NIESV Advocates Reforms to Strengthen Ethics and Restore Trust in Nigeria’s Real Estate Sector
The Nigerian Institution of Estate Surveyors and Valuers has called for comprehensive reforms to rebuild public confidence, enhance ethical standards, and align Nigeria’s property market with international best practices. The call was made at the 7th Real Estate Summit of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos Branch, held on Tuesday in Lagos.
In his opening address, NIESV Lagos Chairman, Tosin Kadiri, emphasised that trust forms the cornerstone of a stable and credible property market. He noted that real estate transactions are deeply tied to personal security and financial stability, urging practitioners to uphold transparency and professional integrity.
“Real estate is not just about land or buildings, it’s about people’s homes and investments,” Kadiri said. He called for stronger ethical oversight and due diligence across all aspects of property practice, from valuation and sales to land administration.
Former NIESV President, Emeka Eleh, echoed similar sentiments, stating that the sector’s challenge lies not in the absence of standards but in poor compliance and enforcement. He urged greater regulatory oversight, the adoption of data-driven systems, and the use of technology to modernise Nigeria’s land administration framework.
Valuation Credibility and Professional Accountability
Delivering the keynote address, Yemi Ejidiran, former Managing Director of Wemabod Limited, underscored the critical role of valuation in sustaining investor confidence. He described credible property valuation as an accountability tool that underpins the entire real estate ecosystem.
“Valuation is not just figures; it’s about accountability,” Ejidiran stated, advocating for standardisation and strict ethical adherence in valuation processes to promote trust and transparency in transactions.
Government Endorsement and Institutional Collaboration
Kamar Olowoshago, Permanent Secretary at the Lagos State Land Bureau, commended NIESV for its commitment to professionalism and capacity-building within the industry. He highlighted the importance of continuous dialogue between regulators and practitioners to achieve sustainable reforms.
According to Olowoshago, initiatives such as the NIESV summit provide a platform for addressing sectoral challenges through shared insights, innovation, and strategic collaboration between government and industry stakeholders.
The two-day summit featured panel sessions on ethical reform, sustainable housing, and innovative real estate financing. Experts agreed that restoring trust in the sector will require a collective effort involving regulatory enforcement, professional discipline, and improved market transparency.
Participants also called for enhanced data management, structured training for practitioners, and the integration of technology in valuation, land registration, and property management processes.
Conclusion
As Nigeria’s real estate sector continues to expand amid rising urbanisation, experts stress that rebuilding trust and ethical governance will be crucial to attracting investment and sustaining long-term growth. The outcomes of the NIESV Lagos summit highlight a growing consensus on the need for reform-driven professionalism to reposition the industry for global competitiveness.
