Experts Call for Stronger Rules to Combat Real Estate Fraud in Nigeria

Experts in Nigeria’s real estate sector are urging for stronger regulations to tackle the growing problem of property fraud. They warn that weak oversight and misleading marketing practices are leading to significant financial losses for investors.

At a recent forum, stakeholders discussed how better regulation and enforcement of professional standards could help restore public trust in the real estate market. They highlighted issues like fraudulent land sales and misleading property advertisements, which often misrepresent ownership and necessary approvals.

Femi Ade Oyedele, an estate surveyor and valuer, suggested that investors should consider working with the government on established property development programs instead of relying solely on private marketers. He mentioned the Lagos State government’s Private Sector Developers Programme as a good opportunity for investors.

Oyedele also advised potential buyers to verify land ownership and property titles through professional institutions before making any financial commitments. He criticized misleading advertisements that show completed homes while only selling undeveloped land, which can confuse buyers.

Shehu Usman Osidi, the Managing Director of the Federal Mortgage Bank of Nigeria, emphasized the need for regulation across the housing sector to prevent developers from taking money without delivering on projects. He called for better collaboration among various government housing agencies to improve housing delivery for Nigerians.

The Housing Development Advocacy Network also stressed the importance of professionalism in property marketing, urging that property promotions should focus on the quality and value of the properties rather than the appearance or popularity of the marketers.

Concerns were raised about a recent case involving retirees who lost money on a land investment that turned out to be government-owned. This incident highlights the risks involved in the current real estate market and the need for trustworthy and knowledgeable professionals in the field.