ICPC, mortgage brokers move against property fraud

…As new committee targets fake agents, malpractice in property market

By Luminous Jannamike

ABUJA — Nigeria’s anti-corruption watchdog and mortgage industry regulators have begun a joint push to tackle fraud, fake agents and other malpractice in the country’s real estate and housing finance sector.

The initiative is designed to tighten professional standards, improve compliance with existing laws and protect Nigerians seeking homes or property investments from widespread abuses in the housing market.

The move was announced on Wednesday in Abuja during the inauguration of a Joint Implementation Committee between the Independent Corrupt Practices and Other Related Offences Commission and the Institute of Mortgage Brokers and Lenders of Nigeria.

Speakers at the event included the committee’s co-chair, Dr Victor Ivoke, ICPC Executive Secretary Clifford Oparaodu, and IMBLN Vice-President ESV Ayodele Thomas.

“In some cases, you even find a single one-bedroom apartment leased to three or four different people, with money collected from all of them,” Dr Ivoke said, describing the type of malpractice the collaboration hopes to address.

He said the initiative represents the outcome of several years of concern about irregular practices within Nigeria’s real estate sector.

According to him, studies conducted by the institute revealed that questionable activities remain widespread across the property market.

“When we studied the industry, we discovered that there are many irregular and questionable activities taking place within the real estate and mortgage sector in general.

“Anyone can simply wake up, claim to be an agent and begin to lease land or houses to people,” he said.

To address these issues, officials said the new committee will focus on strengthening professional standards and ensuring that practitioners operating in the industry are properly trained and registered.

“What we want to achieve is a professional system where anyone operating in the industry undergoes proper training,” Ivoke said.

He added that the reform process will begin with advocacy and public awareness before enforcement measures are introduced.

“Our approach will focus first on advocacy, public education and town hall meetings before any enforcement begins,” he said.

Speaking at the event, ICPC Executive Secretary Clifford Oparaodu said the committee was created to implement provisions contained in a Memorandum of Understanding signed between the two organisations.

“Part of that agreement was the establishment of a joint committee to implement everything contained in the Memorandum of Understanding. I believe that is the reason we are gathered here today,” he said.

Oparaodu said the partnership will also promote stronger cooperation and information sharing within the sector.

“These include areas such as database development and data sharing, particularly the establishment of platforms for the exchange of intelligence and information between ICPC and other relevant stakeholders,” he said.

The ICPC scribe added that public awareness and professional education will form an important part of the collaboration.

“There will also be advocacy and awareness initiatives, including television and other public engagement programmes aimed at educating government officials and industry professionals,” he said.

Oparaodu noted that the partnership would also support training and curriculum development on anti-fraud and anti-money laundering practices in the property sector.

“You are all aware that the property and construction sectors can sometimes be vulnerable to money-laundering activities. By anticipating these challenges, we can work together to strengthen safeguards within the industry,” he said.

Earlier, IMBLN Vice-President ESV Ayodele Thomas said the collaboration reflects a shared commitment to improving transparency and accountability within Nigeria’s housing and mortgage finance sector.

“This collaboration represents a shared commitment to integrity, transparency and accountability within Nigeria’s housing and mortgage finance sector,” he said.

Thomas noted that the institute operates under the Institute of Mortgage Brokers and Lenders Establishment Act, 2022, which empowers it to promote professional standards and best practices in the industry.

“As the foremost professional body in the industry, IMBLN is empowered by the National Assembly Act, the Institute of Mortgage Brokers and Lenders Establishment Act, 2022, to promote best practices within the industry,” he said.

He said the mortgage and housing finance sector remains central to national development because it connects financial institutions, property developers and real estate practitioners with Nigerians seeking access to home ownership.

“The mortgage and housing finance sector plays a critical role in national development. It serves as a bridge between financial institutions, property developers, real estate practitioners and Nigerians seeking access to home ownership,” Thomas said.

Officials said the committee is expected to strengthen compliance frameworks, promote ethical conduct within the mortgage and real estate sectors, and support initiatives aimed at preventing corrupt practices capable of undermining investor confidence in the housing market.

The initiative is expected to be replicated across states nationwide as part of broader efforts to professionalise real estate practice and curb corruption in Nigeria’s property sector.