Some experts, yesterday, lamented that Nigeria loses over N100 billion yearly to fraudulent real estate transactions, describing the sector as one of the most high-risk businesses in the country.
 
To curb the trend, technology experts, led by Taiwo Joel Oladapo and Agbana Gbenga, have launched the country’s first anti-fraud mobile application aimed at tackling sharp practices in the real estate and property industry.
 
The information technology-driven app, unveiled in Lagos on Tuesday, is to stem the multi-billion-Naira loss suffered yearly by Nigerians through fraudulent land and property transactions.

The developers said the application is the first of its kind in Nigeria and West Africa.  Speaking at the launch, Oladapo, who is the Chief Executive Officer of 1st Choice Property, submitted that the real estate sector has the capacity to generate about five million jobs yearly, yet is being threatened by quackery and fraudsters.
 
According to him, the mobile app would prevent millions of Nigerians, including those in the Diaspora, from losing their hard-earned money to fraudulent land and property speculators whose activities undermine trust and confidence in the sector.