By Tunde Adeleke
In a bold move to tackle rampant fraud in Nigeria’s real estate industry, 1st Choice Property Limited on Tuesday launched what it described as the country’s first anti-fraud mobile application designed specifically for property and land transactions.
The unveiling, which took place in Lagos, attracted stakeholders from across the country, marking what industry observers called a significant step toward restoring trust in a sector long plagued by corruption, quackery and legal disputes.
Developed by technology experts Taiwo Oladapo and Agbana Gbenga, the app is aimed at curbing the multi-billion-naira losses suffered annually by individuals and corporate investors due to fraudulent property schemes and dubious land deals.
Speaking at the launch, the developers revealed that Nigerians lose over ₦100 billion every year to Ponzi-style real estate investments, making property transactions one of the riskiest business ventures in the country.
Oladapo, the Chief Executive Officer of 1st Choice Property Limited, said the real estate sector holds enormous potential to drive economic growth if properly regulated and protected from fraudsters.
According to him, the sector has the capacity to generate about five million jobs annually, but continues to face serious threats from unscrupulous individuals posing as developers, land owners and agents.
“Ist Choice Property is here to help redeem the image of real estate in Nigeria,” Oladapo said. “We have established a solid legal framework and are working with both state and federal governments to ensure that integrity, professionalism and transparency return to the sector.”
He explained that the newly launched app would help millions of Nigerians avoid losing their hard-earned money to fraudulent land speculators and fake property developers whose activities have continued to undermine investor confidence.
The app, Oladapo noted, allows prospective investors to verify properties before committing funds, protecting them from buying disputed lands, confiscated assets or properties lacking proper legal documentation.
Beyond fraud prevention, the 1st Choice boss highlighted Nigeria’s deep housing deficit, pointing out that less than 10 per cent of Nigerians currently own homes, while the majority struggle to access affordable housing.
He disclosed that Nigeria’s housing stock stands at about 10.71 million units for an estimated population of over 230 million people, underscoring the urgent need for credible investment and development in the sector.
Oladapo further revealed that diaspora Nigerians have been playing a major role in property investment, contributing an estimated $20.9 billion in 2024 alone through land acquisition and housing development.
However, he lamented that a significant portion of diaspora investments has been lost to fraud due to poor regulation, weak verification systems and the activities of corrupt middlemen.
He observed that corruption and exploitation in real estate development have discouraged genuine investors, including diaspora groups and international partners, from fully committing resources to Nigeria’s housing sector.
