By Juliet Umeh

Property development company, Novarick Homes, has partnered with Insurtech firm Kolanut Africa to strengthen buyer protection and rebuild confidence in Nigeria’s real estate sector amid recurring housing challenges in Lagos and Abuja.

The partnership comes in the wake of incidents that have unsettled property buyers in recent years, including building collapses, fire outbreaks, flooding, and government-led demolitions affecting residential developments across major urban centres. These events have raised concerns about safety, documentation, and the long-term security of property investments.

Speaking on the collaboration, Novarick Homes CEO, Noah Ibrahim, said the housing sector’s realities have affected buyer confidence and require a more responsible approach from developers.

“The truth is that buyer confidence has taken a hit, and it is understandable,” Ibrahim said.

“When people see reports of collapsed buildings, fire incidents, flooded estates, or properties marked for demolition, it creates fear, even for well-planned developments. As developers, we have a duty to acknowledge these concerns and respond with structures that prioritise the safety and long-term interests of our clients.”

He added: “This partnership is about looking at the bigger picture. It is not enough to sell property; we must also address anxieties around unforeseen events. By working with Kolanut Africa, we are putting an additional layer of protection in place that reassures buyers their investment is being treated with seriousness and foresight.”

Novarick Homes COO, Collins Oforgu, explained that the collaboration will integrate buyer protection into the company’s client engagement process.

“The concept is simple but powerful,” Oforgu said. 

“Clients can opt into protection coverage that safeguards their property purchase against specific risks. While optional, we are encouraging both new and existing clients to consider it, as the cost is relatively low compared to the value and peace of mind it provides.”

The initiative will initially apply to new property purchases, while existing clients will be gradually onboarded. “Our responsibility does not end with signing contracts. From a client’s perspective, the benefit is high, especially in a market where uncertainties exist. From an industry perspective, it sets a standard for how developers should think about client protection,” Oforgu said.

He added that the partnership aligns with Novarick Homes’ long-term plan to institutionalise best practices that go beyond compliance, describing it as a strategic step toward delivering better living experiences for Nigerians.

“This is part of a broader plan to build trust, improve transparency, and contribute to a more resilient property market,” Oforgu said. “If developers consistently take responsibility for risk management, buyer confidence will improve, and the industry as a whole will be healthier.”

The collaboration reflects an evolving industry trend where strategic partnerships are becoming central to addressing regulatory pressures, growth demands, and shifting buyer expectations in Nigeria’s real estate sector.