REDAN Nigeria Seeks Regulatory Framework for Real Estate Developers

• The Real Estate Developers Association of Nigeria (REDAN) has urged the Federal Government to establish a regulatory framework for real estate developers.
• Adeoye proposed a shared regulatory model where the government licenses developers while REDAN promotes professionalism and ethical conduct.
• The National Developers Registry would ensure that only competent, accountable, and trustworthy developers operate in the country.

A registry tells us who exists, but a regulatory system tells us who can be trusted to operate and under what standards.

In Nigeria's real estate sector, a peculiar phenomenon has emerged: developers operating without a regulatory framework. This absence of oversight has led to a surge in fraudulent practices, multiple land sales, and building collapses across the country. According to Oba Akintoye Adeoye, President of REDAN, this situation is not only unacceptable but also detrimental to consumer protection and industry governance. Adeoye's remarks were made at the National Housing Data Programme Workshop organized by the Federal Ministry of Housing and Urban Development in Abuja. The workshop provided a platform for stakeholders to discuss the challenges facing the real estate sector and potential solutions.

The proposal for a regulatory framework for real estate developers has been met with mixed reactions. While some argue that it would boost professionalism, accountability, and consumer protection, others fear that it could stifle innovation and creativity in the sector. However, Adeoye's stance is clear: a shared regulatory model where the government licenses developers while REDAN promotes professionalism and ethical conduct is the way forward. This approach would not only strengthen consumer protection but also improve housing delivery across the country.

Adeoye's proposal for a National Developers Registry, backed by a comprehensive regulatory framework, aims to ensure that only competent, accountable, and trustworthy developers operate in the country. This registry would not only provide a list of licensed developers but also serve as a benchmark for industry standards. The proposed system would strengthen consumer protection, restore confidence in the real estate sector, and improve housing delivery across the country. Adeoye's call to action is clear: the government must empower REDAN to train and professionalize real estate developers while maintaining professionally competent, ethical, and accountable practitioners.

Lawyers and compliance officers should monitor the potential introduction of a regulatory framework for real estate developers in Nigeria, which could impact client projects and investments. They should also be aware of the proposed National Developers Registry and its implications for consumer protection and industry governance.

Source: Original reporting via News Agency of Nigeria