By Diamond Ilori
As an expert with years of experience navigating the real estate landscape around the world, I can no longer stand by and watch as the governments of Osun, Oyo, and Ogun states allow their real estate markets to crumble under the weight of negligence and inefficiency. It’s time to call out the officials, the so-called “regulatory bodies”, and the policymakers who are merely occupying positions and wasting time, while the people continue to suffer.
Osun State: A Wasted Opportunity for Real Estate Regulation Osun State, like many others in the region, has been blessed with an abundance of resources
and opportunities to transform its real estate sector.
However, under the leadership of Governor Ademola Adeleke, the state has failed to seize this opportunity, leaving its real estate market in a state of disarray.
The Ministry of Housing and its affiliated agencies, tasked with regulating property transactions and protecting both tenants and homebuyers, have been nothing short of playing the old game, recycling the same old tricks in the book of the state. They have proven time and again they aren’t ready to be visionary, no effective strategy, and no commitment to solving the core issues plaguing the market.
These bodies, appointed by the Governor, have remained ineffective at best, shortsighted at worst. Rather than taking a proactive approach to address the skyrocketing prices of rents and real estate assets in the state, these appointees are merely collecting
salaries and sitting in offices, detached from the reality on the ground.
Governor Adeleke, while capable of driving the state’s agenda forward, has failed in one critical aspect—his inability to appoint people who can actually deliver results. Real estate regulation
requires active, forward-thinking leadership, not complacent administrators who are merely
biding their time in office. The housing bodies in Osun State need a shake-up. They must be led by individuals who are forward-thinking, have the expertise, and most importantly, have the drive
to bring about real change.
The issues of land grabs, fraudulent transactions, unregulated development, and unmanageable rent hikes are rampant in Osun State, and yet the government seems content to sit on its hands and watch as ordinary citizens are swindled and exploited. Governor Adeleke cannot do everything alone, but the people he appoints to key positions must demonstrate competence
and urgency. If they fail to act, they are as culpable as the landlords who manipulate the system for personal gain. It’s time for a total overhaul of the Ministry of Housing and all other bodies
involved in real estate in Osun State.
Oyo State: Ignorance in the Face of Urban Growth turning to Oyo State, where the capital city Ibadan continues to experience rapid urbanization
and a boom in property development, we must once again ask: where are the regulatory bodies? Why has the state failed to address the explosion of property prices, particularly in
prime areas, while the masses are left to navigate a housing market that has become increasingly inaccessible?
The Ministry of Lands, Housing, and Urban Development in Oyo State has shown a blatant disregard for sustainable urban planning,and rent control. The absence of a cohesive,
coordinated approach to managing the housing crisis in Ibadan and other urban areas is apparent.
Developers are left to build without sufficient oversight, and tenants face unscrupulous landlords who exploit their desperation for shelter.
Governor Seyi Makinde has the opportunity to shape Oyo State into a model of modern, sustainable development, but this will never happen if the bodies responsible for housing
regulation, and urban development remain complacent.
Appointing individuals who are merely
occupying positions without the vision or the capacity to effect change is a disservice to the people of Oyo State.
Ogun State: A Tale of Mismanagement and Missed Opportunities in Ogun State, the story is not much different. With its proximity to Lagos and the growing demand for residential and commercial properties, Ogun has every opportunity to develop its real estate sector into one of the most robust in the country.
However, like the other southwestern states, it has failed to regulate this sector effectively.
Under Governor Dapo Abiodun, Ogun has made some attempts to address housing challenges, but the real issue is in the execution. The Ogun State Ministry of Housing and Urban Development, along with the Ogun State Property Development Corporation, are out of touch with the realities of the market.
With no comprehensive plan to manage the increasing demand for housing, the state has become a playground for greedy developers who are selling land
without proper documentation, building without adequate zoning, and generally profiting off the chaos.
