First anti-fraud real estate app unveiled

Nigeria has made progress in cleaning up its real estate sector by launching the country’s first anti-fraud mobile app. This new technology aims to reduce corruption and fraud in property and land deals.

The app, known as Ist Choice Property, was unveiled yesterday (Tuesday) in Lagos by its designers, Mr Taiwo Joel Oladapo and Mr Gbenga Agbana. The launch attracted participants from across the country, marking the introduction of the first real estate anti-corruption app in Nigeria and West Africa.

Speaking at the event, Mr Oladapo, Chief Executive Officer of Ist Choice Property, disclosed that Nigerians lose over ₦100 billion annually to fraudulent real estate deals, making the sector one of the highest-risk areas of business in the country.

“The real estate sector has the capacity to create about five million jobs every year for Nigerians. Unfortunately, it is under serious threat due to the activities of quacks and fraudsters.”

Oladapo said. “Ist Choice Property is here to help redeem the image of real estate in Nigeria. We have established a legal framework and are working with state and federal government institutions to ensure that, ultimately, the Nigerian real estate sector becomes free from corruption and incompetence.”

According to him, the app is designed to protect millions of Nigerians at home and in the diaspora from losing their hard-earned money to fraudulent land and property speculators whose activities have continued to undermine trust and confidence in the sector.

“The app enables potential investors to know where and how to invest safely. It protects users from investing in disputed properties, assets confiscated by anti-corruption agencies, or properties without adequate legal status,” he explained.

Oladapo also highlighted Nigeria’s acute housing shortage, noting that fewer than 10 per cent of Nigerians are homeowners, while the country’s housing stock stands at about 10.71 million units for an estimated population of 230 million.

He said migration trends and diaspora engagement have increased investments in housing and land, with diaspora investments reaching $20.9 billion in 2024. However, he lamented that poorly regulated practices in the sector have led to billions of naira being lost by Nigerians abroad to fraudsters.

“Corruption and exploitation by land and property speculators discourage genuine efforts by the diaspora, local investors and international partners,” Oladapo said. “Every year, Nigeria loses billions of dollars to corruption in the housing and property sector. This has to stop.”

He expressed confidence that the Ist Choice Property mobile app would significantly reduce corruption, enhance transparency, and restore confidence in Nigeria’s real estate market.

“With this app, an end has come to corruption in the real estate sector,” he said. “It will help Nigeria save billions of naira annually that would otherwise be lost to fraudulent practices, while positioning the country as a transparent and trustworthy destination for housing and property investment.”

The promoters described the app as a milestone innovation that would help Nigeria gain greater respect in the global community by promoting a corruption-free housing and property investment environment.

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