, 2015.

Omotola said this raised further questions because Ige had died three years earlier.

According to him, the Ige family subsequently petitioned the Land Registry over the disputed documents.

He said the registry found sufficient merit in the complaint to invite beneficiaries of the disputed Governor’s Consent to proceedings that could result in the deregistration of the consent.

Omotola alleged that the beneficiaries failed to appear on two occasions.

He further alleged that construction continued on the property while the beneficiaries relied on security agencies.

Landowners demand correction of records

Omotola said the affected landowners were demanding that the disputed Governor’s Consent be deregistered and that the land records be corrected to reflect what they described as the legitimate ownership of the property.

He warned that if the Lagos State Land Registry failed to take action within seven days, the affected parties would approach the courts.

The proposed legal action, according to Omotola, would include a claim for N5 billion in damages.

He insisted that the affected landowners were not beneficiaries of any corruption within the land administration system.

Rather, he said they were seeking protection for properties they had legitimately acquired and accountability in the management of land records.

Omotola called on the Lagos State Government to investigate the alleged manipulation of land documents and strengthen the state’s land registry system.

He said stronger safeguards were needed to prevent fraudulent titles from being introduced into official records and subsequently used in property transactions and financial dealings.

The allegations made by Omotola concern specific property ownership and land documentation and remain matters for the relevant authorities and, if pursued, the courts to determine.

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FG Announces 30-Day Petrol Discount at NNPC Stations

The Federal Government has announced a 30-day discount on petrol dispensed by the Nigerian National Petroleum Company Limited (NNPC) as part of measures to ease pressure from rising fuel and transportation costs.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the measure on Thursday during a press briefing on fuel prices and subsidy-related issues in Abuja.

Oyedele said the discount would initially run for 30 days, with public transport operators across the country receiving priority under the arrangement.

He stressed that the measure should not be interpreted as a return to the petrol subsidy regime.

According to the minister, the government would instead make petrol available through NNPC at cost during the period.

“We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days in the first instance with priority for public transporters nationwide. So, it’s not a subsidy, government is just saying we sell to you at cost,” Oyedele said.

The announcement comes amid continued pressure from rising petrol prices and transportation costs, which have affected households, workers and businesses across the country.

Public transporters to receive priority

The Federal Government said public transport operators would be prioritised under the 30-day arrangement.

The move is expected to provide some relief to transport operators whose businesses are directly affected by changes in petrol prices and, in turn, to commuters who depend on public transportation.

The government has not yet provided all the operational details of how the priority arrangement will work or the exact discount that individual motorists and transport operators will receive.

The announcement is separate from the NNPC Retail ₦66-per-litre Independence Day promotion, which ran from October 1 to October 7 through the NNPC Fuel App.

FG insists measure is not a subsidy

Oyedele’s clarification comes against the background of renewed debate over petrol pricing and calls for the government to intervene as fuel costs continue to affect the wider economy.

The minister maintained that the latest arrangement does not restore a blanket petrol subsidy.

Instead, the government intends to use NNPC’s retail network to provide petrol at cost for the initial 30-day period.

The Federal Government is also considering other measures aimed at reducing volatility in petrol prices and limiting the effect of global crude oil prices and exchange-rate movements on domestic fuel costs.

One of the measures announced by the minister is a proposed ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol. The government says the proposal is intended to smooth price movements rather than permanently fix petrol prices.

The proposed ceiling would be reviewed periodically, with the government saying the objective is to prevent sharp swings in petrol prices caused by movements in international crude prices and foreign exchange.

Broader measures planned

The 30-day NNPC discount forms part of a wider package of measures being considered by the Federal Government to reduce pressure from fuel and transportation costs.

The government is also working on arrangements for forward crude sales to domestic refineries, which would provide refiners with greater certainty over crude supply and potentially reduce exposure to fluctuations in international crude prices.

The government has further highlighted the expansion of Compressed Natural Gas as an alternative energy source for transportation.

Oyedele said the government was seeking a combination of immediate interventions and longer-term measures to reduce the impact of energy-price volatility on Nigerians.

The Federal Government’s latest petrol intervention is therefore being presented as a temporary cost-relief measure, rather than a reversal of the fuel subsidy reforms introduced in 2023.

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Akwa Ibom Housing Projects Reach 1,048 Units Across Six Locations

The Akwa Ibom State Government has acquired and earmarked about 150 hectares of land across six locations for housing development, with 1,048 housing units currently at various stages of completion and delivery.

