Chief Kola Akomolede, President, Nigerian chapter of The International Real Estate Federation, FIABCI, has said the menace of quackery festering in the Nigerian Real Estate industry can only be curbed by government regulation. He decried the lack of regulation in the sector, saying it has given rise to an era of manner of people doing real estate business.
In an exclusive interview with 3Invest Intelligence, Chief Akomolede, said “the problem of quackery in the industry is because of lack of regulation. In the United States for example, you must write exams, go through training and be certified before you can practice. Even when you are registered in Chicago you cannot practice in New York because every state has a law guiding its real estate. But in Nigeria, Real Estate is the trade of every Dick, Tom and Harry; people who have no jobs or lost their jobs just come in and do business”.
He however said FIABCI has made a proposal to the government about having a law that can effectively regulate the industry. He furthered that FIABCI is working to ensure that government takes it serious.
Speaking on the endemic problem of housing, the FIABCI boss said that the good thing about problem is that there is awareness. “I think people are getting more aware of the housing problem, which is why you see government coming up with law, even though they are making the wrong laws. But at least, it means they are aware there is a problem. For example, the recent tenancy law shows that government is aware the problem; but the law is part of a negative approach to solving it”.
On the roles FIABCI as an international association, Chief Akomolade said the whole essence of FIABCI is to share solutions and information. He explained that property problem is not peculiar to any particular clime. Therefore, FIABCI create an international platform for countries doing well to network with emerging countries.
On the local scene, he informed that FIABCI is beneficial as a medium of dissemination of information to local professionals. “When we attend international conference, we come back and share the issues with practitioners at home. For example, last year, we stage a conference of Taxation and plans are in top gear to host another one on mortgage next month”.