It’s clear that those appointed to run these bodies are simply biding their time. Instead of actively addressing the challenges that are causing skyrocketing prices and a lack of affordable housing,
they sit in their positions without any clear strategy or actionable plans. The result is a real estate market in Ogun State that is as chaotic and fragmented as it is expensive.
Governor Abiodun cannot afford to continue relying on people who are not getting the job done.
He must take immediate steps to revamp the Ministry of Housing and related agencies by appointing competent, forward-thinking individuals who understand the intricacies of the real estate market and are committed to serving the public, not their own interests.
The Crux of the Matter: Leadership and Accountability
The overarching issue in all three states—Osun, Oyo, and Ogun—is a failure of leadership. The regulatory bodies are not functioning, and the people appointed to lead them are either out of touch with the realities of the market or, worse, have no desire to address the issues at hand.
Governors Adeleke, Makinde, and Abiodun have a responsibility to ensure that the agencies under their jurisdiction are not just rubber-stamping transactions and collecting salaries.
They must demand results.
The problems in the real estate sector—skyrocketing rents, fraudulent land transactions, unsustainable property developments—are not going to disappear on their own. These issues
require immediate action, a vision for the future, and a government that is willing to hold regulatory bodies accountable.
If the leaders of Osun, Oyo, and Ogun states do not take decisive action now, the consequences will be felt by generations to come. The government has the power to turn this situation around, but only if they stop pretending that everything is fine and start putting the right people in the right positions to tackle the problems head-on.
The time for excuses is over. The people deserve better, and it is high time that the leadership of these states step up and deliver. The current system is failing, and the people are paying the
price. Let’s stop pretending, and let’s demand accountability now.
The Ineffectiveness of Real Estate Regulatory Bodies in Southwestern Nigeria: A Call for Immediate Action By a seasoned real estate professional
Real estate is one of the most crucial sectors in any growing economy, yet in southwestern Nigeria—specifically Osun, Oyo, and Ogun states—the sector is plagued by inefficiencies, market distortions, and ineffective regulatory bodies.
The real estate market in these states is characterized by skyrocketing rents, fraudulent land transactions, and unregulated development, all of which have caused many Nigerians to suffer. Despite this, the bodies established to regulate the sector are largely ineffective, with officials who seem to be more interested in collecting salaries than in addressing the real issues at hand.
As a real estate expert who has witnessed the challenges faced by individuals and businesses in these states, it is clear to me that the failure to effectively regulate real estate is not just a matter of negligence; it is a deliberate failure to act. It’s time to address these issues head-on, and there is no better place to start than by taking inspiration from successful systems around the world—particularly Dubai’s robust real estate regulatory framework.
The Dubai Model: A Solution for Southwestern Nigeria’s Real Estate Crisis
Dubai, as an international property hub, has established a world-class system for regulating real estate and rent control.
If Osun, Oyo, and Ogun states hope to bring order to their real estate
markets, they need to adopt a more sophisticated and transparent system, inspired by what has been implemented in Dubai. Here are some key elements of the Dubai model that can be applied to southwestern Nigeria, along with a step-by-step guide for implementation:
1. Digitization of the Real Estate Market
Dubai has successfully created a digital system for registering properties, tracking rental contracts, and resolving disputes. This system, known as Ejari, provides transparency and
accountability by ensuring that all property transactions are legally documented.
In southwestern Nigeria, this system could be adapted and implemented to ensure that:
Step 1: Create a state-wide, government-backed digital platform for registering tenancy agreements and property sales in Osun, Oyo, and Ogun states.
Step 2: Ensure that all properties being sold or rented are listed in the system, with necessary documentation, such as land titles, deed verification, and zoning status.
Step 3: Require landlords and developers to register all contracts on this platform before they are valid. This will eliminate fraud and protect both tenants and property buyers from unscrupulous landlords.
By doing this, we can ensure transparency and make the market more accessible, efficient, and
secure for everyone.
