The Real Estate Developers Association of Nigeria (REDAN) has declared war against fraudulent developers and quacks infiltrating the sector, unveiling a comprehensive strategy to restore professionalism and protect investments.
In an exclusive interview with Victor Gbonegun on November 17, 2025, REDAN President Akintoye Adeoye detailed the association's multi-pronged approach to combat rising cases of unprofessional practices that have worried Nigerians both at home and abroad.
Strengthening Ethics and Regulation
Adeoye emphasized that tackling fraudulent activities requires enforcing professionalism and discipline across the industry. REDAN's Membership, Ethics and Disciplinary Committee plays a vital role in maintaining ethical standards among member developers, though he acknowledged that not all real estate practitioners belong to the association.
The association previously presented a bill to establish the Real Estate Regulatory Council of Nigeria (RECON) for better industry oversight. Although the initial bill didn't pass, Adeoye confirmed that a revised version will soon be submitted to the National Assembly for improved accountability and regulation.
REDAN also plans to enhance collaboration with the Nigerians in Diaspora Commission (NIDCOM) to safeguard investments from Nigerians abroad and combat fraudulent developers operating in the sector.
Critical Challenges Facing Developers
Adeoye identified several major obstacles preventing private developers from effectively addressing Nigeria's housing deficit. Bureaucratic bottlenecks in land administration remain a primary concern, with delays in land titling, registration, and obtaining Certificates of Occupancy hampering development projects.
While the Land Use Act provides a clear legal framework, poor implementation by government officials creates significant obstacles. The REDAN president urged governments to simplify, digitize, and streamline land processes to ensure timely and cost-effective access to land for development.
Another pressing issue is the indiscriminate demolition of housing projects, which Adeoye said worsens the housing deficit and wastes limited resources. He stressed that demolitions should only occur through due process with fairness and transparency.
Financing and Infrastructure Hurdles
High financing costs represent one of the greatest challenges for developers, with double-digit interest rates from commercial banks making housing projects unsustainable. Adeoye called for government intervention through single-digit financing options from institutions like the Federal Mortgage Bank of Nigeria (FMBN).
The underdeveloped mortgage system also hampers affordability, making it difficult for buyers to access sustainable financing. The REDAN president advocated for recapitalizing FMBN and introducing down-payment assistance programs to make homeownership accessible for low-to-middle-income families.
Developers often bear the burden of providing essential infrastructure like roads, water, and electricity, which significantly escalates housing costs. Adeoye urged the government to take responsibility for these basic amenities to create an enabling environment for affordable housing development.
Promoting Local Materials and Technology
To address the over-reliance on imported building materials that exposes developers to exchange rate volatility, REDAN has inaugurated the Directorate of Alternative Building Materials Committee. This committee will collaborate with institutions like NBRRI and NASENI to promote locally sourced materials.
Through the REDAN Prop-Tech Innovation initiative, the association is driving technology adoption in the housing sector, encouraging smart building solutions, sustainable practices, and digital platforms to enhance property transactions and management.
Regarding data infrastructure, Adeoye revealed that REDAN is actively involved in the Joint Committee on National Housing Data, working to establish accurate housing deficit estimates and develop a National Housing Data Centre as directed by the Minister of Housing & Urban Development.
The association remains committed to its Rural Housing Project across Nigeria's 774 local government areas, though progress has been hindered by affordable funding challenges that REDAN is determined to overcome.