The Commissioner for Housing, Dr Henry Archibong, disclosed this during a ministerial media briefing, explaining that the state’s housing programme under Governor Umo Eno is focused not only on constructing homes but also on developing affordable, sustainable and economically viable communities.

According to Archibong, the housing programme is aligned with the administration’s ARISE Agenda and the United Nations Sustainable Development Goal 11, which promotes inclusive, safe, resilient and sustainable cities and communities.

He said the ministry’s vision was to become a model institution for effective service delivery by promoting operational efficiency and making optimal use of resources to provide decent, quality and affordable housing.

The commissioner explained that the statutory responsibilities of the Ministry of Housing include formulating and implementing policies for the design, construction and maintenance of public buildings, developing residential housing policies, vetting and approving building drawings, valuing buildings for government purposes and managing state-owned properties in Uyo, Lagos, Abuja and other parts of the country.

Key housing projects across the state

Archibong identified several major housing projects being implemented by the state government, including Aviation Village Phase 1, Doctors’ Residence at Ibom Medical City, Executive and Legislative Quarters, Judiciary Quarters and the ARISE City Social and Affordable Housing Estate.

The Aviation Village Phase 1 occupies about 15.072 square metres of fenced land and comprises 100 housing units, made up of 50 two-bedroom and 50 three-bedroom apartments.

The project is 98 per cent complete.

Five of the units have already been allocated to the Ministry of Aviation to accommodate officials and visitors from the Federal Ministry of Aviation involved in project supervision.

The estate also has a model primary school, a 70,000-litre water facility with reticulation, a 7.13-kilometre road network, electricity infrastructure, a police station and a solar-powered closed-circuit television system.

Archibong said Governor Eno had directed that a secondary school be included in the second phase of the development.

At Ibom Medical City, the Doctors’ Residence covers 11.8 hectares and comprises 50 three-bedroom bungalows and 50 four-bedroom terrace duplexes.

The development also includes a model school and recreational facilities and is currently about 70 per cent complete.

The Judiciary Quarters, located along Idongesit Nkanga Avenue, Ring Road 3, occupies 6.3 hectares.

The project consists of 50 four-bedroom duplexes, each with two boys’ quarters, as well as a recreational centre and conference hall. It is also about 70 per cent complete.

Other housing interventions

The commissioner also listed several other housing interventions being undertaken by the administration.

These include the 500 ARISE Compassionate Homes programme, of which 438 units have been completed and delivered.

The government has also developed 236 units of flats at Grace Estate, with 150 of the units allocated to civil servants.

Other projects include 35 duplex units at Ewet Luxury Garden and 31 residences for local government chairmen, which are currently under construction.

Earlier reports from the state government had also put the total number of housing units delivered or under development at more than 1,048, including the Compassionate Homes, Grace Estate, Aviation Village, Medical Residences, government quarters, Ewet Luxury Garden and local government chairmen’s residences.

Housing projects create jobs

Archibong said the housing programme was also contributing to economic activity across the state.

According to him, between 5,000 and 6,000 people are benefiting directly and indirectly from the projects through employment and related services.

He said artisans and labourers working on the projects earn between N7,000 and N12,000 daily.

“Housing is both a social intervention and an economic development tool. It is the single most important facilitator of economic growth,” Archibong said.

The commissioner explained that the impact of the projects extended beyond the provision of accommodation because construction activities were generating employment and supporting businesses involved in building materials, transportation, skilled labour and other ancillary services.

Government plans facelift for Ewet Housing Estate

Archibong also disclosed that Governor Eno had constituted a committee to assess the Ewet Housing Estate and recommend measures to improve its physical condition and security architecture.

He said the committee had completed its assessment and submitted its report to the government.

The intervention is expected to address concerns around the estate’s infrastructure and security while improving the overall living environment for residents.

Government seeks stronger housing partnerships

Despite the number of projects underway, Archibong acknowledged that the state still faced a significant housing deficit.

He said government could not address the challenge alone and would therefore continue to strengthen collaboration with mortgage institutions, professional bodies and private developers.

The partnerships are expected to improve access to housing finance and support the expansion of affordable housing supply across the state.

The commissioner said the government’s approach was to combine public-sector housing interventions with private-sector participation and stronger financing mechanisms to reach more residents.

The state’s housing programme forms part of the wider ARISE Agenda, with the government positioning housing development as both a social welfare intervention and a means of stimulating economic activity.

