REDAN Calls for Regulation to Combat Real Estate Fraud

The Real Estate Developers Association of Nigeria (REDAN), represented by President Oba Akintoye Adeoye, has attributed the rise in fraud, multiple land sales, and building collapses in Nigeria to the lack of a regulatory framework for real estate developers. Speaking at the National Housing Data Programme Workshop organized by the Federal Ministry of Housing and Urban Development in Abuja, Adeoye urged the Federal Government to establish such a framework to enhance professionalism, accountability, and consumer protection in the sector.

He noted that while other construction professionals are regulated, developers operate without oversight, leading to fraudulent practices and risks for homebuyers. Adeoye proposed a shared regulatory model where the government licenses developers and REDAN promotes ethical conduct and compliance.

He suggested that a National Developers’ Registry, supported by a comprehensive regulatory framework, would ensure only competent developers operate in Nigeria. Adeoye stressed the importance of connecting government regulation with REDAN’s professionalization efforts to improve industry governance.