The President of the Real Estate Developers Association of Nigeria (REDAN), Akintoye Adeoye, has emphasized the urgent need for improved land administration in Nigeria during the Digital Land Summit, themed “Revolutionising the Land Market with Technology.”
The summit featured the launch of Africa’s first land marketplace and the 2023 Nigerian Land Market Report presentation.
Adeoye highlighted that the lack of rule of law and good governance in land administration is a significant challenge facing the sector. He stressed the necessity for transparency in the perfection of land titles to restore investor confidence.
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In addressing unethical practices by some developers, Adeoye encouraged members to prioritize transparency and legal compliance before marketing properties. “Developers must ensure that all legal requirements are fulfilled to protect property rights and facilitate transparent transactions,” he stated.
He further advocated for the integration of technology in the real estate sector, noting that it is essential for enhancing transparency and making information accessible to the public. To this end, REDAN has established a Proptech hub at its secretariat to promote technological advancements in the industry.
Jide Odusolu, Chief Executive Officer of Octo5 Holdings, voiced concerns about the inefficiencies of the Land Use Act, which he believes has become burdensome for developers. He pointed out that significant costs—around 3.5 to 10 percent of property development expenses—are consumed by documentation.
Odusolu also stressed the need for improved precision in land data, proposing solutions like land tokenization, digital registration, and the use of Geographic Information Systems (GIS) for geomapping lands. “Land administration should not be viewed solely as a revenue-generating function but as a means to facilitate access to land for the people,” he argued.
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Kehinde Ogundimu, Managing Director of the Nigerian Mortgage Refinance Company Plc (NMRC), echoed the call for a robust land administration process to enhance real estate as a viable investment option. He expressed concern over the time and costs involved in perfecting property titles, emphasizing that delays equate to financial losses for investors.
Dr. Nkiru Aso, Senior Special Adviser to the Anambra State Governor on Estate and Housing, announced that the state has enacted a bill imposing penalties for land grabbing and touting to strengthen land administration. She also mentioned plans to establish community boundaries to minimize land disputes and educate citizens about the importance of registering their land.
Mr. Nnamdi Uba, CEO of Systemap, concluded that technology holds the key to resolving many issues within the real estate sector, particularly in managing land data. He called for the development of a digital marketplace that would allow potential buyers to search for available land conveniently from their homes.
