04/09/2025
My View on the 170+ Illegal Estates in Lagos State
First, let me clarify: none of our estates are on this list, so this is not a defense of personal interest. When companies I invest in face regulatory issues, I refrain from making statements to avoid any perception of bias.
Last year in Ghana, I spoke at a conference alongside a major real estate developer. I emphasized the need for collaboration in our sector. Too often, when a complaint arises against one developer, another seizes the opportunity to boast, only to face similar scrutiny months later. At that event, I warned that a time would come when government would clamp down on real estate companies. This is why we intentionally diversified early—to prepare for such a moment.
What we are seeing now is only the beginning of a deeper crisis. Developers must stop the jealousy, rivalry, and infighting. Instead, we need to unite, find solutions, and collectively rebuild confidence in the sector. The Real Estate Developers Association of Nigeria (REDAN) must also step up its role. Weak industry representation is one reason why promising sectors across Africa collapse, fueling unemployment and stifling entrepreneurship.
The losses are staggering. Developers have lost billions, while buyers with valid Certificates of Occupancy have seen their homes demolished. Many so-called “illegal estates” have existed for years, with families living in them. By portraying developers as illegitimate, the government risks damaging investor confidence not just in real estate, but in the state and nation at large.
China faced a massive real estate collapse, yet its government bailed out developers to protect the economy. Nigeria must learn from this—because when real estate fails, the nation suffers.
I rest my case.
Dr. Stephen Akintayo
