Nigeria Launches ICPC-backed Committee to Professionalise Real Estate Sector

Kuni Tyessi in Abuja

A joint committee between the Independent Corrupt Practices and Other Related Offences Commission ICPC, and the Institute of Mortgage Brokers and Lenders of Nigeria, IMBLN a real estate body has been Inaugurated at the commission towards sanitizing the real estate sector.

Executive Secretary of ICPC, Clifford Oparaodu while inaugurating the committee in Abuja on Wednesday, said the anti-graft commission, through the collaboration, will deal with cases of malpractice and the presence of unqualified actors within the industry and will identify as well as ensure that professionalism is upheld.

He said another important area of collaboration will be curriculum development, particularly modules on anti-fraud, anti-money laundering and related issues.

“You are all aware that the property and construction sectors can sometimes be vulnerable to money-laundering activities. By anticipating these challenges, we can work together to strengthen safeguards within the industry.

“There are also areas of research and reporting, as well as training and knowledge sharing. These are additional areas where, alongside the initiatives you already have, we believe collaboration will help reinforce the values and objectives that we all stand for”, Oparaodu noted.

He noted the commission prioritizes among others, database development and intelligence-sharing platforms, advocacy and TV awareness campaigns for officials and professionals, curriculum development with anti-fraud and anti-money-laundering modules, plus research, reporting, and training.

Co-chair of the committee and head of programme of IMBLN, Dr. Victor Ivoke said the inauguration caps a five-year push to sanitise Nigeria’s property and mortgage sector.

He states that the committee will professionalise estate agency through low-cost training, formal registration, documentation and verifiable office addresses as well as mirroring standards in law and accounting.

Ivoke said the initiative which will start with advocacy, public education and town halls before enforcement, will have engagements that will cascade from the Ministry of Housing to states and local governments, noting that several states have already expressed interest.

Rather than bans, Ivoke stressed that organising practitioners training, licensing, and public verification will be at the front burner to assist renters confirm an agent’s legitimacy.

He added that free seminars for agents, lawyers and stakeholders have also been planned to drive compliance.

“Anyone can wake up and call themselves an agent today; we’ve seen single apartments leased to three or four people with no accountability. That must end,” he said.

“We’re investing time and resources to reduce corruption and disputes, create jobs, and build a respected profession,” Ivoke said, noting enforcement will follow widespread awareness.

“There will also be advocacy and awareness initiatives, including television and other public engagement programmes aimed at educating government officials and industry professionals.”