The Speaker of the Oyo State House of Assembly, Rt. Hon. Adebo Ogundoyin has expressed deep concern over the unregulated activities of real estate agents across the state, warning that their exploitative practices are making access to housing increasingly difficult for residents, especially low- and middle-income earners.
Speaking while delivering his keynote address at the Oyo State Real Estate Conference 2025 held in Ibadan, the Speaker decried the widespread exploitation of clients by some agents, who, he said, often charge exorbitant agency fees without standardised procedures or accountability.
According to him, such unethical practices have placed undue financial burdens on prospective tenants and property buyers, thereby worsening the housing accessibility gap in the state.
‘Residents have increasingly raised concerns over the unregulated activities of real estate agents, many of whom exploit clients by charging excessive agency fees without any standard procedure or accountability,’ Ogundoyin said.
‘This practice has made access to housing more difficult for many, particularly low- and middle-income earners, and there is a need to correct this situation.’
The Speaker disclosed that the Oyo State House of Assembly had passed a resolution urging the Executive arm of government and relevant stakeholders, particularly the Ministry of Lands, Housing and Urban Development, to design a comprehensive regulatory framework that would sanitise the sector and protect residents from exploitation.
‘We have to work together to achieve success in this sector,’ he added. ‘You cannot dictate to a private homeowner how much to rent out their property, nor can you tell an agent what to charge, but we must collaborate to curb the extortion of low- and middle-income earners. It must be a joint effort.’
Ogundoyin emphasised that, beyond introducing new regulations, there must be strict enforcement of existing laws to ensure compliance and accountability within the real estate sector.
‘It is time for the laws to take their full course. Any agent found guilty of exploitation or malpractice must be prosecuted to serve as a deterrent to others,’ he declared.
The Speaker also commended Governor Seyi Makinde for his administration’s bold land reform initiatives and ongoing efforts to combat land grabbing a major challenge affecting real estate investment in the state.
He noted that the establishment of the Anti-Land Grabbing Task Force, empowered to investigate and prosecute illegal land acquisitions and harassment of landowners, has restored confidence among investors and property developers.
‘If anybody comes across Omo Onile (land grabbers), I can guarantee you that the Oyo State Government is determined to ensure that any situation capable of discouraging investors is reduced to zero,’ Ogundoyin stated.
He reaffirmed the commitment of the State House of Assembly to continue partnering with the Executive and private-sector stakeholders to build a transparent, investor-friendly, and people-centred real estate ecosystem in Oyo State.
Earlier in his welcome address, the Special Adviser to the Governor on Housing and Urban Development, Hon. Akinsete Olakunle, reiterated the state government’s commitment to developing a smart, sustainable, and investor-friendly real estate sector that would drive economic growth and urban transformation across the state.
He noted that while significant progress had been achieved under the present administration, there is a need for a more strategic, inclusive, and data-driven approach to housing development.
‘Innovation, transparency, and evidence-based planning must guide the growth of our real estate sector if we are to ensure its long-term success,’ Hon. Akinsete said.
The Oyo State Real Estate Conference 2025 brought together government officials, industry experts, property developers, and investors to discuss strategies for strengthening regulation, improving urban planning, and promoting sustainable housing delivery in the state.