Nigerian Lawmakers Push for New Real Estate Regulator to Stop Fraud
The House of Representatives is proposing a new regulatory body to tackle fraudulent practices, protect buyers, and unlock investment in Nigeria's housing sector.
At a glance
- Lawmakers are pushing for a National Real Estate Regulatory Authority to address weak consumer protection and fraud.
- Housing Minister Muttaqha Darma noted that mortgage penetration in Nigeria remains below 10 percent.
- The committee chairman assured that the bill will not infringe on state government powers or professional bodies.
Nigeria's House of Representatives has called for a dedicated regulatory framework to tackle property fraud and strengthen the housing market. Lawmakers argue that the absence of a coordinated national authority has left consumers vulnerable and hindered investment.
Speaking in Abuja during a stakeholder conference, House Committee on Housing and Habitat Chairman Abdulmumini Jibrin emphasized that the real estate sector suffers from overlapping responsibilities and a lack of proper oversight compared to other major industries.
Institutional Gaps and Consumer Protection
Jibrin pointed out that numerous agencies operating within the housing ecosystem fall outside the direct jurisdiction of the Ministry of Housing and Urban Development, leading to duplicated functions. He added that buyers often face risks due to a lack of financial awareness and inadequate institutional mechanisms to verify developers.
To alleviate fears of overreach, Jibrin assured stakeholders that the proposed National Real Estate Regulatory Authority would not undermine state government powers or professional bodies, but would instead empower existing agencies to perform their statutory roles.
Government Backing and Low Mortgage Penetration
Minister of Housing and Urban Development Muttaqha Darma supported the push for better coordination, noting that Nigeria faces a housing deficit shortfall estimated at over 50 million units. He highlighted that mortgage penetration sits below 10 percent despite a population of about 240 million.
Darma suggested housing the new authority under the umbrella of the Ministry of Housing and Urban Development to guarantee policy alignment, pointing to international examples in countries like Singapore and the United Kingdom.
What to watch: The National Assembly's next legislative steps on the proposed real estate regulatory bill.
Reporting from: Punch. Spotted an error? Tell us.
- Housing
- Real Estate
- National Assembly
- Nigeria Economy
- Fraud
- Nigeria
- Politics