Speaker Abbas Proposes Real Estate Reforms, Seeks Stronger Protection for Investors
…Calls for digital land title verification, regulation of developers and protection of off-plan property buyers
The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has proposed sweeping reforms in Nigeria’s real estate sector, calling for a centralised and digitised administrative system to protect investors, reduce fraud and make property transactions easier.
Abbas also advocated linking the digital identities of property owners to their properties, as well as establishing a reliable verification system connecting buyers and sellers.
The Speaker made the proposals on Monday in Abuja while delivering a keynote address at a stakeholders’ conference on the proposed National Real Estate Regulatory Authority.
The conference, themed “One Vision, One Ecosystem, One National Housing and Real Estate Plan,” was organised by the Office of the Speaker in collaboration with the House Committee on Housing and Habitat.
Speaking on the theme, “Building a Trusted and Investable Nigerian Real Estate Market,” Abbas lamented the lack of transparency and trust in Nigeria’s property market, noting that buyers often struggle to establish genuine ownership of land and verify property documents.
He said developers frequently spend years seeking approvals from government offices that do not share information, while financial institutions sometimes reject viable projects because property titles cannot be easily verified.
According to him, some families also lose their life savings to properties that are sold multiple times, abandoned or discovered to have no legal backing.
“These failures increase housing costs, discourage investment, and reward fraud. The purpose of regulation must therefore be clear.
“We are not here to create another agency. We are here to protect property, protect capital, and protect citizens. We are here to build a trusted market that attracts investment and delivers more affordable homes,” he said.
The Speaker maintained that effective regulation should not constitute a burden on legitimate businesses but should protect them from fraudulent operators and unfair competition.
He proposed the introduction of Decentralised Identity Verification for Land Titles, which would connect existing land records rather than create another isolated database.
Under the proposed arrangement, each property would have a secure digital identity linked to its state land registry, survey details, registered owner, planning status and existing legal claims.
He explained that while states would retain control of land administration, common verification standards would enable relevant institutions to access and confirm property records.
Abbas stressed that properties without verifiable titles would struggle to attract credit and large-scale investment.
He identified the protection of property assets as the first priority of the proposed regulatory framework, noting that homes represent the largest investments for many Nigerian families, while developers, banks and pension funds also commit substantial resources to the sector.
He further called for a verifiable national register of licensed real estate developers, agents and projects to enable prospective buyers to confirm operators’ identities, licences, project approvals and compliance records before making payments.
On off-plan property transactions, the Speaker proposed that buyers’ funds for qualifying developments should be kept in protected accounts, with withdrawals tied to independently verified construction milestones.
He also advocated predictable approval timelines, transparent fees and clear appeal procedures to prevent legitimate developers from being subjected to endless bureaucratic processes.
Addressing the role of technology in the sector, Abbas called for a Legislative Sandbox Framework for Property Technology (PropTech), which would allow approved businesses to test innovative products within a regulated environment.
He said the framework should accommodate electronic conveyancing, digital escrow services, automated compliance checks, remote verification and innovative housing finance models.
However, he warned that technological innovation must not become an avenue for fraud or an escape route from consumer protection, data protection and anti-money laundering regulations.
The Speaker further clarified that the Securities and Exchange Commission (SEC) should retain responsibility for securities-related matters, while the Central Bank of Nigeria (CBN) should oversee banking and payment issues.
He added that data protection authorities should safeguard personal information, while state governments must retain their constitutional responsibilities for land administration.
According to him, the proposed National Real Estate Regulatory Authority should coordinate the activities of relevant institutions rather than duplicate their responsibilities.
On enforcement, Abbas observed that several government agencies already have responsibilities relating to real estate transactions, but poor coordination and disconnected records continue to create loopholes.
He listed state land registries, planning and building control agencies, professional boards, the Corporate Affairs Commission (CAC), Federal Competition and Consumer Protection Commission (FCCPC), Securities and Exchange Commission (SEC), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC) and Special Control Unit Against Money Laundering (SCUML) among the institutions whose activities affect the sector.
He noted that although these agencies have different mandates, their records, approvals and enforcement activities often fail to connect, making stronger institutional coordination necessary.
