The Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, has called for stronger regulation of Nigeria's real estate sector, saying effective oversight is critical to protecting homebuyers, financiers and property investments.

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‎Osidi made the call on Monday, November 2, 2026, at the Stakeholders' Conference on the Proposed National Real Estate Regulatory Authority (NRERA), held at the Transcorp Hilton Hotel, Abuja, where he led FMBN's participation.

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‎Drawing from the Bank's experience in financing housing projects and supporting residential property developers, Osidi highlighted cases of developers who, despite receiving construction financing and securing allocations for National Housing Fund (NHF) contributors, failed to hand over houses to beneficiaries. In some instances, he noted that properties were reportedly resold to other purchasers, while other developers abandoned projects, failed to commence construction after collecting funds or diverted resources meant for housing development.

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‎According to Osidi, these experiences demonstrate that housing delivery challenges go beyond the availability of finance to include the competence, integrity and accountability of developers.

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‎"It is not enough to provide financing. We must have confidence that the developer receiving the financing is competent, financially responsible, professionally qualified and legally accountable for delivering the agreed project," he stated.

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‎He noted that although FMBN had made membership of the Real Estate Developers Association of Nigeria (REDAN) a prerequisite for developers seeking access to its construction loans, voluntary self-regulation alone had not sufficiently eliminated infractions in the industry.

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‎He therefore called for an independent and enforceable regulatory framework to establish minimum standards, monitor compliance, investigate complaints and sanction misconduct.

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‎He also recommended credible registration and accreditation of developers and their projects, mandatory disclosure requirements for property transactions and clear accountability mechanisms among developers, financiers and beneficiaries.

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‎The Chief Executive reaffirmed FMBN's support for the proposed Authority, describing it as an important intervention that could strengthen the housing delivery ecosystem, improve the security of property transactions and create a more reliable environment for mortgage finance and investment.

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‎The conference, themed "One Vision, One Ecosystem, One National Housing and Real Estate Plan," was convened by the Office of the Speaker of the House of Representatives in collaboration with the House Committee on Housing and Habitat to deliberate on the proposed regulatory framework for Nigeria's real estate industry.

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‎In his keynote address at the Conference, the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, highlighted the trust deficit in Nigeria's real estate market, noting that weaknesses in property documentation, ownership verification and transaction processes continue to expose buyers and investors to risks. He advocated a more coordinated and digitised regulatory system to strengthen transparency, protect property interests and improve confidence in the market.

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‎The Chairman of the House Committee on Housing and Habitat, Hon. Abdulmumin Jibrin, identified institutional fragmentation, regulatory gaps and duplication of functions as some of the glaring challenges confronting the housing sector. He described the proposed Authority as a lasting legacy that would unlock the untapped potential of Nigeria's housing industry.

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‎Also speaking, the Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, PhD, expressed the Ministry's support for the initiative, emphasising the need for stronger coordination among housing institutions and the involvement of state governments in developing the proposed legislation.

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‎Engr. Darma recalled that a similar stakeholder engagement organised by the Ministry in July 2026 had validated Nigeria's housing deficit at over 15 million units, against an estimated population of more than 240 million. He also highlighted the country's low mortgage penetration and called for safeguards to protect property purchasers, tenants and other participants in the real estate value chain.

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‎The Managing Director of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Ume Takang, also delivered a presentation titled "Shaping the Future of Nigeria's Real Estate Sector: A Shared Regulatory Vision for Government, Industry and Citizens," highlighting the importance of a shared regulatory vision and collective responsibility in developing the real estate market.

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‎Other participants included representatives of the Office of the Secretary to the Government of the Federation, the Economic and Financial Crimes Commission (EFCC), the Real Estate Development Association of Nigeria (REDAN), led by its President, Oba Akintoye Adeoye, Family Homes Funds, the Nigerian Economic Summit Group (NESG), as well as other government institutions and private sector operators.

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‎The conference came to a close with stakeholders sharing their perspectives, observations and recommendations on the proposed Authority, which the House Committee on Housing and Habitat is expected to harmonise and use the outcomes of the engagement to guide the development of an appropriate legislative and regulatory framework for the sector.

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