By Clement Nwabuko
ABUJA (PRECISE POST) – The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has called for a centralised and digitised real estate administrative system to simplify property transactions, strengthen investors’ confidence and curb fraud in Nigeria’s housing sector.
Abbas also advocated a digital identity verification system that links property ownership records with the identities of property owners, sellers and prospective buyers to ensure transparency and facilitate the verification of land titles.
The Speaker made the call on Monday in Abuja while delivering the keynote address at a stakeholders’ conference on the proposed National Real Estate Regulatory Authority (NRERA).
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 declared that Nigeria’s major challenge in the real estate sector was not a shortage of properties but a lack of confidence in property ownership and transactions.
“Nigeria does not lack property. Nigeria lacks enough trust in property,” he said.
He identified difficulties in verifying land ownership, fragmented approval processes, multiple sales of properties, abandoned housing projects and inadequate protection for prospective homeowners as some of the challenges undermining the sector.
According to him, these shortcomings increase housing costs, discourage investment and create opportunities for fraudulent practices, stressing that the proposed regulatory framework must prioritise the protection of property, investment capital and citizens.
“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,” the Speaker stated.
Abbas maintained that effective regulation should not constitute an additional burden on legitimate businesses but should protect genuine operators against dishonest competition and create a predictable investment environment.
He specifically advocated the introduction of a Decentralised Identity Verification system for land titles, explaining that the initiative would connect existing trusted records rather than create another isolated database.
Under the proposed arrangement, he said, each property should have a secure digital identity linked to its state land registry, survey records, registered owner, planning status and existing encumbrances.
He noted that while states would retain their constitutional authority over land administration, common digital standards would enable seamless verification across relevant institutions.
“A title that cannot be verified cannot fully support credit. A market that cannot verify ownership cannot attract capital at scale,” he warned.
The Speaker further 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 said the proposed authority should maintain a verifiable register of licensed real estate developers, agents and projects, enabling prospective buyers to establish the identity, licensing status, project approvals and compliance records of operators before making financial commitments.
On off-plan property developments, Abbas proposed that buyers’ funds should be domiciled in protected accounts, with withdrawals tied to independently verified construction milestones to prevent diversion of funds and protect subscribers from losing their investments.
He, however, cautioned that regulation must also protect genuine developers from bureaucratic bottlenecks through predictable approval timelines, transparent fees and clearly defined appeal procedures.
Addressing the need to accommodate technological innovations in the sector, the Speaker proposed a Legislative Sandbox Framework for Property Technology (PropTech), which would allow approved businesses to test innovative products within a controlled and time-bound regulatory environment.
He explained that the framework would support innovations in electronic conveyancing, digital escrow, automated compliance checks, remote verification and emerging housing finance models, while ensuring adequate consumer protection.
Abbas stressed that participation in the proposed sandbox must not provide a cover for fraudulent activities or exempt operators from existing consumer protection, data protection and anti-money laundering regulations.
He also called for clearly defined institutional responsibilities, urging the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), data protection authorities and state governments to retain their respective mandates, while the proposed authority coordinates their activities without duplicating existing functions.
On enforcement, the Speaker observed that several government institutions already exercise regulatory or oversight responsibilities over different aspects of real estate transactions, but their records, approvals and enforcement mechanisms often operate independently.
He listed state land registries, planning and building control agencies, professional regulatory boards, the Corporate Affairs Commission (CAC), Federal Competition and Consumer Protection Commission (FCCPC), SEC, Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC) and the Special Control Unit Against Money Laundering (SCUML) among the institutions whose activities intersect with the sector.
He argued that although these institutions have distinct statutory mandates, stronger coordination and information-sharing mechanisms were necessary to eliminate regulatory gaps, improve enforcement and establish a transparent, secure and investor-friendly Nigerian real estate market.
The Speaker maintained that the proposed National Real Estate Regulatory Authority should therefore serve as a coordinating institution that strengthens existing regulatory structures, protects property owners and investors, and promotes greater access to affordable housing.
