The Senate committee chairman on housing, Aminu Tambuwal, has lamented the negative effect of the free entry into Nigeria’s real estate by some wealthy individuals who do so without qualifications.
He stated this at the just-concluded 5th Lagos Real Estate Market Place Conference and Exhibitions, themed, “Reimagining Lagos Landscape: Ensuring Sustainable Real Estate Development Practices,” held in Eko Hotel, Lagos State.
Tambuwal said the trend has given rise to unprofessional practices, contributing to risk, fraudulent activities, and questioning the integrity of Nigerian real estate.
“Some of the challenging issues limiting the development of real estate practice in Nigeria are that it has become an all-comers sector as it has been infiltrated by people that lack the capacity, knowledge, and integrity,” he said.
He added that the effect of this free entry has resulted in practices that need to be tamed to sustain the integrity of professionals in the sector.
“The situation has turned out so bad that anyone can wake up and become an emergency developer, realtor, or estate agent without any skill, experience, or going through training. Unfortunately, the notion that because someone has money qualifies him to be an estate developer has gained traction. To be an estate developer is much more than only having money,” Tambuwal said.
According to him, the current situation, which lacks adequate regulation, has created a system that has defrauded many innocent consumers without a trace, noting that cases of victims are too numerous and heartbreaking,” he said.
The senator said there was an urgent need for strict regulation and enforcement, noting that the Senate was open to all engagements and collaboration with stakeholders for legislative backing to assist the development of the sector.
In a similar vein, the special adviser to Governor Babajide Sanwo-Olu on housing, Barrakat Odunga-Bakare, said it was necessary to provide a conducive environment for investors that is void of fraudulent activities.
She said, “LASRERA registers only qualified real estate professionals registered with recognised organisations that operate in the sector. This measure mitigates the risks associated with unregistered agents and briefcase operators prevalent in Lagos State.
“As governments worldwide safeguard investor interests, it is imperative that we provide a conducive environment and adhere to international best standards. LASRERA actively engages in public awareness campaigns to educate citizens about their rights and responsibilities in real estate transactions, thereby empowering them against fraudulent activities.
“As a professional body, investors’ confidence must be restored, especially for those in the diaspora, regarding the issues of fake/dubious practitioners, which must be addressed by relevant professional bodies in the industry.”
Odunga-Bakare further highlighted the importance of this year’s conference theme, saying that Lagos, with its dynamic population growth and urbanisation, holds immense potential but faces significant challenges that need to be addressed.
“Lagos faces formidable challenges, including inadequate infrastructure, environmental degradation, a growing housing deficit, and gross non-compliance with real estate practices. Therefore, our theme is carefully crafted to invite us to rethink how we design, develop, and sustain urban spaces in Lagos to ensure they are inclusive, environmentally friendly, and economically viable,” Bakare added.
