About Us

Impact on the market

In the quest to mitigate risk, FELIREP introduced RECDD (REAL ESTATE COMPREHENSIVE DUE DILIGENCE) to her community.

It broadened the scope of search in real estate to include the following:

• Lands registry
• Courts registry
• Probate office
• Surveyor General’s office
• AMCON list of properties
• Corporate Affairs Commission
• Fund transfer verification

The introduction of RECDD extends to emerging trends and markets in the RE sector as follows:

• The emergence and growth of protect
• Shared spaces
• Short-letting

The Government

FELIREP services to the government is to assist with the following;

• Advise on existing laws and push for review where necessary eg, the LUA, 1978.
• Collaborate with the government to organize stakeholders meeting for sensitization of the public;
• Help the government provide adequate information on benefits, cost, penalties and consequences for not complying with existing law and policies.

To the professionals body

FELIREP services to professional bodies in the RE sector is to assist with the following:

• Collaborate for standardization in the sector;
• Help draft set of rules and regulations guiding each professional body in the absence of any;
• Collaborate to control unqualified persons from providing real estate professional services

FELIREP services to real estate developers /construction professionals

FELIREP services to real estate developers /construction professionals are as follows;

• Organize and conduct in-house training on different laws, regulations and policies as it affects their operations, e.g in 2023, FELIREP shall commence training for real estate developers and construction professionals on laws regulating real estate transactions in Lagos and by extension, Nigeria;
• Train their compliance officers on legal provisions for strict adherence;
• Legal drafting services for their company secretaries (to mitigate risk);
• Training on application of case law principles in their daily transactions.

Relevance of FELIREP to the real estate market

FELIREP operates a threefold mission in the real estate sector; this is achieved by categorizing her function to different stakeholders/players in the industry as follows:

• The government
• The professional bodies in the RE sector
• The developers/construction professionals

Role of FELIREP in mitigating RE investment risk

Investors are attracted by corporate governance, strict compliance and adherence to legal provisions and policies in any sector and RE sector is not immune from this principle.

If FELIREP succeeds in her 3-fold mission to these stakeholders (and by extension, the RE Market) mentioned above, the Lagos real market and by extension, Nigerian RE environment will become a good ground for investment and serves as an attraction to investors especially foreign investors.

Mitigating real estate risk is at the core of FELIREP existence which in turn will encourage investment. Nigerians in Diaspora are always afraid to invest in Nigeria real estate due to fraud relating to title, non-digitization of title verification and poor due diligence search.

FELIREP understands the abnormally in the RE market and is committed to minimize RE investment risks at barest minimum FELIREP is currently advocating for synchronization of the court registry with lands registry to identify properties under litigation.

FELIREP also identified one of the major recurring RE fraud as allocation of non-existing lands by developers to different buyers leading to fraudulent transactions. This has led to countless litigations in court

This is one of the major problem affecting foreign investors; unfortunately, most of the top real estate developers in Nigeria have been found guilty in this regard.