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The Senate has approved legislation to modernise Nigeria's insurance regulatory framework, paving the way for stronger consumer protection and greater confidence in property and mortgage markets. If enacted, the reforms are expected to improve risk management and support long-term investment across the housing and infrastructure sectors
Senate Passes Insurance Reform Bill to Strengthen Protection for Housing and Property Investments
The Senate has passed the Insurance Regulatory Commission Bill, 2025, marking a significant step towards modernising Nigeria's insurance regulatory framework. The legislation seeks to repeal the National Insurance Commission (NAICOM) Act of 1997, establish the Insurance Regulatory Commission (IRC) and strengthen oversight of the insurance industry through expanded regulatory powers and updated governance provisions.
Abuja Rental Crisis Deepens as Rising Rents Push Residents to the Brink
Abuja's housing affordability challenge is intensifying as rapidly rising rents continue to outpace household incomes, forcing many residents to relocate to the outskirts of the Federal Capital Territory in search of cheaper accommodation. Industry stakeholders warn that without stronger policy intervention and increased housing supply, the rental market could place even greater financial pressure on low- and middle-income households.
The State of Housing 2026 - Speaker Spotlight
This week we're featuring Philip Ayodeji Babalola
Founder and CEO Uvest Realty Limited
Join him and other industry leaders on August 14.
Industry Group Seeks National Assembly Backing for Real Estate Regulation Act
A coalition of real estate stakeholders has called on the National Assembly to support the passage of a proposed Real Estate Regulation Act, arguing that stronger legal oversight is essential to improve transparency, professional standards and consumer protection across Nigeria's property market.
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Capital Market Reforms Could Unlock Long-Term Finance for Housing and Infrastructure
The Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, has called for the regular review of Nigeria's capital market laws, arguing that a modern legal framework is essential to attract long-term investment and support national economic development. He said the capital market should play a greater role in financing priority sectors, including housing, infrastructure, renewable energy and industrial development.
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Does your State Treasury Department have money owed to you?
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Insurers Seek Policy Reforms to Protect Nigeria's Housing Investments
Insurance stakeholders have called for comprehensive policy reforms to strengthen the protection of housing investments in Nigeria, warning that billions of naira invested in residential and commercial real estate remain exposed to significant financial risks due to inadequate insurance coverage.
Lagos Seals Over 20 Ikeja Properties for Planning Violations
The Lagos State Government has sealed more than 20 properties in Ikeja Local Government Area over alleged violations of the state's physical planning regulations, reinforcing its campaign to improve development control and reduce the risks associated with illegal construction. The enforcement exercise was carried out by the Lagos State Physical Planning Permit Authority (LASPPPA) as part of broader efforts to strengthen compliance with planning laws.
Quote of the day:
“Progress begins the moment systems replace shortcuts, and accountability becomes the standard.”
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