With about 150 hectares earmarked across six locations and 1,048 housing units at various stages of development or delivery, the administration is continuing to expand its housing programme while seeking additional partnerships to address the state’s housing needs.

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Rising Rents Push Asaba Residents Deeper Into Housing Hardship

Residents of Asaba, Delta State, are facing increasing difficulty securing and retaining decent accommodation as rising rents, inflation, stagnant incomes and the wider cost-of-living crisis put greater pressure on household finances.

Asaba has continued to expand, with new roads, businesses and construction projects changing the city’s landscape. The state capital has also attracted people seeking employment, education, trade and better economic opportunities.

But behind the growth, many residents are struggling to keep up with the cost of housing.

For some households, finding accommodation has moved beyond a normal financial responsibility and become an annual struggle involving difficult choices between rent, food, transportation, school fees, electricity and healthcare.

A 2025 report on the State of Lagos Housing Market cited in the report indicated that rent could consume between 50 and 70 per cent of household income in some cases, reflecting the growing affordability challenge facing Nigerian households.

Residents also face additional costs from estate agents, legal fees and other charges, meaning the amount required to secure a property can be significantly higher than the advertised rent.

In parts of Asaba, a one-bedroom apartment can cost between N700,000 and N1m annually, while larger apartments command higher rents.

For workers whose earnings have not increased at the same rate as inflation, the cost of accommodation can consume a substantial portion of their income.

Workers struggle to keep up with rent increases

Ella, a civil servant living in Ugbolu, said she previously paid N400,000 annually for a three-bedroom apartment but now pays N700,000.

Her salary, however, has not increased by a similar margin, leaving less money available for savings and other family needs.

For Okafor Ikechukwu, a commercial tricycle operator and family breadwinner, the situation has become even more difficult.

His annual rent increased from N150,000 to N360,000, while his income did not rise accordingly. On some days, he said, he works for several hours without getting enough passengers.

Much of his earnings goes towards feeding his family, leaving little available for rent savings.

He said that while he was previously able to pay his rent once a year, he now sometimes has to make payments in instalments because raising the full amount at once is difficult.

Artisans are also feeling the pressure.

Paul Edward, a professional plumber who has worked in Asaba for more than 20 years and chairs the Plumbers Association, said his annual rent had increased from N145,000 to N450,000.

He said that after paying school fees, feeding his family and meeting other household expenses, saving enough money for rent had become increasingly difficult.

According to Edward, some artisans have resorted to living in unfinished buildings because they can no longer afford decent accommodation.

Owen Marvellous, a married commercial tricycle operator and father, said his housing needs changed after he started a family.

He explained that living in a single room was more manageable before marriage, but having a wife and children meant he needed a larger apartment.

The cost of moving into a bigger home, however, has become increasingly difficult to bear.

He said one-bedroom apartments can cost between N700,000 and N1m annually in some parts of Asaba, while agency and other charges add further pressure to prospective tenants.

Single mothers face additional housing pressure

For Doris, a single mother with one child, the housing challenge goes beyond rent.

She lives in a one-room apartment affected by poor drainage and flooding, making living conditions difficult.

Her concerns increased when her landlord threatened to remove the roof of the building during the rainy season.

Doris said she was terrified by the possibility of being left without a roof over her head.

She also faced the prospect of receiving a quit notice and, at one point, had to borrow money to raise enough funds to remain in her accommodation.

For a single-income household, the loss of accommodation could create wider consequences for the stability and security of the family.

Commercial rents squeeze businesses

The pressure is not limited to residential accommodation. Business owners are also dealing with increasing commercial rents.

Ikechukwu Emmanuel, who has been in the plumbing materials business for 15 years, said shops in Asaba now cost between N1m and N1.5m annually, depending on location and other factors.

He explained that when commercial rent is combined with residential accommodation, transportation, electricity, staff salaries and other operating costs, business owners can end up spending most of their earnings simply to remain in operation.

According to him, some entrepreneurs are now using money that would otherwise have gone into expanding their businesses to cover operating expenses.

Others, he said, have been forced to shut down after years of trading because the cost of maintaining their businesses became unsustainable.

Precious, a fashion designer in Okpanam, said rising shop costs had also affected her business.

She said that when a customer brings work worth N10,000, she may accept the amount without negotiating because she needs the money to meet her growing expenses.

“Rent keeps increasing, but my income has not increased at the same pace,” she said.

Housing demand outpaces supply

Estate agents in Asaba said the rental market had changed considerably in recent years.

