Rurblist appoints SEC-regulated FCMB Trustees to strengthen trust in property transactions

…Proptech firm says escrow-backed payment framework aims to address fraud, title disputes and verification challenges in Nigeria’s real estate market

Rurblist, a Nigerian property technology company, has appointed FCMB Trustees as its escrow agent in a move aimed at strengthening trust and transparency in property transactions, as concerns over fraud, disputed ownership and weak transaction safeguards continue to challenge the country’s real estate market.

Under the arrangement, FCMB Trustees will hold eligible transaction funds in escrow while agreed verification processes and contractual conditions are completed before payments are released. FCMB Trustees, in its capacity as Escrow Agent, is licensed and regulated by the Securities and Exchange Commission (SEC), providing an independent and regulated framework for managing escrow transactions.

Explaining the role of the escrow arrangement, Rita Imonieroh, Manager, FCMB Trustees, said the structure is designed to provide an independent layer of oversight throughout the transaction process.

“As Escrow Agent, our role is to act as an independent party, holding transaction funds and relevant documents while the agreed conditions are being satisfied. Once those conditions have been met and the necessary instructions have been received, we release the funds and documents in accordance with the agreed terms. By doing so, we help provide an additional layer of confidence, accountability and transparency throughout the transaction process,” Imonieroh said.

The appointment reflects a growing focus within Nigeria’s proptech industry on improving transaction security, beyond simply making property listings available online.

Over the past decade, digital platforms have transformed how Nigerians search for residential and commercial properties, allowing buyers to compare listings and connect with agents more efficiently. However, industry stakeholders say the process of completing transactions has not evolved at the same pace, leaving many buyers exposed to financial and legal risks.

These risks often include making payments before adequate verification has been completed, fraudulent property listings, double sales, title disputes, dealings with unregistered intermediaries and limited transparency throughout the transaction process.

The extent of the challenge is reflected in data from the Lagos State Real Estate Regulatory Authority (LASRERA), which has handled more than 1,700 complaints and petitions relating to real estate fraud since its establishment, underscoring the persistent trust deficit within the sector.

Against this backdrop, Rurblist said the escrow arrangement is designed to introduce an additional layer of independence and accountability into property transactions by ensuring that eligible funds remain protected until agreed conditions have been satisfied.

For buyers, the framework is expected to reduce the pressure to make irreversible payments before completing due diligence. For professional real estate agents, it offers a structured transaction process that could strengthen client confidence and reinforce professional credibility.

Speaking on the company’s approach, Ifechukwude Uchenna, founder and chief executive officer of Rurblist, said the business was built around addressing one of the industry’s most persistent challenges.

“People were not struggling to find property. They were struggling to trust the process of buying one,” he said.

According to him, that insight informed the company’s decision to focus on building infrastructure that supports safer transactions rather than operating solely as another online property listing platform.

He noted that while many property technology firms concentrate on helping users discover available properties, Rurblist is focused on strengthening the process of completing transactions securely.

“Most proptech platforms solve one question: ‘How do people find properties?’ We are focused on a different question: ‘How do people safely complete a property transaction?'” Uchenna said.

According to him, the next phase of proptech innovation will be defined not only by access to listings but also by the infrastructure that protects buyers, sellers and real estate professionals throughout the transaction lifecycle.

Rurblist said its protected transaction model combines escrow services, property verification, legal review, document validation and the controlled release of funds to reduce risk while increasing confidence for all parties involved.

The company said the strategy was shaped by surveys conducted among prospective property buyers and other stakeholders across the real estate value chain, alongside insights gained from the founder’s experience interacting with property investors and agents.

According to the company, the findings consistently pointed to a lack of trust during the transaction stage rather than difficulties in accessing property listings.

The idea behind the business also predates its formal incorporation.

While studying at university, Uchenna said he spent several years connecting students searching for accommodation with trusted agents through WhatsApp and personal referrals. As those activities evolved into a property rental marketplace and later property sales, he observed recurring challenges that extended beyond student housing.

He said buyers frequently struggled to distinguish credible agents from fraudulent operators, while professional agents found it difficult to establish trust with first-time clients. Property seekers also had limited visibility into verification processes and often relied on personal relationships when making significant financial commitments.

“Those experiences led me to ask a simple question: ‘What would it take to make property transactions significantly safer?’ Rurblist was founded to answer that question,” Uchenna said.

Industry observers have increasingly identified transaction security as one of the next frontiers for Nigeria’s property technology sector, as digital adoption continues to reshape the real estate market. While online listing platforms have improved access to information, concerns around payment security, title verification and transaction transparency remain significant barriers to market confidence.

Rurblist believes the future of proptech will be driven not only by the ability to connect buyers with property listings but also by systems that protect every stakeholder throughout the transaction process. The company said the appointment of FCMB Trustees as escrow agent represents an important step towards building a more secure, transparent and trusted real estate ecosystem in Nigeria.