How unregulated developers fuel fraud, building collapses in Nigeria – REDAN

The Real Estate Developers Association of Nigeria (REDAN) has said that the absence of regulation for real estate developers is fueling fraud, multiple land sales and building collapses nationwide.

REDAN President, Oba Akintoye Adeoye, stated this at the just concluded National Housing Data Programme Workshop organised by the Federal Ministry of Housing and Urban Development (FMHUD) in Abuja.

In a text of his presentation at the event made available to the News Agency of Nigeria (NAN) on Sunday, Adeoye urged the Federal Government to establish a regulatory framework for developers.

Adeoye, the traditional ruler of Okeigbo community in Ondo State, said the framework would boost professionalism, accountability and consumer protection across the real estate sector.

According to the king, developers remain largely unregulated in spite of nearly every other professional in the construction industry operating under statutory oversight.

He said the regulatory gap had encouraged fraudulent practices, weakened accountability and exposed homebuyers and investors to avoidable financial and safety risks.

Adeoye proposed a shared regulatory model whereby government licenses developers, while REDAN promotes professionalism, ethical conduct and compliance with industry standards.

He urged the Federal Government to empower REDAN to train and professionalise real estate developers while maintaining professionally competent, ethical and accountable practitioners.

The traditional ruler said state governments should retain responsibility for land administration, planning and development control, while professional bodies continue regulating their respective professions.

He said the framework would strengthen consumer protection, restore confidence in the real estate sector and improve housing delivery across the country.

According to him, a National Developers’ Registry should be backed by a comprehensive regulatory framework ensuring only competent, accountable and trustworthy developers operate in the country.