Anthony, an estate agent with 12 years of experience in the city, said the market began changing significantly around 2023 as Asaba’s population grew and infrastructure improved.

According to him, demand for accommodation increased while the supply of available homes did not grow at the same pace.

Another estate agent, Gozie, attributed part of the increase in rents to higher construction costs.

He said the cost of building materials, labour, transportation and other development expenses had increased, with developers passing some of the additional costs on to tenants through higher rents.

Okolie Alexander, a building materials dealer, also said construction commodities had become more expensive.

He attributed the increases to fuel costs, transportation expenses, government policies and international economic conditions.

Economist links rent crisis to supply gap

Prof Anthony Monye-Emina, Head of the Department of Economics at Dennis Osadebay University, identified the imbalance between housing demand and supply as a major factor behind the rising rents.

He said Asaba was attracting more residents but affordable housing was not being developed quickly enough to meet the growing demand.

According to him, inflation has worsened the situation because the prices of goods and services continue to rise while wages do not automatically increase at the same pace.

As a result, households are forced to devote a larger share of their earnings to basic needs, leaving less money for savings, investments and emergencies.

Solomon Eyikwe, Chairman of the Asaba Branch of the Nigerian Institution of Estate Surveyors and Valuers, said Nigeria’s largely market-driven housing system gives private property owners significant control over rental prices.

He also pointed to exchange-rate fluctuations and inflation as factors that have increased the cost of imported building materials and property development.

Samuel Ekiyor, a married resident and father, expressed concern that continued increases in rent could eventually make it difficult for many workers to afford to live in Asaba.

Developing rural areas could ease pressure on cities

Monye-Emina said part of the response to rising urban housing demand should involve developing rural communities.

He argued that better roads, healthcare, schools and economic opportunities in rural areas could reduce the pressure driving people into cities such as Asaba.

According to him, reducing the need for people to move into urban centres could help moderate pressure on available housing.

The housing situation has broader consequences because accommodation costs affect household welfare, business operations and residents’ ability to save or invest.

The experiences of civil servants, artisans, commercial tricycle operators, traders, business owners and single parents in Asaba show how rising housing costs are affecting different categories of residents.

For many of them, the demand is not for luxury accommodation but for a decent home that can be sustained alongside other basic household expenses.

As rents continue to rise, residents are increasingly being forced to reduce spending, postpone plans, use instalment payments, borrow money or consider cheaper accommodation options.

The situation has also raised concerns about the ability of workers and small businesses to remain in the city as accommodation and operating costs continue to increase.

For many residents, a home that should provide security and stability is increasingly becoming another source of financial uncertainty.

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ShafDB Launches FCFA60bn Bond to Finance Affordable Housing in West Africa

Shelter Afrique Development Bank (ShafDB) has launched a FCFA60 billion sustainable bond, equivalent to about $100 million, to mobilise local-currency funding for affordable and sustainable housing projects across the West African Economic and Monetary Union (WAEMU) region.

The issuance, launched on October 7, 2026, is the development bank’s first sustainable bond and is intended to expand access to long-term financing for housing projects while strengthening the use of local capital markets in West Africa.

The transaction is being arranged by CGF Bourse Dakar as Lead Arranger, with the International Finance Corporation (IFC) and Ecobank Group, through Ecobank Senegal, serving as anchor investors.

The bond is structured in two tranches. The five-year tranche carries an interest rate of 6.10 per cent, while the seven-year tranche has a rate of 6.30 per cent. The subscription period runs from October 7 to October 30, 2026.

ShafDB Director of Treasury, Nabil Mahfoudh, said the transaction was designed not only to raise capital but also to create a more diversified and resilient financing platform for housing and urban development across Africa.

He said expanding the bank’s presence in West African capital markets would help connect local savings with housing and urban development needs while allowing financing to be provided in the same currency in which local developers generate their income.

Focus on local-currency housing finance

The bond comes as the WAEMU housing market continues to face a significant housing deficit. Estimates cited in the announcement put the regional shortfall at about 3.5 million housing units, with nearly 250,000 additional homes needed each year to keep pace with population growth and urbanisation.

ShafDB said the proceeds are expected to support affordable, sustainable and energy-efficient housing projects in the region.

The bank also highlighted the importance of financing projects in local currency. By matching the currency of project financing with the currency in which housing projects generate revenue, developers can reduce their exposure to foreign-exchange risks, particularly for medium- and long-term investments.

The approach is intended to strengthen the connection between local capital markets and the housing sector while improving the availability of long-term funding for developers and housing-related projects.

