Speaker Abbas Proposes Real Estate Reforms, Moves to Protect Investors and Homebuyers

By Pan Afric Reporters

The Speaker of the House of Representatives, Tajudeen Abbas, has proposed sweeping reforms in Nigeria’s real estate sector, including centralised digital property records, stronger investor protection and tighter regulation of developers and agents, to curb fraud and make housing more affordable.

The proposals were contained in a press statement issued on Monday, November 2, 2026, by the Office of the Speaker and signed by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, following Abbas’ keynote address at a stakeholders’ conference on the proposed National Real Estate Regulatory Authority in Abuja.

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.

In his address titled “Building a Trusted and Investable Nigerian Real Estate Market,” Abbas identified weak property verification systems, fragmented approvals and inadequate regulation as major obstacles to investment and affordable housing.

“Nigeria does not lack property. Nigeria lacks enough trust in property,” the Speaker declared.

He noted that buyers often struggle to establish legitimate land ownership, while developers face prolonged approval processes and financial institutions encounter difficulties verifying property titles.

“These failures increase housing costs, discourage investment, and reward fraud. The purpose of regulation must therefore be clear,” Abbas said.

“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 added.

The Speaker called for a centralised and digitised real estate administrative system that would link the digital identities of property owners, buyers and sellers, while connecting property records with state registries, surveys, planning status and encumbrances.

“We must also modernise title verification. Nigeria should develop Decentralised Identity Verification for Land Titles. This means connecting trusted records, not creating another isolated database,” he said.

According to Abbas, states should retain authority over land administration, while common digital standards would enable verification across institutions.

“A title that cannot be verified cannot fully support credit. A market that cannot verify ownership cannot attract capital at scale,” he warned.

Abbas also urged the proposed regulatory authority to maintain a verifiable register of licensed developers, real estate agents and projects, enabling prospective buyers to confirm operators’ identities, licences, approvals and compliance records before making payments.

He further proposed that funds paid by buyers into qualifying off-plan developments should be held in protected accounts, with withdrawals tied to verified construction milestones.

Emphasising the need to protect legitimate businesses, the Speaker said regulation “is not a burden on honest business” but a safeguard against dishonest competition.

He also proposed a Legislative Sandbox Framework for property technology (PropTech) companies to test innovative products in a controlled environment, including electronic conveyancing, digital escrow, automated compliance checks and new housing finance models.

“The sandbox must not become a safe harbour for fraud,” Abbas cautioned, stressing that participating businesses must remain subject to consumer protection, data protection and anti-money laundering regulations.

He called for coordinated enforcement among existing institutions, including the Securities and Exchange Commission, Central Bank of Nigeria, state land registries, Federal Competition and Consumer Protection Commission, Economic and Financial Crimes Commission and other relevant agencies, to eliminate regulatory gaps and strengthen accountability in the sector.

Abbas maintained that the proposed authority should coordinate existing institutions rather than duplicate their mandates, adding that effective regulation must protect citizens, secure investment and build confidence in Nigeria’s real estate market.