LEGAL APPRAISAL OF LEGAL AND REGULATORY FRAMEWORKS GOVERNING REAL ESTATE INVESTMENT IN NIGERIA: RIVERS STATE AS A CASE STUDY

Abstract

This paper appraised the legal and regulatory framework governing real estate investment in
Nigeria using Rivers State as a case study. The persistent increase in cases of revocation of
property without compensation or adequate compensation which have been hitherto
occasioned countless of protracted litigation in real estate related transactions necessitates the
inquiry into and to ascertain the existence and functionality of the legal and regulatory
framework regulating the sector. In order to effectively conduct the inquiry, this paper adopted
the doctrinal method of legal research. By way of clarification the paper attempted to elucidate
the key concept as identified in the title of the paper which inter alia include Legal Regulatory
Framework, Real Estate, investment respectively. Similarly, this paper highlighted on the
relevant provisions of the Land Use Act 1978, the provisions of the Constitution of the federal
Republic of Nigeria 1999, (as amended) where explored as it relates to Real Estate Investment.
The Rivers State Urban and Regional planning law, which regulate Urban Planning and
Development, was also considered including the Public Health Law which ensures that
buildings meet health and safety standard and National Housing Fund Act amongst others. In
the same vein, this paper highlighted and reviewed the roles of Federal Ministry of Housing
and Urban Development, Rivers State Ministry of Land, Land and Housing Authority,
Surveyor’-Generals Office River State, Real Estate Developers Association of Nigeria
(REOAN) and Nigeria Institute of Estate Surveyors and Valuers (NIESR) respectively. This
paper ended with a conclusion and suggested some recommendations to regime that is a line
with international best practices.