Hon Abiodun Babalola Calls For Regulation Of Real Estate Agents’ Activities In Oyo State.

The lawmaker representing Ibadan Northeast Constituency 1 at the State House of Assembly, Hon Abiodun Babalola called on the Oyo State Government to embark on the regulation of activities of Estate Agents

The lawmakers who frowned at the antics of the real estate agents who duped unsuspecting residents called for decisive action in tackling the menace.

The lawmaker who co-sponsored a motion during plenary on Tuesday, titled , Need To Regulate Activities of Estate Agents to Safeguard Unsuspecting Customers Against Fraud and Exploitation in The State.”

According to the motion, “fraudulent activities of fake real estate agents and seemingly licensed developers against accommodation seekers are a rife menace in Oyo State. Most of these fake real estate actors deploy various designs ranging from fake or false advertisement of properties upon which they have no title or authority to deal, to disappearing into elusive air after receiving rental and allied funds.

“This ugly trend led to widespread outcry which was mostly heard by security agencies. There are instances when a single agent will fraud three or more potential tenants on a property that is not in his custody.

On 8th October, 2021, a Magistrates’ Court on Friday sentenced a 31-year-old real estate agent, Sunday Ikoni, to five years imprisonment for defrauding nine accommodation seekers of N3.9 million.

“The convict was arraigned on a five-count charge bordering on fraud, stealing, obtaining money under false pretense and unlawful conversion, to which he pleaded guilty.

On 22nd September, 2024 the Oyo State Police Command paraded a 60-year-old real estate agent, Adeyemi Isaac, who had been posing as a serving Commissioner of Police and, on another occasion, as an Assistant Inspector General of Police. The Monitoring Unit of the Command initiated discreet human intelligence gathering, which eventually led to his arrest at his hideout in Oyo town.

“Further Note that the house agents in Oyo are in the habit of collecting fees such as registration fees, Agency fees, Agreement fees, Caution fees, Legal fees, and Inspection fees among several others. All these charges are rather too exploitative hence the issue of real estate needs intervention by the state government, there is a need to curtail this menace by the Oyo State government. The need for the establishment of a Real Estate Regulatory Authority to eliminate the activities of impostors, fraudsters, and unaccredited real estate agents who adopt sharp practices is not negotiable. It is hoped that the regulation will encourage and improve private investment in the real estate sector in Oyo State and boost the internally generated revenue of the state.

“Observe that the Government has the responsibility to protect its subjects against financial abuse while agents hide under solving housing problems for the potential tenants.

“Resolve to urge the Executive arm of the Government

i. through Oyo State Ministry of Lands, Housing and Physical Development to set up a Regulatory Authority that will register real estate agents with a database that will encompass all the lands, Buildings including Abandoned Buildings/Structures within the State.

“The authority will have to forward the same to the relevant Ministries, Departments and Agencies (MDAs) for necessary action.

“The Real Estate Regulatory Authority will come up with laudable provisions that will aim to regulate real estate transactions in Oyo State and protect residents from unscrupulous real estate agents or practitioners. “