…Calls for stronger sector regulation; launches training, certification scheme for realtors
A real estate developer, Adekunle Abdul, has hailed the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF), saying it is a game-changer in the sector.
Abdul, the managing director of Abdul Metro Group, which owns Metro & Castle Homes, explained how MREIF can bridge Nigeria’s 28 million housing unit deficit if efficiently implemented and backed by strong regulation.
He spoke at an interactive session with the media in Lagos recently, describing the fund as one of the most strategic interventions yet seen in the housing sector, noting that it is already opening access to single-digit interest loans for developers and individuals alike.
Launched by the federal government in 2024, MREIF is designed to attract long-term capital into the housing and real estate sector, providing a bridge between government assets and private developers.
“With the MOFI Real Estate Fund, the government has given housing a new lifeline. It now becomes possible for developers to access loans at single-digit interest rates, which reduces the pressure of cutting corners and helps with proper planning. Most developers previously borrowed at 28 percent, 30 percent, and there’s no way housing can be affordable under such conditions,” Abdul said.
Read also: Mortgage bankers advocate on-lending structure for MOFI real estate fund
The fund, according to him, is not just about capital injection; it is also an enabler for planning, delivery, and trust in an industry plagued by fraudulent players and poor regulatory enforcement.
Despite praising the current administration’s policy framework, Abdul was critical of the sluggish bureaucratic processes at agencies, which delay projects and frustrate investors.
“If I borrow money and I have to wait three months for building approval, I’ll lose time and money. That’s where the government is failing. Implementation is the problem,” he said.
The managing director also unveiled an ambitious five-year development blueprint for the company aimed at delivering 500 new housing units by 2030, while also calling for urgent reform and professional certification in Nigeria’s real estate sector.
He detailed the group’s evolution from a small team of eight staff to a fully integrated real estate developer, boasting over 148 employees across construction, retail, and facilities management.
A community, not just buildings
Metro & Castle’s development model goes beyond housing units, he said. The company provides everything a modern community needs to thrive, from supermarkets, bakeries, and warehouses to sports centres, hospitals, and recreational areas. According to him, this holistic approach is what has distinguished the company over the past six years.
“Our promise has always been consistent, we don’t just build homes; we build communities,” Abdul said.
Having delivered 240 out of the targeted 300 homes in the previous five-year cycle (delayed by COVID-19), Abdul said the company is already on track with its next phase.
“As of now, we’ve already completed 10 percent of the 500-unit target. We’re moving beyond our current location to scale operations and impact,” he said.
Among the newest projects is a state-of-the-art 8,000 square metre sports complex set to begin next month. This facility will include a football pitch, basketball and lawn tennis courts, a running track, and other recreational spaces.
Read also: Nigeria’s real estate boom risks ‘oil-style’ bust without policy reforms, Onakoya says
Battling fraud: Real estate needs regulation
Turning his attention to the unregulated real estate agency landscape, Abdul voiced concern over the proliferation of unqualified realtors and agents, whom he blamed for widespread fraud in the industry.
“Anybody can just wake up, call himself a realtor and start selling land, even agricultural land, as if it’s meant for housing,” he lamented. “We’ve seen too many people fall victim to scams because the agents do not know zoning regulations or land use classifications.”
To combat this, Metro & Castle is launching a training and certification programme for realtors, targeting both industry newcomers and veterans. Housed in a 150-capacity training facility within their estate, the programme will offer instruction on regulatory compliance, land documentation, agency ethics, and interactions with Lagos State’s 15+ regulatory bodies.
“Realtors must be licensed, examined, and trained, just like in advanced economies. If you’re found complicit in fraudulent transactions, your licence should be revoked,” Abdul proposed.
He added that Metro & Castle’s initiative is not a profit-driven venture, noting that the training would be modestly priced or even free in some cases, as part of the company’s corporate social responsibility (CSR).
Real estate remains one of the fastest-growing sectors in the country despite economic challenges, ranking third behind trade and agriculture, according to the National Bureau of Statistics.
Speaking of this development, the MD said, “Housing demand is enormous because of our population. Real estate will always be in business,” he said.
On how his company has gained customers’ confidence in a sector plagued by fraud and unfinished projects, Abdul said Metro & Castle only begins selling homes after roofing is completed.
“It’s a reputation thing. Once your brand is messed up in this business, you’re finished. We try to ensure our houses are completed or at least roofed before we start selling,” he said.
He added that this approach has helped the company build trust, especially with clients in the diaspora who face higher risks of fraud. It also ensures that buyers do not get stranded with unfinished or non-existent properties, a common experience in Nigeria’s real estate market.
“We’ve never been sued since we started operations,” he emphasised.
Read also: What you need to know about MOFI real estate fund and its benefits
He also noted that his company supports Nigeria’s industrialisation drive by sourcing materials like doors, taps, paints, and electrical fittings locally, helping to reduce dependence on forex.
“Aside from cookers and ovens, we manufacture or source almost everything else locally. That’s deliberate. It creates jobs, supports local factories, and lowers cost volatility,” Abdul noted.
He added that housing construction can become a major employment driver in the country, as long as the government continues to create an enabling environment for developers.
He urged buyers to be wary of offers that seem too good to be true, and to always visit the land physically or send a verified representative.
Abdul believes Nigeria’s housing problems can be solved, but not by developers alone. He called for stronger inter-agency collaboration, better regulation of title issuance, quicker planning approvals, and sustained funding models like MREIF to scale delivery.
“The problem is not land. Nigeria has land. The problem is planning, fraud, and access to finance. If MOFI’s fund is properly monitored and implementation bottlenecks are removed, we will see an explosion of affordable housing and jobs across the country,” he said.
