At an event meant to honor a legacy, the harsh reality of Nigeria’s real estate market took center stage. The 45th anniversary of Jide Taiwo & Co., which also marked the 75th birthday of its founder, sparked strong industry commentary on what’s holding the sector back: weak regulation.
Moses Adeyemi, Managing Director of the firm, described the market as an open field. According to him, anyone can become an agent—retirees, housewives, anyone without qualifications or checks. While the valuation side of the business is regulated under the Estate Surveyors and Valuers Registration Board of Nigeria, the wider industry remains largely uncontrolled.
Seyi Aluko, General Manager of the Abuja branch, agreed. He said the sector runs on minimal standards, giving developers room to misuse funds from buyers. Many projects are abandoned, and others are never completed. Yet there’s no system in place to hold developers accountable.
Aluko explained that this lack of oversight harms both investors and tenants. In Nigeria, landlords often demand up to two years’ rent upfront. This stands in contrast to countries where tenants pay monthly or weekly. If a tenant defaults, legal processes are long and expensive. Worse, there’s no central system to track serial defaulters.
Oladapo Olaiya, a Fellow of the Nigerian Institution of Estate Surveyors and Valuers, called the current setup a free-for-all. According to him, the lack of enforced rules has allowed unqualified individuals to flood the industry. He believes strong regulation is the only way to restore credibility.
Despite the tough talk, the event also paid tribute to Jide Taiwo’s career. His daughter, Jumoke Anifalaje, described him as calm, focused, and committed. She shared that the biggest lesson from her father was to stay grounded, avoid the spotlight, and let hard work speak.
As the industry continues to grow, one truth remains: professionalism alone won’t fix what regulation has ignored. The sector needs structure, accountability, and a legal system that protects all players—from landlords to tenants to investors.