Sustainable financing framework

In preparation for the issuance, ShafDB worked with the Global Green Growth Institute (GGGI) to develop and publish its Sustainable Financing Framework.

The framework received a favourable opinion from S&P Global, which the bank said strengthened the credibility and transparency of its sustainable finance approach and its alignment with applicable principles for green and social financial instruments.

The transaction also received regulatory approval from the Autorité des Marchés Financiers de l’UMOA (AMF-UMOA), marking another step in the launch of the bond.

Mobilising African savings

The bond issuance forms part of wider efforts under the New African Financial Architecture for Development (NAFAD), as reflected in the Abidjan Consensus, to increase the mobilisation of African savings and deepen capital markets across the continent.

The initiative seeks to encourage greater use of domestic and regional resources to finance Africa’s development priorities, including affordable housing, urban infrastructure and sustainable development.

ShafDB has previously accessed African capital markets through multiple bond issuances. The development bank said it has completed 11 bond issuances across different African markets.

Its most recent issuance took place in Nigeria in April 2022, when it raised N46 billion, equivalent to approximately $110 million at the time.

The bank said its latest transaction reinforces its intention to play a larger role in mobilising African capital for housing and urban development.

ShafDB is a pan-African multilateral development bank focused on financing housing, urban development and related infrastructure. It operates across 44 African shareholder countries and provides financing and advisory solutions covering areas including mortgage finance, housing microfinance, housing funds, mortgage refinancing and rent-to-own markets.

Through the FCFA60 billion sustainable bond, the institution is seeking to expand local-currency financing for housing in West Africa while supporting projects that combine affordability, sustainability and energy efficiency.

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Kwara Inaugurates 464-Unit Housing Estate in Ijagbo

The Kwara State Government has inaugurated a 464-unit housing estate in Ijagbo, Oyun Local Government Area, as part of efforts to expand access to decent and affordable housing in the state.

Governor AbdulRahman AbdulRazaq inaugurated the AbdulRahman AbdulRazaq Morire Housing Estate on Tuesday. The governor was represented at the event by the Commissioner for Housing and Urban Development, Dr Segun Ogunsola.

The estate consists of 210 two-bedroom terrace apartments, 200 three-bedroom units and 54 four-bedroom terrace duplexes.

AbdulRazaq said the Morire City Project demonstrated what could be achieved when government creates an enabling environment for private sector investment in housing.

He noted that the decision by the developer to name the estate after him was an acknowledgement of his administration’s contributions to mass housing development in Kwara.

The governor also highlighted reforms introduced in the state’s land administration system, saying they had reduced the processing period for a Certificate of Occupancy from about 180 days to 35 days.

He said the reforms were part of the government’s broader commitment to making land administration more transparent, efficient and responsive to investors and residents.

According to him, the state government had prioritised housing development and recognised access to decent and affordable housing as important to the wellbeing of residents.

AbdulRazaq said the commitment was also reflected in the development of the Kwara Smart City and other mass housing projects across the state.

He added that the government had worked to improve access to land, facilitate the prompt issuance of land titles and Certificates of Occupancy, and provide timely approvals for property and mortgage transactions.

“These reforms have produced measurable results,” the governor said, noting that about 600 Certificates of Occupancy had recently been approved and signed since the land administration reforms were implemented.

He said the previous system could take up to 180 days or longer to process applications, while the streamlined process now takes about 35 days.

AbdulRazaq said the shorter turnaround time demonstrated the administration’s efforts to create a more investor-friendly land administration system and support housing development.

Earlier, the Chief Executive Officer of ISHI Homes, Dr Olayinka Ilufoye, said the project was designed to broaden access to homeownership and make decent housing more accessible to residents of Kwara South Senatorial District.

Ilufoye said the estate was targeted at civil servants, traders and other Nigerians who could access the housing through the National Housing Fund.

He explained that the name “AbdulRahman AbdulRazaq Morire” translates to “I have seen goodness” and was chosen to represent the developers’ faith, hope and expectation for the project.

He said the company expected the estate to become a symbol of prosperity, progress and abundance in Kwara South.

Ilufoye also pledged the company’s commitment to transparency, accountability, quality construction and timely delivery.

The Executive Chairman of the Kwara State Geographic Information Service, Alhaji Sulyman Abdulkareem, commended the state government for its efforts to improve access to land and facilitate the prompt issuance of titles and Certificates of Occupancy.

