By Aaron Ossai
The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has proposed a unified national real estate regulatory framework to address property fraud, strengthen investor confidence, improve access to affordable housing and eliminate overlapping responsibilities among government agencies.
Abbas said Nigeria’s real estate sector was constrained not by a shortage of property but by a lack of trust in land ownership records, fragmented regulatory processes and inadequate protection for property buyers.
He made the proposal on Monday in Abuja while delivering an address at a National Housing and Real Estate Conference organised by the House Committee on Housing and Habitat.
The Speaker said the absence of reliable property ownership records had exposed Nigerians to fraudulent transactions, including multiple sales of the same property, abandoned housing projects and disputes over land titles.
He noted that developers also faced prolonged approval processes involving government agencies that often operated independently, while financial institutions were reluctant to support otherwise viable projects because of difficulties verifying property titles.
According to him, these challenges increase housing costs, discourage investment and create opportunities for fraudulent operators.
Abbas stressed that the proposed National Real Estate Regulatory Authority (NRERA) was not intended to create another layer of bureaucracy but to protect property owners, investors and citizens while building a transparent and trusted property market.
He said the authority should maintain a verifiable national register of regulated developers, real estate agents and projects, enabling prospective buyers to establish the identity, licensing status and compliance records of operators before committing their money.
He also proposed that funds paid by buyers for qualifying off-plan developments should be kept in protected accounts, with withdrawals tied to independently verified construction milestones.
The Speaker called for predictable approval timelines, transparent fees and effective appeal mechanisms to prevent honest developers from being subjected to unnecessary regulatory burdens.
On land administration, he advocated the introduction of Decentralised Identity Verification for Land Titles, linking property records with state land registries, survey information, registered ownership, planning status and existing encumbrances.
He explained that the proposed arrangement would allow states to retain their constitutional responsibilities while adopting common standards for property verification across institutions.
Speaking further, Abbas also proposed a Legislative Sandbox Framework for Property Technology (PropTech), which would enable approved businesses to test innovative real estate products and services within a controlled regulatory environment.
According to him, the framework could accommodate electronic conveyancing, digital escrow services, automated compliance checks, remote verification and new housing finance models.
However, he warned that the initiative must not provide protection for fraudulent activities or exempt participating businesses from consumer protection, data protection and anti-money laundering regulations.
He emphasised the need for coordination among the Securities and Exchange Commission, Central Bank of Nigeria, data protection authorities, state governments and the proposed regulatory authority.
The Speaker identified overlapping regulatory responsibilities as another major challenge affecting the sector, citing examples from Lagos and the Federal Capital Territory.
He observed that property developers in Lagos often had to deal with several agencies responsible for planning permits, building control, signage, fire safety, environmental regulation and land administration.
Similarly, he said applicants in Abuja encountered separate processes involving the FCT Land Administration, Abuja Geographic Information Systems, the Federal Capital Development Authority and the Abuja Metropolitan Management Council.
According to him, the multiplicity of agencies, files, fees and approval processes creates confusion, delays and additional costs for developers and property owners.
