How Bad Policy Is Killing Real Estate Dreams — And What We Must Do Now

Dear Fellow Nigerians,

I am doing this video to speak to the issues triggered by government, economic and some other factors which is presently affecting the real estate sector in Nigeria, Lagos in particular. You see This is one of the reason why some of us go all out, doing all we can to ensure we have a good leaders in government who will promote policies to ensure a stable economic environment and survival of the private sector. To my fellow real estate entrepreneurs whose intent are good are true and doing business the right way, I want to say to you. There is a whole lot going on, a lot of you're tired. Tired of working so hard, investing your sweat, your money, your name into building something meaningful in the real estate industry and Nigerian economy, only to be hit from every angle.

As a real estate entrepreneur, investor or developer. You started with a vision — to enable creation of wealth across societal class thereby reducing poverty for the generality of Nigerians via real estate, to bring land and property ownership to everyday Nigerians. You believed that with the right approach, the middle class and even the lower class could secure land, create wealth, attain financial independence for poor Nigerians and those in diaspora, build homes, and create lasting legacies.

But now, it feels like that dream is slipping through your fingers.

Let’s talk about what’s really going on.

Since mid 2023 when the new government came to power, everything shifted. Government`s intentional demarcating of real estate especially in Lagos, massive demolition of properties legitimately acquired with the right titles, sudden policy changes, and a hostile economic environment introduced by the new government policies have hit the Lagos property market like a sledgehammer. Land banking? Once a promising model, is now crawling. Real estate thrives on sales and steady turnover especially land banking whose profit only comes in years after those lands start appreciating , but today Sales have dried up. Client confidence is at an all-time low.

I would say, this is happening across all industry so you’re not alone.

Many like you have invested in land, marketed to thousands, collected payments — but allocations are delayed. Why does this happen? Situations like this sometimes makes me want to believe David Hundeyin`s expose on how the Nigerian government backed by western nations have secretly agreed to destroy the private sector through harsh policies thereby killing businesses leading to large exports of young Nigerians who become cheap labor in the west. Whilst the government is dealing hot blow on the private sector which is making so many real estate companies shutdown, Local Communities resell lands that have previously been sold to other buyers. There is the Omonile chaos and investors have to rebuy properties they have acquired whilst dealing with unexpected issues in a bid to meet their buyers need. Some dishonest ones oversell. There is also the cases of internal fraud by unmonitored realtors and agents. Do we talk about the massive cases of staff siphoning funds which have wrecked balance sheets of unstructured real estate companies?

A lot of these companies had good intentions but now they’re wearing the label of a scammer.

Meanwhile, social media is awash with call-outs. Activists — some well-meaning, are dragging businesses without full context. And the damage? Hmmm, It's not just online. It’s in your sales, your trust pipeline, your brand reputation and the destruction of a brand built with blood, sweat and tears.

Now Here’s what you must know:

To all entrepreneurs facing these issues, I hope we are learning now that only us can fix our nation. You are not the problem. The system is.

The industry is under siege, not because of lack of passion, but because of poor policy, fragmented regulation, and societal decay. You didn’t cause the economic meltdown. You did not cause the government to realign a supposed coastal road which was already existing by the coast, to be moved into legitimately purchased lands with government issued titles yet you get little or no compensation. You didn’t script the land resale dramas by Omonile and neither did you instruct the Omonile to double-sell. But you’re paying the price.

And yet, there is hope.

Because with the right structure, strategy, and clarity, you can rise again — stronger, smarter, more protected.

This is your moment to rethink how you operate:

1. Structure your company like a tech startup – introduce FULL smart digital systems all through your operations and automated sales logs.

2. Vet and license your realtors – no more free-for-all. Establish contracts and enforce boundaries.

3. Invest in customer education – let buyers understand timelines, risks, and realistic ROI.

4. Insist on transparency – show your books, policies, and terms with pride. Trust is currency.

5. Advocate together – push for real government regulation and omonile accountability. Join coalitions.

This isn't the time to run. It’s the time to rise.

To the general public watching this — buyers, investors, critics: Not every business is a scam. Yes, bad eggs exist but even as bad as people see Nigerians, there as still good people In Nigeria and in the same way a lot of businesses and business owners trying to do business the right way. But you see, we shouldn`t pour acid on a growing seed because of a few rotten roots. Real estate is still one of the greatest wealth creators. At Vines Realty, we started this journey knowing fully well that it wasn’t going to be easy. But like any sector, it required structure, patience, sacrifice, dedication, integrity, discipline and partnership. We had our fair share of challenges. We put up all necessary structure and today we are proud to say we are heading to become Nigeria`s fully digital real estate company.

And To the activists : scrutiny is good. But don’t destroy the bridge while you’re standing on it. Let’s work together to repair the trust — not burn the industry to the ground. Whilst we will continue to weed the industry of bad eggs, we must be care not to promote negative publicity about Nigeria.

If you’re a buyer or investor — ask questions, yes. Demand receipts, contracts, clarity. But don’t be swept by social media trials. Do your due diligence and understand that real estate, especially in Nigeria, isn’t plug and play.

If you’re a fellow developer — this is your time to evolve. Build stronger. Lead with integrity. Digitize your operations. Reduce over-promising. And above all, protect your business from internal collapse.

Nigeria is hard enough. The real enemy isn’t your fellow entrepreneur — it’s the unstable environment, inconsistent policy, and systemic decay that we must collectively tackle.

We can’t afford to keep throwing each other under the bus.

Let’s build a real estate sector that works — for the developer, the investor, the people and the nation.

Let’s keep this conversation going. Share this video with someone who needs to hear it — a business owner, a client, a policymaker.

I still believe in Nigeria

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