At a landmark event celebrating the 75th birthday of Chief Jide Taiwo and the 45th anniversary of his eponymous real estate firm, leading industry professionals called for urgent reforms in Nigeria’s real estate sector. Held in Lagos, the gathering brought together estate surveyors, valuers, and other stakeholders, who emphasized the need for robust, enforceable regulations to curb malpractice and ensure professionalism in the industry.
The conversation quickly shifted from celebration to advocacy as key players lamented the state of the real estate sector, calling for better oversight and accountability.
Moses Adeyemi, Managing Director of Jide Taiwo & Company, expressed concern over the unregulated nature of Nigeria’s real estate market. He described it as a “free-for-all” industry where individuals with little to no qualifications could operate unchecked. “The real estate market in Nigeria is open, and that is part of the problem. It’s not being regulated or controlled. A retiree, a housewife—anyone can start calling themselves agents. That shouldn’t be the case,” he stated.
Adeyemi highlighted that only the valuation segment of the industry is currently regulated under the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), which certifies professionals through seals and stamps. Outside this niche, he noted, real estate operations remain largely unmonitored, opening the door for malpractice and unqualified players.
The conversation also touched on housing affordability, with Adeyemi noting that affordability is a relative concept. According to him, individual choices around location, taste, and income level all factor into what is considered affordable. “Someone earning a small salary might still choose to live in a high-end area for convenience, even if it stretches their finances,” he added.
Another major topic of concern was the increasing prevalence of high-rise developments and the associated risks of building collapse. Adeyemi stressed the importance of adhering strictly to government regulations, noting that many collapsed buildings lacked approved plans and certifications. “We need to get all our building papers and certifications in order,” he said. “Most of the collapsed buildings didn’t have government-approved plans.”
Seyi Aluko, General Manager of the firm’s Abuja branch, echoed these sentiments, stating that Nigeria’s real estate sector remains vastly under-regulated when compared to global standards. “The legislature needs to do more. Regulation should reflect our local realities, values, and behaviour,” Aluko said.
He also drew attention to the absence of a centralised identity verification system, which he described as a loophole that enables rent defaulters to move freely without consequences. He contrasted Nigeria’s practice of demanding one or two years’ rent upfront with models in more developed countries, where rental history is easily traceable, and tenants often pay rent on a weekly or monthly basis. “Here, a landlord demands two years’ rent upfront because there’s no protection for their investment,” Aluko noted.
The event was not only a forum for industry critique but also a tribute to the legacy of Chief Jide Taiwo. His first daughter, Jumoke Anifalaje, paid a heartfelt tribute to her father, describing him as a man of integrity, professionalism, and quiet determination. “He never jokes with integrity or professionalism. He has taught us to work hard, stay focused, and uphold strong values in all that we do,” she said.
The dual celebration served as a reminder of both the progress the industry has made and the urgent reforms needed to ensure it continues to grow in a safe, professional, and sustainable manner.
