The President of Real Estate Developers Association of Nigeria (REDAN), Oba Akintoye Adeoye, has called for the passage of Real Estate Regulation and Development Bill aimed to strengthen transparency and accountability in housing sector.
Adeoye made the call while delivering a keynote address titled, “Real Estate Regulation, Transparency and Accountability,” at the Africa International Housing Show (AIHS), on Friday in Abuja.
He said the proposed legislation would establish a comprehensive legal framework for the real estate industry to ensure that only qualified and responsible operators participate in the sector.
According to him, the bill will strengthen consumer protection, improve compliance with professional standards and enhance transparency and accountability in housing transactions.
“A key priority for REDAN is the passage of the Real Estate (Regulation and Development) Bill, which will establish a comprehensive legal framework for the industry.
“This legislation is essential to restoring public confidence and attracting greater investment into Nigeria’s housing market,” he said.
Adeoye, the paramount ruler of the Okeigbo community in Ondo State, said transparency, regulation and accountability remained critical to sustainable housing development and investors confidence across Africa.
He noted that Africa currently faced an estimated housing deficit of about 51 million housing units, with Nigeria accounting for approximately 28 million units, the largest housing gap on the continent.
The REDAN president noted that the housing challenge was not merely about constructing more houses but creating systems that inspire confidence among investors and homebuyers.
“People invest where they trust the process. Investors commit capital where regulations are predictable, while citizens purchase homes where titles are secure and protected,” he said.
Adeoye identified multiple land allocations, forged titles, hidden ownership, misleading advertisements, non-disclosure of project risks and opaque pricing structures as some of the challenges undermining transparency in the real estate sector.
He stressed that governments must ensure efficient land administration and consistent policies, while regulatory agencies should guarantee timely approvals and fair enforcement of regulations.
The REDAN president said developers must also be accountable for delivering projects in accordance with approved specifications and agreed timelines.
He disclosed that REDAN received over 30 petitions in 2025, resolved more than 20 cases and facilitated settlements valued at over N300 million through its Membership, Ethics and Disciplinary Committee.
Adeoye added that the association had strengthened compliance with Anti-Money Laundering and Counter-Terrorism Financing regulations by promoting Know Your Customer procedures and collaborating with relevant agencies.
He said REDAN remained committed to supporting Nigeria’s preparations for the 2027 Financial Action Task Force (FATF) Mutual Evaluation by strengthening compliance within the real estate sector.
He, however, proposed seven priority areas for policymakers and industry leaders, including modernising land administration through digital systems, strengthening independent regulatory institutions and improving transparency in planning approvals and land transactions.
Other priorities, he said, include enforcing professional ethics and accountability, leveraging technology to reduce fraud, expanding access to affordable housing finance and promoting integrity across real estate transactions.
“Transparency must remain the foundation of every real estate transaction, supported by accurate land records, efficient approval processes and proper documentation.
“If we succeed in doing this, we will not only transform our housing sector, we will transform the future of Africa itself,” he said.
