News
Government need to regulate property brokers, says Real Estate Firm CEO
The Chief Executive Officer (CEO) of Ramos Of Lagos Realty Ltd, Ramos Adeyinka has called on the government to regulate the activities of property developers in the country in other to protect buyers.
According to the real estate guru, some developers are not registered and can’t be trusted.
He said: “We need to have more registered brokers because people just make up more money and decide to be a broker without being verified or registered that’s why you have a lot of issues with clients losing money to brokers or developers so we need more check and balance in the industry to protect the end users.”
Speaking to journalist in Lagos on how government can help real estate industry in Nigeria, Ramos appealed for more and better infrastructures that would attract international investors to the country.
“Without infrastructure it would be very difficult to bring in international investors to invest in the real estate sector if the government doesn’t provide the perfect infrastructure to secure their investment.
On challenges realtors face in Nigeria, he explained that accessing mortgage banks to finance the purchase of property is difficult, adding that it was the only way young workers can buy a home.
“In Nigeria, it is difficult for our clients to access mortgage banks to finance their purchase so most times we always struggle with buyers that are not able to afford the full amount or probably spread their payments for opting to 20 years.
“The maximum payment method by developers is for at least six months and this is because some developers probably use loans to fund their projects and they have to pay back in a specific period.
Another challenge is the over-saturated real estate markets, there are a lot of unregistered brokers in the industry and it is causing a bit of a challenge because some clients have bad experiences in purchasing a property.
“Educating the clients is the responsibility of the realtor or any realtor in real estate.Helping clients to make better decisions when buying a home is one of the key responsibilities of a realtor. We the Realtors have the responsibility to refer mortgage services to home buyers.
Narrating how he started out, Ramos said he started in 2018.
“I started as a broker selling developer’s properties. I got commissioned for two years and after two years we started development which we also did for two years. Today I have a real estate company in Dubai.”
The real estate firm new project is for a community for people home and abroad. For Ramos, the project is a comfortable place,
‘They can live in with very good security and very good amenities such as a swimming pool, football field, and basketball court. A community people can call home is policed and organized. We also have 24 hours surveillance for tight security.”
He advised that realtors always put their clients first instead of the commission.
“I think the real estate industry is growing rapidly in Nigeria and the brokers in Nigeria have been able to adjust to change. Realtors are doing their best to provide customer satisfaction the only advice I will have for realtors is for them to put their clients first instead of the commission.
News
Lagos schedules meeting with owners of distressed buildings.
The Lagos State Government has said it would soon arrange a meeting with developers/owners of distressed buildings on how best to address the redesign and remodelling of such structures by November.
This was disclosed recently by the Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, at a function in Alahusa, Lagos.
Olumide said the prevalence of distressed buildings in different parts of the state was worrisome and needed the urgent attention of all stakeholders.
He said, “The Ministry of Physical Planning and Urban Development as mandated by the Lagos State Urban and Regional Planning and Development Law, 2019, as amended, was willing to extend its responsibility for approving the remodelling of existing buildings to provide technical assistance to developers and owners of distressed buildings, especially on the design and remodelling of such buildings.
News
FG threatens contractors over Enugu-Onitsha road delay
The Federal Government has instructed the contractors responsible for the 107km Enugu-Onitsha road dualization to expedite the project.
This directive was given by the Minister of Works, Senator David Umahi, during a meeting with MTN, the Enugu State Government, and the contractors, RCC Ltd and Nigercat Ltd, on Friday.
According to a statement released on Friday, the minister said he is disappointed over the slow pace of work on the project, he said, “Let me express my disappointment over the slow pace of work on that project. It is one of the worst roads in this country.
“Everywhere we have diversion; diverting from the one that RCC and Nigercat had completed, the contractors are not kind enough to even put stone based on the diversion points.”
He added, “So, by the reason of the launching of our Operation Free our Roads, it is now a violation of the policy on the side of the controllers and directors of the Federal Ministry of Works where we have vehicles falling on any project that is ongoing or where there are potholes on our roads.”
He also blamed the sufferings of road users on the lack of commitment and insensitivity of the contractors.
“The public must know that the President’s intention is not for them to suffer while trying to fix the roads, and it is their right to insist that contractors should fix the roads that they are engaged on,” he said.
The Minister commended the Enugu state government for their resolve to fund the construction of a 20 KM section of the road and expressed hope that MTN would execute the second phase of the project.
He noted, “Why the Enugu State government is intervening is because of the slow pace of work by the contractors and because of funding issues. The essence of tax credit is for funds to be made available. And so, I don’t see RCC going to keep their promise to finish this project in 6 months.
“My advice to MTN is to look for another contractor within that axis if they want to get the job done. Division of labour is even the best. While they are doing the road, and if Nigercat is doing a good job, you can give them greater scope to do if you want to finish that job.”
He warned contractors that the Federal Government would not accept phased handovers of projects and has phased out Variation of Price in contract administration.
News
Ekiti state government mediates land dispute between traditional ruler and family in Epe-Ekiti
The Ekiti State government has intervened to resolve a longstanding land dispute between the Elepe of Epe-Ekiti, Oba Ayodele Adesoye, and the Atolagbe family. The government cautioned against the misuse of modernization as an excuse to disregard traditional customs.
In line with the community’s traditions, the government has ordered the release of resources, including palm trees at Oko Oba Farmland, to Oba Adesoye for his administration. This decision ensures the continued adherence to age-old practices.
Ekiti State Deputy Governor, Chief (Mrs) Monisade Afuye, announced the resolution in Ado-Ekiti. The decision was made after considering the Elepe’s claim to Oko Oba Farmland based on historical evidence.
Mrs. Afuye acknowledged the Elepe’s right to be the custodian of Oko Oba Farmland, citing longstanding traditions that support his claim. The decision reflects the importance of respecting historical practices and ensuring their preservation.
The deputy governor, however, told the monarch in clear terms that other princes and princesses from all the three ruling houses should be allowed to farm on the land without payment of royalty.
Mrs Afuye appealed to the community to comply with the government’s position to restore unity, peace and orderliness to the beleaguered community.
Oba Adesoye expressed gratitude for the government’s decision and pledged to foster peace and unity between the throne and the community, aiming to accelerate Epe’s development.
Representing the Atolagbe family, Dr. Yemi Agbeleoba acknowledged their willingness to cede Oko Oba Farmland to the monarch. However, he emphasized the need for all three ruling houses to participate for a lasting and traditional solution.
Agbeleoba expressed appreciation for the government’s directive, believing it will contribute to resolving the long-standing conflict.
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