By Our Reporter
The first Information Technology Anti-corruption APP aimed at putting an end to fraudulent practices in the Real Estate sector was launched in Lagos on Tuesday, drawing participants from across the country.
The App, the first of its kind in West Africa, was designed to halt the multi-billion funds lost to the real estate, property and land holding sector across Nigeria.
Speaking at the launch in Lagos, the designers, Mr. Taiwo Joel Oladapo and Agbana Gbenga, said Nigerians lose over 100billion every year to poncy real estate deals, making the sector one of the most high risk area of business operations in the country.
"The Real Estate Sector can create 5million employment every year for Nigerians. It’s a big sector that is facing threat due to invasion of quacks and fraudulent people. Ist Choice Property is here to help redeem the image of real estate in Nigeria.
"We have established legal framework. We are working with the States and Federal Government. At the end, the Nigerian Real Estate sector will be free from corruption and incompetence," Oladapo who is the Chief Executive Officer (CEO) said at the launching.
He assured the initiative would prevent millions of Nigerians from losing their hard-earned money to fraudulent real estate and land speculators whose activities continued to undermine integrity, trust and reputation of doing business in Nigeria.
"The new app has been designed to enable potential investors know where to invest their money while protecting them from the risk of investment in property that are disputed, already confiscated by anti-corruption agencies or that lack adequate legal status," he said.
This was just as Oladapo sadly noted that Nigeria faces acute shortage of housing, saying that less than 10 percent of Nigerians were landlords, with majority having no access to affordable housing.
According to him, the country’s housing stock is very low with some 10.71million compared with the population of 230million people, but quickly noted that both locals and the Diaspora had, in the past few years since upsurge in migration became pronounced, been making tremendous contributions mostly through direct housing and land investments.
"In the past few years since upsurge in migration became pronounced, he said locals and the Diaspora have been making tremendous contributions mostly through direct housing and land investments. In 2024, Diaspora investment was $20.9b," he said.
Oladapo, however, said the Diaspora population lost billions of hard earned funds to fraudsters due to the poorly regulated sector, sadly noting that this development had gone a long way in discouraging the genuine efforts of the Diaspora population, local and international groups from investing in Nigeria.
"Every year, the country loses billions of funds to corruption in the housing and property sector. This has to stop.
"With the Ist Choice APP, an end has come to corruption in the real estate sector, he said.
The CEO argued that corruption in the real estate sector negatively affected the prospect of effective and functional housing and property investment in Nigeria.
He said with the Ist Choice Property new MOBILE APP, the first in Nigeria, it will save Nigerians at home and abroad seeking to invest in real estate and properties from corruption and the harmful activities of dupes.
"The new Mobile App helps potential real estate investors to eliminate fraud and enhance transparency in the Housing and Property Investment portfolio of Nigeria.
"This will ensure Nigeria gains respect in the Comity of Nations with transparent and corruption free housing and property investment. It will help Nigeria safe billions of funds every year that would have gone into the corruption industry.
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