Stakeholders in Nigeria’s real estate industry have raised concerns over the sector’s underperformance, blaming it largely on poor regulation and lack of accountability.
This was discussed during the 45th anniversary celebration of Jide Taiwo & Co, a leading estate surveying and valuation firm, which also marked the 75th birthday of the company’s founder, Jide Taiwo.
Speaking at the event, the Managing Director of the firm, Moses Adeyemi, said the Nigerian real estate sector is open to just anyone due to weak regulatory oversight. According to him, this lack of control has encouraged unqualified individuals to enter the industry.
“The real estate sector in Nigeria is like an open market with no control. Anyone – retirees, housewives – can enter the business. This is mainly because of how the ‘agency’ role is defined. Anyone can claim to be acting on behalf of someone else in a property transaction, but there’s no body to hold them accountable if anything goes wrong,” Adeyemi said.
He added that while the valuation side of the industry is regulated under the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), the larger real estate market remains largely unregulated and vulnerable to malpractice.
Supporting this view, the General Manager of the company’s Abuja branch, Seyi Aluko, said Nigeria’s real estate market lacks the standards and enforcement mechanisms found in more developed countries.
“Our real estate market is way below what it should be. Developers are taking advantage of this loophole. They collect money from buyers, go to the banks with it, and end up abandoning projects or failing to deliver as promised. Most of them don’t go the extra mile because there are no laws forcing them to,” Aluko said.
He also lamented the difficulties tenants face in Nigeria, such as paying two years’ rent upfront and the lack of a reliable system to track defaulting tenants.
“There’s no proper system to track tenant behaviour. Someone can default on rent several times and just move to a new place without consequences. In other countries, there’s monthly rent payment, digital records, and quick legal action. Here, even taking someone to court is expensive and time-consuming,” he added.
A Fellow of the Nigerian Institution of Estate Surveyors and Valuers, Oladapo Olaiya, also spoke at the event. He echoed similar sentiments, noting that the sector lacks enforceable regulations and is overrun by quacks.
“What we have in the market is more like a free-for-all. There are no solid rules and a lot of unqualified people operating in the space,” Olaiya said.
Speaking about the founder of the firm, Olaiya, who is also an alumnus of Jide Taiwo & Co, said the anniversary was a celebration of professionalism and legacy. He explained that former staff of the firm came together to honour their mentor.
Jide Taiwo’s first daughter, Jumoke Anifalaje, described her father as a humble and disciplined man who taught her the value of hard work and staying grounded.
“I’ve learnt from him that the most important thing is to remain focused, avoid unnecessary attention, and do your job diligently,” she said.
With growing calls for reform, stakeholders are urging lawmakers to introduce real estate regulations that suit Nigeria’s local context and help clean up the industry. Until then, the sector may continue to suffer from inefficiency, fraud, and poor service delivery.
