At the 7th Summit hosted by the Lagos Branch of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), industry leaders emphasized the critical need to enhance ethical conduct, foster innovation, and strengthen partnerships to restore public confidence, elevate professional standards, and harmonize local real estate practices with international benchmarks.
The event, spanning two days under the theme ‘Building Trust and Driving Excellence in Real Estate Practice: Global Standards, Local Realities,’ convened prominent stakeholders from across the real estate sector. The summit provided a platform to identify obstacles hindering sector growth and to deliberate on sustainable strategies for achieving superior performance.
In his keynote remarks on the second day, Emeka Eleh, the event chairman and former NIESV president, highlighted the imperative of coupling professionalism with integrity and forward-thinking innovation. He acknowledged the persistent local challenges, such as bureaucratic delays in project approvals and weak regulatory enforcement, yet urged estate surveyors to uphold ethical standards and maintain a progressive outlook.
“While we face realities like prolonged approval processes and discretionary delays, it is essential that we maintain our professional commitments. Clients rely on us to deliver on our promises, irrespective of governmental inefficiencies,” Eleh stated.
Welcoming attendees to the summit’s second day, Tosin Kadiri, chairman of NIESV Lagos Branch, remarked on the timeliness of the discussions given the shifting landscape of Nigeria’s property market. He stressed the importance of Nigerian professionals aspiring to global best practices while tailoring these standards to fit the country’s unique economic and institutional context.
“Our approach must strike a balance between international excellence and the specific challenges we face locally,” Kadiri noted.
Delivering the keynote address, Odunayo Ojo, CEO of UPDC, urged estate surveyors and valuers to adapt to the rapidly evolving global real estate environment or risk obsolescence. He emphasized that the industry must transcend traditional roles such as agency, valuation, and property management.
“The real estate sector is being reshaped by technology, private equity, sustainability initiatives, and data analytics. The old ways no longer suffice; innovation is essential for survival,” Ojo asserted.
Ojo expressed concern that despite Nigerian professionals’ strong technical expertise, many have yet to take leadership roles in critical areas like investment management, real estate finance, and sustainability-fields that are driving global market trends.
He advocated for a stronger focus on data utilization, ongoing professional development, and ethical conduct to address the prevailing “trust deficit” within the industry. “I hope that by next year’s summit, we will no longer hear of fraudulent schemes or structural failures. Excellence must begin with us,” he urged.
Highlighting the value of teamwork, Ojo encouraged practitioners to prioritize collaboration over rivalry. “No single professional can master every aspect. By specializing and working together, we can complement each other’s strengths and mitigate weaknesses,” he explained.
He also called on regulatory bodies to exemplify integrity and accountability in their oversight roles. “The pursuit of excellence extends beyond practitioners; regulators must also lead with transparency and responsibility,” he added.
As the summit drew to a close, consensus emerged that Nigerian real estate professionals need to invest in skill enhancement, embrace technological advancements, and strengthen governance frameworks to attain global competitiveness and relevance.