Experts have called on the Federal Government and relevant regulatory bodies to introduce strong, enforceable regulations to sanitise the real estate industry.
The call was made during the 75th birthday celebration of Chief Jide Taiwo, the founding partner of Jide Taiwo & Company, and the 45th anniversary of the renowned estate surveying and valuation firm.
The event, held in Lagos, drew prominent professionals, including estate surveyors, valuers, and other real estate experts.
Managing Director of Jide Taiwo & Company, Moses Adeyemi, lamented the absence of regulation in the real estate sector, describing it as a free-for-all where ‘every Dick and Harry’ can venture in without proper qualifications or oversight.
“The real estate market in Nigeria is open, and that is part of the problem. It’s not being regulated or controlled. A retiree, a housewife, anyone can start calling themselves agents. That shouldn’t be the case,” Adeyemi said.
He noted that only the valuation arm of the profession is currently regulated by the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), which issues seals and stamps to certified professionals.
He added that while this part of their operations is strictly monitored, the broader real estate business remains largely unregulated.
Addressing issues of housing affordability, Adeyemi described it as a relative concept, varying based on individuals’ income, taste, and proximity to work or essential services.
“Someone earning a small salary might still choose to live in a high-end area for convenience, even if it stretches their finances,” he explained.
On the rising trend of high-rise buildings, he emphasised the need for strict compliance with government regulations, warning that building collapses are often linked to a lack of proper approvals and certifications.
“We need to get all our building papers and certifications in order. Most of the collapsed buildings didn’t have government-approved plans,” he warned.
General Manager of the Abuja branch, Seyi Aluko, echoed Adeyemi’s sentiments, stating that the real estate sector in Nigeria remains under-regulated compared to international standards.
“The legislature needs to do more. Regulation should reflect our local realities, values, and behaviour,” Aluko said.
He also criticised the lack of a centralised identity verification system, which allows rent defaulters to move from place to place without accountability.
“Here, a landlord demands two years’ rent upfront because there’s no protection for their investment. In advanced countries, tenants often pay weekly, and their rental history is traceable,” he added.
Also speaking at the event, the first daughter of Chief Jide Taiwo, Jumoke Anifalaje, paid tribute to her father, describing him as a calm, focused, and dedicated professional.
“He never jokes with integrity or professionalism. He has taught us to work hard, stay focused, and uphold strong values in all that we do,” she said.
