An estate surveying and valuation firm, Messrs Ubosi Eleh and Company, has called for urgent reforms in the property market to address constraints such as poor land documentation, weak regulation, and limited access to data. Speaking during a press briefing ahead of the firm's 35th anniversary in June, co-founders Chudi Ubosi and Emeka Eleh reflected on the evolution of Nigeria's real estate market since establishing the company in 1991, while outlining structural challenges slowing the industry's development.
Land Documentation Challenges
According to them, one of the biggest problems facing the property market is the inability of millions of Nigerians to convert landed assets into capital due to the absence of proper title documentation. Eleh stated that land remains one of the most under-utilized assets in the country because owners cannot leverage their properties to access credit. He emphasized, "The government needs to give people title to their property. Many people have assets, but they cannot raise money from those assets because there is no documentation or title attached to them."
Simplifying Land Registration
Eleh argued that simplifying land registration and title processing would not only help property owners unlock financing for businesses but also improve internally generated revenue for governments through property taxation. Drawing comparisons with developed economies, he noted that property taxes remain one of the strongest revenue sources for city administrations abroad because land ownership records are properly documented and accessible.
Criticism of Bureaucratic Processes
Eleh also criticized the lengthy and expensive process involved in obtaining the governor's consent and other title approvals in Nigeria, describing it as a major obstacle to property transactions and mortgage financing. He remarked, "What takes one week in developed countries can take six months or more here. It is not helping businesses and it is not helping the economy."
Weak Regulation in the Market
Besides documentation challenges, the firm identified weak regulation in parts of the estate surveying and agency market as another major concern. Eleh noted that while valuation practice is professionally regulated, property agency and brokerage activities remain largely open to unqualified operators, creating room for quackery and unethical practices. He explained, "In developed countries, only properly trained and registered professionals can carry out such services. Here, virtually anybody can operate in that space."
Company's Focus on Valuation
The co-founders said these industry gaps informed the company's early decision to focus heavily on valuation and investment advisory services, which they described as the foundation of their business growth over the years. According to them, valuation accounted for nearly 80 percent of the firm's income in its early years, with significant investment made in staff training, quality control, and market intelligence.
Building Reputation through Professionalism
Ubosi stated that the company deliberately built its reputation around professionalism and consistency in valuation services rather than diversifying into unrelated ventures. He said, "We stayed focused on what we understood. Everybody was chasing one business or another, but we chose to concentrate on our core competence and continue building our brand around it."
Lack of National Property Data System
The founders also highlighted the absence of a reliable national property data system as a longstanding challenge in the real estate market. Eleh explained that the lack of centralized property data makes valuation and investment decisions more difficult, unlike in advanced markets where property transactions and market prices are publicly accessible through structured databases. He added, "In Nigeria, if you want to know the value of property in certain areas, you still have to call people individually. That kind of information should already exist in a standardized system."
Bridging the Information Gap
To bridge the information gap, the firm said it began publishing an annual Nigeria Real Estate Report over a decade ago, providing rental and property trend data across different parts of the country. Ubosi described the report as part of the company's contribution to improving transparency and data availability in the sector. He noted, "We realized the information did not exist in the way it should, so we decided to build our own database and publish market reports annually."
Company Growth Journey
Reflecting on the company's growth journey, the founders said the business started modestly in Ikeja with only two estate surveyors and a secretary shortly after they left paid employment to establish their own practice. They recalled how aggressive marketing, relationship-building, and customer service helped them gain visibility at a time when property advertising was still relatively uncommon in Nigeria. According to Ubosi, the emergence of newspaper property pullouts in the early 1990s contributed significantly to changing public attitudes towards real estate marketing and transactions.
Expansion and Long-Term Vision
The company has since expanded from its Lagos base to offices in Abuja, Port Harcourt, Enugu, Onitsha, and Awka, while growing its workforce and professional network across the country. The founders said a major part of their long-term vision was to build an institution that would outlive them through strong internal culture, mentorship, and staff development. Today, they said the firm has more than 200 employees, including several long-serving staff members and associate partners being prepared for leadership roles within the organization.
Importance of Investing in People
They also stressed the importance of investing in people and business systems, warning that many firms in the industry fail because they neglect training, culture, and customer retention. Eleh emphasized, "Business is built on relationships and trust. If clients do not return to you after working with you once, then there is a problem with the service you provide." The founders said their focus remains on sustaining professional standards, strengthening data systems in the industry, and positioning the next generation of estate surveyors and valuers for the future.