2. Rent Control and Transparency
In Dubai, rent increases are regulated by the Dubai Rental Price Index, which sets clear guidelines on how much a landlord can increase rent based on market trends.
Similarly, southwestern Nigeria needs a standardized rent control framework to curb exploitative practices.
Step 1: Enact a Rent Control Law that regulates rent increases based on the rental market index. This law should consider inflation rates, area development, and market demand in setting rent prices.
Step 2: Introduce a Rental Price Index, similar to Dubai’s, which can be monitored and updated regularly by the government. This index should be accessible online for tenants and landlords to reference.
Step 3: Implement a cap on how much rent can increase per annum, say 10% maximum, which will provide tenants with predictability and help stabilize the market. Such a system would prevent landlords from arbitrarily increasing rents and force them to remain within the boundaries of the law.
3. Real Estate Regulatory Authority with Enforcement Powers Dubai’s Real Estate Regulatory Agency (RERA) oversees all property transactions, ensuring
that developers, agents, and landlords comply with regulations. This includes enforcing fair contract practices, ensuring the safety of buildings, and managing disputes between parties.
Step 1: Establish a Real Estate Regulatory Authority in Osun, Oyo, and Ogun states that is responsible for overseeing all real estate transactions, including property registration, development permits, and rent control.
Step 2: Empower the agency with real enforcement powers. This means instituting penalties for
illegal land sales, unapproved developments, and landlords who do not comply with rent control
regulations.
Step 3: Use the agency to mediate disputes between tenants and landlords, ensuring swift, transparent resolutions that protect the rights of both parties. The creation of such an authority will bring about an organized, predictable, and legal real estate environment, instilling trust among tenants, landlords, and investors.
4. Affordable Housing Initiatives
Dubai’s Affordable Housing Strategy involves private-public partnerships to create homes that are both affordable and in line with urban development goals. This includes financial incentives
for developers to build low- and middle-income housing.
Step 1: Develop a State-Sponsored Affordable Housing Program that targets middle- and low-income earners. The program should be geared toward offering incentives such as land
grants, tax breaks, and financing to developers willing to build affordable housing.
Step 2: Provide government-backed low-interest loans for developers to build affordable
properties, and for buyers to purchase them.
Step 3: Implement a low-cost housing fund that helps offset development costs for housing aimed at low-income families. This can help tackle the current shortage of affordable homes in
southwestern Nigeria.
This will not only make homes more affordable for citizens but will also ensure that more families have access to decent living spaces.
5. Urban Planning and Sustainable Development Dubai’s urban planning policies are meticulously designed, with a focus on sustainability and
order. These policies ensure that development projects are built with the long-term vision of the city’s growth in mind, maintaining a balance between commercial, residential, and green
spaces.
Step 1: Implement comprehensive zoning laws that specify what types of properties can be developed in certain areas. This will prevent unregulated development in areas that are not
suited for residential properties, ensuring that cities are not overcrowded and that commercial and residential developments do not clash.
Step 2: Develop sustainable city models by promoting green buildings, eco-friendly infrastructure, and energy-efficient homes. Incentivize developers who meet environmental standards and build homes that are sustainable in the long run.
Step 3: Regulate land speculation by limiting the amount of land any one developer or individual can own, and ensure that large tracts of land are used for public benefit, such as housing, parks, or community facilities.
This kind of planning will help manage urban growth, ensuring that real estate development occurs in an orderly and sustainable manner.
Conclusion: A Roadmap for Transformation
The real estate sectors in Osun, Oyo, and Ogun states are at a crossroads. The time has come to overhaul the outdated, ineffective regulatory systems that have left tenants and homebuyers at the mercy of greedy landlords and unscrupulous developers.
By drawing inspiration from Dubai’s successful real estate model, these states can develop a regulatory framework that brings order, transparency, and fairness to the market. From digitizing property transactions to enforcing rent control and creating affordable housing initiatives, there are concrete steps that can be taken right now.