Abdulkareem said the government’s timely approval of mortgage transactions was also helping to create the conditions required for housing development to grow in the state.

The inauguration adds another private-sector-led housing development to Kwara’s wider housing programme, which includes the state’s efforts to improve land administration, expand housing supply and attract investment into the sector.

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President John Dramani Mahama is expected to open Ghana’s two-day National Conference on Housing Finance in Accra on October 7, with stakeholders set to examine innovative financing mechanisms for expanding access to adequate and affordable housing.

The conference, organised by the National Homeownership Fund (NHF), will be held under the theme, “Adequate Housing for All: Innovative Financing for Ghana’s Housing Future.”

Mahama, who is the Guest of Honour, is expected to deliver the keynote address at the opening session of the conference.

The event will bring together representatives from government, financial institutions, the private sector, development institutions, civil society, academia and local government to discuss the challenges affecting housing finance in Ghana.

The conference comes amid persistent difficulties in Ghana’s housing sector, including rising construction costs, limited access to long-term financing, high mortgage rates and affordability constraints.

According to the National Homeownership Fund, these challenges continue to prevent many households from accessing adequate housing.

The two-day event will therefore focus on how capital can be mobilised and deployed more effectively to increase housing opportunities, particularly for low- and middle-income households.

Participants are also expected to examine the current state of Ghana’s housing finance ecosystem and consider financing models that could improve access to sustainable and affordable housing.

Stakeholders to examine housing finance reforms

The conference is being organised in collaboration with the Ministry of Finance, the Ministry of Works, Housing and Water Resources, the Ministry of Local Government, Chieftaincy and Religious Affairs, the Bank of Ghana and Shelter Afrique Development Bank.

Financial institutions, labour unions and private-sector stakeholders are also expected to participate in the discussions.

The organisers said the conference would seek to move the housing finance conversation beyond policy discussions by identifying practical financing solutions, institutional reforms and partnerships that could support Ghana’s housing sector.

The event is expected to end with a policy outcomes communiqué containing recommendations to guide housing policy, implementation and resource mobilisation.

Focus on affordable housing finance

The conference forms part of activities marking World Habitat Day 2026, which highlights the condition of human settlements and the importance of adequate housing to inclusive and sustainable development.

The National Homeownership Fund said the conference reflects Ghana’s effort to strengthen the systems, institutions and financing mechanisms needed to make adequate and affordable housing more accessible.

The Fund, a government-backed housing finance institution, was established to support affordable homeownership and contribute to the development of Ghana’s housing finance ecosystem.

Through partnerships with government institutions, financial institutions, housing developers and other stakeholders, the NHF seeks to develop sustainable financing solutions that can make homeownership more accessible to Ghanaians.

Housing finance challenges

Earlier in September, NHF Chief Executive Officer Prosper Hoetu said the conference would focus on structural barriers that have limited access to decent and affordable housing, particularly for low- and middle-income households.

The 2024 Ghana Housing Profile estimated the country’s housing deficit at approximately 1.8 million units, while more than 30 per cent of the existing housing stock was considered inadequate.

Hoetu said only about five per cent of Ghanaians could independently afford a home, while 60 per cent required some form of government assistance and 35 per cent required social housing.

He identified limited access to long-term financing, high interest rates, short loan tenures, land administration challenges and inefficiencies in housing delivery as major barriers to homeownership.

According to him, Ghana’s mortgage-to-GDP ratio remained below 0.3 per cent, while mortgage interest rates often exceeded 30 per cent, making formal housing finance difficult for many low- and middle-income households to access.

The conference is consequently expected to examine measures including reducing mortgage rates, extending loan tenures, developing local-currency mortgage products, expanding access to finance for informal-sector workers and attracting long-term capital into the housing market.

Construction and green housing also on agenda

Discussions will also cover financing challenges facing housing developers, including high borrowing costs, limited access to long-term capital, difficulties with land titling and perceived project risks.

Four thematic panel discussions are expected to focus on mortgage financing, construction financing, climate and green housing, and informal and social housing.

An exhibition will also provide an opportunity for financial institutions, developers, technology providers and development partners to showcase housing finance products, green-building technologies and affordable housing projects.

The NHF expects the conference to produce shared commitments, new or revised affordable housing loan products, a technical working group on green affordable housing finance and a roadmap for operationalising its homebuyer database and offtake guarantee framework.

A follow-up review of the outcomes is scheduled for the first quarter of 2027.

The conference is therefore expected to place housing finance at the centre of discussions on Ghana’s efforts to expand housing supply and improve access to homeownership for households across different income groups.

