NIESV Summit: Nigeria loses trillions in dead capital due to poor real estate ethics —Ejidiran
By: Tijani Salako.
Nigeria could unlock hundreds of billions of dollars in dormant property value if trust, transparency, and proper regulation are restored in the nation’s real estate system, Mr Yemi Ejidiran called for renewed professionalism, transparency, and ethical conduct to restore the public confidence in Nigeria’s property industry.
Ejidiran stated this at the two days Nigerian Institution of Estate Surveyors and Valuers (NIESV) summit, held in Lagos on Tuesday at Neca house Ikeja, while delivering his keynote speech he described trust as the “currency of real estate, noting that unclear land ownership records and unreliable property data continue to cripple investment and mortgage growth.
The event themed “Building Trust and Driving Excellence in Real Estate Practice: Global Standards, Local Realities,” brought together real estate practitioners and valuers, investors, and policymakers to discuss the future of the sector.
The summit organised by the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Mr Ejidiran commended the institute’s leadership for convening the dialogue at what he described as a defining moment in the nation’s economic journey noting that the Nigerian economy is gradually finding its footing and emphasised that the built environment remains vital for job creation and investment growth.
He stated that professionalism remains the “strongest currency in the real estate industry, adding that ethics and excellence are not optional but the foundation for sustainable national development. We do not merely build structures; we build trust, every repeat client or referral is proof that you are trusted.”
According to him, trust is the cornerstone of every real estate transaction, noting that buyers, sellers, and investors rely on confidence in data, law, and market systems. “When trust exists, investment flows and progress follows. When it disappears, suspicion replaces confidence and growth stalls,” he added.
The speaker cited data showing that hundreds of billions of dollars in property value are trapped as “dead capital” in Nigeria because ownership records are unclear and property systems lack transparency. Restoring trust, he said, could unlock vast economic potential for national development.
He lamented that Nigeria’s mortgage debt-to-GDP ratio remains below one per cent, compared to 16 per cent in South Africa, largely due to unreliable property valuations and weak title systems. Millions of Nigerians cannot leverage property to build wealth, while developers struggle to finance new projects
“The rising number of building collapses across the country, describing the trend as a major threat to public safety and investor confidence. Between 2020 and 2024, Nigeria recorded more than 135 building collapses, resulting in billions of naira in losses and eroding public trust in the sector.
Highlighting global best practices, Ejidiran identified four key pillars for trust in real estate: ethics and professionalism, transparency and market information, strong legal frameworks, and technological innovation. He praised India’s Real Estate Regulation and Development Act (RERA) as an example of effective policy reform that could guide Nigeria’s own regulatory improvements.
He further urged Nigerian professionals to align with the International Ethics Standards (IES), adopted by more than 100 professional bodies worldwide. Nigerian valuer should be as trusted as counterparts in London or New York if the same ethical guidelines are followed.
On the issue of transparency, he noted that “reliable property data, open registries, and technological tools such as blockchain could transform Nigeria’s real estate market, attract capital opaque markets are starved of it,” he stressed.
The speaker also called for more effective legal systems to address disputes swiftly and fairly. He observed that prolonged court cases discourage investment and undermine confidence among property owners and tenants.
He concluded by urging stakeholders to see trust as the key to unlocking the nation’s real estate potential. “Trust built on ethics, strengthened by transparency, and protected by strong laws can transform our property market into a trillion-dollar opportunity, If we can restore trust, we can restore confidence and with it prosperity.”