Governors Oyetola, Makinde, and Abiodun, along with the appointees heading the various real estate bodies in these states must act with urgency. The current system is not working, and if it
continues, the real estate sector will remain a breeding ground for corruption, speculation, and exploitation. It is time to put the people’s needs first and create a regulatory environment that
fosters trust, sustainability, and fairness for all.
Immediate Action dont make it obvious that the idea is coming from dubai, make it sound like they were my
The Ineffectiveness of Real Estate Regulatory Bodies in Southwestern Nigeria: A Call for By a seasoned real estate professional
Real estate plays a critical role in the development of any economy, but in southwestern Nigeria—particularly in Osun, Oyo, and Ogun states—there is a pressing crisis. Property prices continue to rise uncontrollably, rents have become unaffordable for the average citizen, and the sector is rife with fraud and unregulated development.
The state governments have failed to address these issues with the urgency they demand, allowing the real estate market to spiral out of control. This failure of governance is compounded by regulatory bodies that are nothing more than facades—appointed officials who, instead of actively managing the sector, are simply occupying positions and collecting salaries.
As a seasoned real estate professional with years of experience in the sector, I can confidently say that this lack of action is not only detrimental to the citizens of these states but also to the
long-term viability of their economies.
The time for inaction and complacency is over. It’s time to fix the real estate market, and I have the solutions that can bring about immediate and lasting
change
What are the solutions?
1. Implement a Comprehensive Digital Registration System for Properties
The first step in regulating the real estate sector is to establish a reliable and transparent system for property registration. Currently, property transactions are often unrecorded or poorly documented, which opens the door for fraud, illegal sales, and disputes.
Step 1: Create a state-wide, government-backed digital platform that allows for the registration of all properties being bought, sold, or rented in Osun, Oyo, and Ogun states.
This platform must be accessible to both tenants and property buyers and must include information on ownership, zoning, and land titles.
Step 2: Mandate that all real estate transactions be recorded on this platform. Landlords, developers, and agents should be required to upload their tenancy contracts, land documents,
and sale agreements to the system, which will guarantee transparency and prevent fraud.
Step 3: Ensure that all government agencies involved in property regulation have access to this database, allowing for better oversight and easier resolution of disputes.
This digital system will create a transparent environment for all property transactions, eliminating the shady dealings that plague the market today.
2. Introduce Rent Control and Clear Guidelines for Rent Increases
One of the most pressing issues in southwestern Nigeria’s real estate market is the unregulated rent hikes that put immense pressure on tenants. In many areas, landlords increase rent
arbitrarily, making housing unaffordable for the average person.
Step 1: Enact Rent Control Laws that define clear guidelines for how much rent can increase annually, based on factors such as inflation, market conditions, and the development status of a neighborhood.
Step 2: Establish a Rental Price Index for each state that is publicly available. This index will based on comprehensive market data and will help both tenants and landlords understand the fair rent range for any given area.
Step 3: Enforce strict penalties for landlords who raise rents beyond the permissible limits, and establish an efficient grievance mechanism for tenants who believe they have been exploited.
By regulating rent increases and introducing a transparent pricing model, we can stabilize the housing market and ensure that rents remain within a reasonable range for tenants.
3. Create a Real Estate Regulatory Authority with Enforcement Powers
A strong regulatory authority is essential to the effective management of the real estate sector.
Right now, in Osun, Oyo, and Ogun states, there is no central body that has the authority or capacity to enforce regulations, resolve disputes, or ensure that developers and landlords are
adhering to the law.
Step 1: Establish a Real Estate Regulatory Authority in each state, with the power to oversee all property transactions and developments. This body will be responsible for ensuring that all developers and landlords comply with the law and follow best practices.
Step 2: Equip the authority with enforcement powers. This includes the authority to impose penalties on developers who fail to meet building standards, landlords who do not register
tenancy contracts, and real estate agents who engage in fraudulent activities.
