Abuja: The Real Estate Developers Association of Nigeria (REDAN) has raised concerns over the lack of regulation for real estate developers, which they claim is leading to increased fraud, multiple land sales, and building collapses across Nigeria. REDAN President, Oba Akintoye Adeoye, made this statement during the National Housing Data Programme Workshop organized by the Federal Ministry of Housing and Urban Development (FMHUD) in Abuja.
According to News Agency of Nigeria, Adeoye emphasized the need for the Federal Government to implement a regulatory framework that would enhance professionalism, accountability, and consumer protection in the real estate sector. As the traditional ruler of the Okeigbo community in Ondo State, Adeoye highlighted that while other professionals in the construction industry operate under statutory oversight, developers remain largely unregulated.
The lack of regulation, Adeoye noted, has encouraged fraudulent practices, weakened accountability, and exposed homebuyers and investors to preventable financial and safety risks. He proposed a collaborative regulatory model where the government licenses developers, while REDAN promotes professionalism, ethical conduct, and compliance with industry standards.
Adeoye urged the Federal Government to empower REDAN to train and professionalize real estate developers, maintaining a pool of competent, ethical, and accountable practitioners. He suggested that state governments should continue to handle land administration, planning, and development control, while professional bodies regulate their respective professions.
He further stated that a National Developers’ Registry, supported by a comprehensive regulatory framework, is necessary to ensure that only competent and trustworthy developers operate in Nigeria. The discussion, according to Adeoye, should focus on the type of regulatory system and the roles of institutions within it.
Adeoye pointed out that while Nigeria already regulates architects, builders, engineers, estate surveyors, and other housing-related professionals, developers, who play a crucial role in project coordination and receiving investments, remain outside any national licensing and professional framework.
This regulatory gap, he explained, allows unscrupulous operators to market non-existent projects, engage in multiple land sales, and abandon developments after collecting deposits. Adeoye stressed the importance of both a registry and a regulatory system to identify and ensure the trustworthiness of developers.
He assured that responsible developers have nothing to fear from credible regulation and urged ethical operators to support reforms that protect consumers and enhance the industry’s reputation. Every fraudulent operator diminishes public confidence and undermines genuine investors’ efforts to deliver quality housing projects.
An effective regulatory system, Adeoye argued, would improve transparency, attract investment, and aid the Federal Government’s efforts to address Nigeria’s housing deficit. Stronger regulation would also enhance data integrity, improve sector planning, and facilitate evidence-based housing policies for sustainable urban development.
The REDAN president called on stakeholders to back reforms that would promote professionalism, protect homebuyers, and strengthen confidence in Nigeria’s real estate market.