REDAN Calls for Multi-Layered Reforms to Tackle Fraudulent Developers in Nigeria
The President of the Real Estate Developers Association of Nigeria (REDAN), Akintoye Adeoye, has emphasised the urgent need for comprehensive reforms to address the rising incidence of fraudulent developers in the country. Speaking in an exclusive interview, Adeoye highlighted that unprofessional practices continue to undermine public confidence and deter legitimate investment in Nigeria’s real estate sector.
Adeoye detailed that REDAN has intensified its internal regulatory mechanisms to reinforce professionalism. The association’s Membership, Ethics and Disciplinary Committee has been tasked with stricter oversight, ensuring members adhere to ethical standards and face accountability for violations.
However, Adeoye stressed that association-led measures alone are insufficient. He revealed that REDAN plans to resubmit a revised bill for the establishment of the Real Estate Regulatory Council of Nigeria (RECON). Once enacted, RECON will serve as an independent regulatory authority, offering licensing, enforcement, and sanctions to curb malpractice across the industry.
Protecting Diaspora Investments
In an effort to safeguard Nigerians abroad, REDAN intends to collaborate with the Nigerians in Diaspora Commission (NIDCOM) to protect diaspora property investments. Adeoye noted that fraudulent practices targeting international investors remain a significant concern, and strategic partnerships are essential to mitigate these risks.
Beyond regulatory reform, Adeoye identified several structural challenges impeding real estate development in Nigeria. Bureaucratic delays in land titling, inconsistent implementation of the Land Use Act, high financing costs, and sporadic demolition enforcement continue to frustrate developers and limit project delivery.
The REDAN President advocated for digitalisation and simplification of land administration processes. He argued that Certificates of Occupancy should be issued efficiently and transparently, not solely as a revenue-generating tool, to enhance investor confidence.
Local Materials and Technology-Driven Construction
Addressing the impact of volatile building material costs on housing affordability, REDAN has established a Directorate for Alternative Building Materials. The committee will work with agencies including the Nigerian Building and Road Research Institute (NBRRI) and the National Agency for Science and Engineering Infrastructure (NASENI) to promote the use of local materials and integrate technological innovation into construction through REDAN’s Prop-Tech initiative.
Mortgage Financing and Housing Data
Adeoye reaffirmed REDAN’s advocacy for the recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN), which provides single-digit mortgage and construction financing. Strengthening FMBN is considered crucial to addressing Nigeria’s housing deficit and improving affordability for low- and middle-income households.
He also highlighted the importance of accurate housing data. Since the launch of the National Real Estate Data Collation and Management Programme (NRE-DCMP) in 2018, REDAN has worked to produce verifiable housing statistics. The association is now part of the newly established Joint Committee on National Housing Data, tasked with generating a credible national housing deficit figure and creating a National Housing Data Centre.
On the suspended Rural Housing Project, Adeoye acknowledged funding constraints as a key factor in delays. Nevertheless, he affirmed REDAN’s commitment to reviving the programme, emphasising its role in reducing Nigeria’s multi-million housing deficit and expanding development opportunities across all 774 local government areas.
Looking Ahead
Adeoye concluded that a multi-layered approach combining regulatory oversight, professional accountability, technological innovation, and systemic reforms is critical to restoring investor confidence and ensuring sustainable growth in Nigeria’s housing sector.