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The Nigerian Institute of Architects (NIA), Kogi State Chapter, has called for practical action to address Nigeria’s housing challenges, urging professionals, policymakers and other stakeholders to promote affordable housing and greater use of indigenous building materials.

The call was made at the 2026 World Architecture Day and Annual General Meeting of the NIA, Kogi State Chapter, where stakeholders examined ways of translating the recognition of housing as a human right into practical housing solutions.

The Chairman of the Occasion, Arc. Kayode Oloninisi, Ph.D, FNIA, said the theme of the celebration, “Housing is a Human Right. Build It,” provided an opportunity for architects and other built-environment professionals to move beyond discussions and focus on solutions that could deliver decent, affordable and accessible homes to Nigerians.

Oloninisi, who was represented at the event by Associate Professor Okwenya Sunday, Head of the Department of Architecture at the Federal University Lokoja, said adequate housing was fundamental to human welfare and national development.

He noted that housing, alongside food and clothing, remained one of the basic needs of humanity, providing physical protection while also contributing to health, dignity, emotional security and overall wellbeing.

According to him, the theme adopted by the International Union of Architects (UIA) also reinforces the recognition of adequate housing under international human rights instruments, including the Universal Declaration of Human Rights and the International Covenant on Economic, Social and Cultural Rights.

Oloninisi commended the Kogi State Chapter of the NIA for designing a programme that examined practical architectural, planning, financing and policy approaches to the housing challenges facing residents of the state.

He also praised the chapter for bringing together professionals to examine the theme from different perspectives and encouraged participants to use the event to strengthen professional development, networking and collaboration within the built environment.

Architects push indigenous building materials

The call for practical action was reinforced by the Chairman of the Kogi State Chapter of the NIA, Arc. John O. Attah, MNIA.

Attah said the chapter deliberately selected the theme, “Exploiting Indigenous Building Techniques and Materials as a Sustainable Solution to our Housing Deficit,” to draw attention to the potential of locally available resources in addressing Nigeria’s housing shortage.

He argued that Nigeria could no longer afford excessive dependence on imported building materials while millions of Nigerians continued to face difficulties accessing affordable housing.

According to him, the country has abundant raw materials that can be developed and used in construction through stronger collaboration between government, academic institutions, researchers, professionals, private investors and local communities.

He identified stabilised compressed earth blocks, bamboo composites, laterite-based finishes and pozzolana among the indigenous or locally adaptable technologies and materials that could help reduce construction costs while responding to Nigeria’s climatic and economic conditions.

Attah said the wider adoption of such materials could also generate economic benefits beyond housing.

He said local production could create employment opportunities for young people and artisans, support local manufacturing, expand mining and processing value chains, stimulate economic activity and reduce pressure on foreign exchange.

He therefore called on architects to take the lead in promoting indigenous construction solutions.

According to him, professionals should engage government on policies that support local materials, work with academic institutions on research, encourage private-sector investment and involve communities in accepting and adopting locally developed construction technologies.

Attah also assured that the Kogi State Chapter would continue to promote sustainable, affordable and locally driven housing solutions.

He urged architects to design, specify and supervise the appropriate use of indigenous materials in construction projects.

Housing costs remain a major concern

The discussions at the event come amid wider concerns over the rising cost of housing construction in Nigeria.

Stakeholders in the housing sector have repeatedly linked high construction costs to expensive building materials, limited access to affordable finance and other development constraints.

Earlier housing-sector discussions have similarly called for greater adoption of locally produced materials, arguing that increased local production could reduce construction costs, conserve foreign exchange and create jobs.

The use of indigenous materials has also been identified as an important part of efforts to reduce dependence on imported construction inputs.

The Nigeria Building and Road Research Institute has previously developed materials and technologies including pozzolana, interlocking block-making machines and fibre-reinforced roofing materials, although commercialisation and mass production have remained challenges.

The NIA’s Kogi Chapter is therefore calling for stronger links between research, policy, investment and actual construction so that locally developed technologies can move beyond research and pilot stages into wider housing delivery.

Five professionals examine housing solutions

The World Architecture Day programme featured presentations and discussions involving five professionals who examined the housing theme from different perspectives.

They included Arc. Dr. Mohammad Adamu, MNIA; Arc. Isah Obenege Suleiman, MNIA; Arc. Dr. Jibrin Olanusi, MNIA; Bdr. Adoke Ismaila Ibrahim, MNIOB; and Bdr. Aisha Oruma-Sylvanus, MNIOB.

