Nigerian President Bola Tinubu has appointed Ayo Fayose as the new chairman of the Real Estate Regulatory Agency (REA), marking the most high-profile move in a broader reshuffle of federal leadership.
The appointment places a figure with a history of legal controversies at the helm of the agency responsible for regulating the country's property market.
The decision is part of a wider administrative overhaul in which Tinubu approved 26 new officials for key positions across 10 government agencies and commissions.
While the full list of appointees spans various sectors, the selection of Fayose for the REA role is likely to draw the most scrutiny from investors and market participants monitoring Nigeria's regulatory environment.
Fayose's appointment comes as the Tinubu administration continues to push forward with economic reforms, claiming tangible results in boosting federal allocations to states.
However, the choice of leadership for the REA may introduce new variables for the real estate sector, which has been navigating a complex landscape of regulatory changes and market volatility.