Olumide Bamgbelu calls for more transparency in Nigeria real estate
By the AFREEQUE newsroom, based on Businessday
Nigerian real estate professional Olumide Bamgbelu has called on companies in the sector to handle complaints better and increase transaction transparency. He denounced allocation delays, unfulfilled commitments and suspected deception, while demanding evidence for the allegation targeting 97% of companies, according to Businessday.
Olumide Bamgbelu, a professional in Nigeria’s real estate sector, has called on developers and other market players to address customer complaints, strengthen accountability and make transactions more transparent, reports BusinessDay. He cited allegations of deception, delays in allocating properties, unfulfilled commitments and poor communication between developers and buyers.
Bamgbelu nevertheless rejected the claim that 97% of real estate companies were fraudulent, saying such a general accusation must be based on credible and verifiable evidence. He called for each complaint to be examined separately and for deliberate fraud, contractual disputes, operational failures and project delays to be distinguished.
He advised buyers to independently verify the ownership of the property, the seller’s authority, land registry documents, authorisations, any restrictions or disputes, as well as the developer’s track record. He also recommended that they demand written contracts specifying the property purchased, the total cost and the allocation arrangements.
