A real estate audit expert, Odoh Solomon, has called for greater innovation and regulatory reform in Nigeria’s property auditing space, saying improved audit practices could unlock billions of naira in underutilised real estate value and strengthen investor confidence.

Speaking at a professional forum in Lagos, Solomon said government agencies and private operators must prioritise continuous training and technological adoption to enhance transparency and accountability in property management.

He explained that the real estate sector, which holds vast but often poorly managed assets, requires a shift from routine compliance audits to data-driven evaluations that can expose inefficiencies and improve financial performance.

“Real estate audit management today is not just about detecting irregularities,” Solomon said. “It is about preventing them, anticipating risks, and creating systems that make property assets work smarter for the economy.”

According to him, an integrated audit framework combining technology, human intelligence, and sound regulation can transform Nigeria’s property market into a more transparent and efficient sector capable of attracting long-term investment.

He noted that Nigeria continues to lose significant value due to fragmented record-keeping, weak oversight, and outdated audit procedures, adding that a robust system would help governments and developers identify idle assets, reduce losses, and optimise capital deployment.

“When auditing is done right, it supports fiscal discipline and strengthens governance,” he said. “It also sends the right signals to both local and foreign investors that the market operates with integrity.”

Solomon, whose research focuses on innovation in audit systems, said performance improvement, ethics, and knowledge sharing must become the foundation of modern real estate auditing.

He urged institutions to embrace digital tools, invest in professional training, and embed crisis preparedness into their audit processes.

“Audit excellence is a driver of economic growth,” he added. “By building trust and transparency into property management, we can unlock hidden value and create a stronger, more resilient real estate economy.”