Oloninisi encouraged participants to engage with the presentations and discussions and use the platform to develop collaborations that could contribute to improvements in the built environment.

The discussions ultimately centred on the need to turn the recognition of housing as a basic human need into practical delivery strategies.

For the NIA Kogi State Chapter, that includes promoting indigenous construction technologies, strengthening local production and encouraging policies and investment that can make decent housing more affordable to Nigerians.

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Teachers in the Federal Capital Territory have called on the FCT Administration to establish a dedicated housing scheme for educators, saying the high cost of accommodation in Abuja is putting increasing pressure on their welfare and morale.

The appeal was made by the Academic Staff Union of Secondary Schools (ASUSS), FCT Chapter, during the joint national celebration of the 2026 World Teachers’ Day in Abuja.

The FCT chairman of ASUSS, Julius Ogundiran, said the housing challenge had become a major concern for teachers despite the prompt payment of salaries by the FCT Administration.

He said some teachers were being forced to travel long distances from neighbouring states to their workplaces because they could not afford accommodation within the Federal Capital Territory. Others, he said, had resorted to sleeping in school classrooms.

“Most of our colleagues, even in Garki here, are coming from Suleja or Abaji, and some are even sleeping in classrooms because they can’t afford houses in town,” Ogundiran said.

He urged the FCT Administration to either construct dedicated housing estates for teachers or make subsidised land available to them across the six area councils.

According to Ogundiran, providing housing support would improve teachers’ welfare and help them perform their responsibilities more effectively.

He said teachers were not politicians and did not have alternative sources of revenue, stressing that government intervention was necessary to address the accommodation burden.

“If they can provide housing estates for teachers, we will be more motivated and well-equipped to perform our duties,” he said.

High accommodation costs affect teachers

Ogundiran acknowledged the ongoing efforts of the FCT Administration in the education sector and specifically noted that teachers’ salaries were being paid promptly.

However, he said the shortage and high cost of housing remained a significant impediment to teacher welfare.

The union’s position was that housing support should form part of wider measures to improve the working conditions of teachers in the territory.

The appeal comes as housing affordability remains a major challenge for workers in Abuja, where accommodation costs have continued to place pressure on household incomes.

For teachers living outside the FCT, the cost of commuting also adds to the financial burden associated with working in the capital.

Ogundiran linked better teacher welfare with improved educational outcomes, arguing that teachers who have adequate living conditions would be better positioned to carry out their responsibilities.

“If the government stands with the teachers, the teachers will be strong. If the teachers are strong, education will be strong. If education is strong, the nation will be strong,” he said.

He also referred to the common expression that the reward of teachers is in heaven, saying teachers should be able to enjoy better conditions during their working years.

Teacher raises concerns over welfare

Also speaking at the event, Grace Philip, a teacher at Junior Secondary School, Tungan Maje, expressed concern over what she described as the marginalisation of teachers.

“In everything they are doing in this country, teachers always come last,” she said.

Philip also raised concerns over delays in the promotion of FCT teachers and called on the authorities to pay greater attention to the challenges facing educators working at the grassroots.

The concerns raised by the teachers extend beyond accommodation to other aspects of employment and professional welfare.

FG reaffirms commitment to teachers

Speaking at the event, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, reaffirmed the Federal Government’s commitment to improving teachers’ welfare, professional development and funding for education.

Bagudu, who was represented by an official of the ministry, Mrs Kikelomo Ogundele, described investment in teachers as an important investment in Nigeria’s future.

He said no structural or policy reform in the education sector could succeed without well-trained, motivated and adequately supported teachers.

According to him, teachers play a central role in developing human capital and preparing young Nigerians to contribute to the country’s development.

“They do far more than transmit knowledge; they shape characters, nurture talents, inspire ambition, and prepare young people to contribute meaningfully to society,” Bagudu said.

The chairman of the occasion, Oluwaseun Falaye, Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund, also called on leaders in educational institutions and workplaces to promote ethical conduct, transparency and accountability.

Falaye, who was represented by the Executive Director, Administration, Samaila Abdul, said teachers’ contribution to nation-building went beyond classroom instruction.

He said effective leadership required integrity, accountability, fairness, responsibility and discipline.

The event therefore highlighted housing and broader welfare concerns affecting teachers, with ASUSS urging the FCT Administration to consider dedicated housing estates or subsidised land as part of efforts to improve teachers’ living and working conditions.

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