Step 3: Enable the regulatory authority to mediate disputes between tenants and landlords quickly and fairly, ensuring that both parties have access to a legal channel for resolving issues.
This authority will ensure that the real estate sector operates fairly, efficiently, and transparently, protecting both investors and residents.
4. Incentivize Affordable Housing Development
With increasing urbanization and the rising demand for housing, the availability of affordable housing in Osun, Oyo, and Ogun states is becoming increasingly limited. Developers are more interested in building high-end, luxury properties, leaving low- and middle-income earners with
few options.
Step 1: Implement an Affordable Housing Initiative that offers financial incentives, such as tax breaks or subsidies, to developers who build homes within a specific price range for middle- and low-income earners.
Step 2: Create a housing fund that can be used to support the development of affordable housing projects, particularly in underserved areas.
These steps will ensure that more families can access safe, affordable housing and prevent the housing crisis from worsening.
5. Regulate Urban Planning and Sustainable Development
The rapid urbanization of cities like Ibadan, Osogbo, and Abeokuta has created a strain on infrastructure, housing, and public services. Without a proper framework for urban development, we risk creating chaotic, overcrowded cities with inadequate facilities.
Step 1: Implement comprehensive urban planning laws that define where residential, commercial, and industrial properties can be developed. This will help manage the rapid expansion of cities and ensure that housing projects are built in suitable areas with adequate
infrastructure.
Step 2: Encourage sustainable building practices by offering incentives for developers who incorporate green building technologies and energy-efficient designs into their projects.
Step 3: Monitor and regulate land speculation, ensuring that land is used productively and that developers do not hold onto properties without developing them, thereby driving up costs
unnecessarily.
Proper urban planning and sustainable development practices will create orderly, efficient cities that are capable of supporting growing populations without collapsing under the weight of
unregulated development.
Conclusion: The Path Forward
The real estate markets in Osun, Oyo, and Ogun states are in desperate need of reform. The regulatory bodies that currently exist are simply not up to the task. Their inefficiencies and lack of foresight has created a market that is chaotic, unpredictable, and often exploitative.
By implementing the solutions outlined above—ranging from digital property registration and rent control to creating a real estate regulatory authority and incentivizing affordable housing—we can restore order and fairness to the real estate sector. The state governments must act now.
The time for inaction has passed. The people of these states deserve better, and it is the duty of the governors, policymakers, and regulatory authorities to deliver the solutions
that will ensure a fair and sustainable real estate market for all.
Rent Cap Laws: The government should implement rent control regulations to ensure rents remain reasonable and prevent excessive increases.
The Osun Rent Law – The Oyo Rent Law, The Ogun Rent Law; allows landlords to increase rents only within a certain limit based on the Real Estate Regulatory Agency (RERA) Rent Index. The Rent Index should set guidelines on the maximum allowable rent increase for both residential and commercial properties.
RERA (Real Estate Regulatory Agency): RERA, Create body called Oyo land Department – Osun land Department, Ogun land Department and it should be part of the Real Estate
Regulatory agency, they should play a central role in regulating the real estate market. They should issue guidelines on rent prices, registration of rental contracts, and tenancy disputes.
The body should also set the Rent Index to guide landlords and tenants on rent adjustments.
Tenancy Contracts: All tenancy contracts in these states must be registered with the government system, a government-mandated platform managed by RERA. This will ensure transparency, help resolve disputes, and allow for tracking rental market trends.
Government Interventions: The government can intervene in times of crisis or abnormal market conditions (such as during the 2008 financial crisis or COVID-19 pandemic) by adjusting regulations and offering rent deferrals, rent reductions, or other measures.
Supply and Demand: While regulations are in place to control rent increases, the ogun, Oyo and Osun real estate market will still be influenced by supply and demand dynamics. The government should continue to invest in infrastructure, urban development, and affordable housing projects to balance market fluctuations.
These mechanisms will work together to ensure stability in the real estate market while also offering some protection to tenants.
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