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Professionals denounce deceptive practices within the real estate industry.

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Built environment professionals have decried rampant cases of fraudulent activities in real estate sector

The latest has to do with two diaspora Nigerians, whose reports went viral on social media last week, alleging how they paid money for land and house in Nigeria, and could not get allocation three years after.

Although, the Lagos State government, through its agency , LASRERA, was able to resolve one of the cases, others are still pending.

Condemning fraudulent activities in the real estate sector, Femi Oyedele, said it had been variously reported that about N3 trillion had been lost by property investors in Lagos, Abuja and Port Harcourt alone.

“In a country where it is not easy to locate one another, where corruption is rife and there is no rule of law, fraud will be prominent,” he said

He stated that there have been different stories about the breach of contracts or fraudulent activities of real estate developers and brokers, pointing out that some of them would collect money from diaspora Nigerians with the intention of getting them plots of land or a unit of house in their estate but failed to honour the contract.

“Some do not have estate at all and some even collect the money and disappear,” Oyedele said, noting that the fraudulent activities have already created lack of trust and apathy to invest amongst the disapora Nigerians that want to invest in the country.

To checkmate these criminal and horrible activities, Oyedele urged whoever that is investing in property to be watchful of the maxim “Caveat Emptor”, buyers beware’.

“It is not easy getting back money that is paid to fraudulent people because they do not save or plan for tomorrow. You have to investigate before you invest,” he advised.

Besides, he urged diaspora investors to trust referrals of professional estate surveyors and valuers more than the adverts they see on buses and newspapers.

“An estate surveyor and valuer can act as agent and make sure they get a good deal for their hard-earned money.

“An estate surveyor and valuer will not only confirm the physical existence of the property, he will also ensure it is worthwhile to invest in the property through location analysis.

“ Some properties are also hyped in that the promoters are selling them at unreasonable amount.

“An estate surveyor and valuer is able to check the current value and appreciation propensity of the property based on his training. lf an estate surveyor defaults in representing his client well, he has a professional body that the client can report to,” he stated.

Secondly, he said diaspora property investors could court the Nigerias in Diaspora Commission (NIDCOM) office in Lagos and Abuja for assistance.

“For people that want to invest in landed property and who do not want to fall prey to callous developers, they can check the website of Nigerian Institution of Estate Surveyors and Valuers (NIESV) to look for names and contacts of professional estate surveyor and valuer who can help them.

“Secondly, they can contact the ministry of land or housing in the state where they want to buy land. Government properties are easy, cheap and safer to buy,” oyedele said.

Thirdly, he said they can contact NIDCOM office in Lagos and Abuja to make enquiry, adding that, “they can send the details of the land and developers to their banks to verify. Banks do not only keep money for you, they can also advise you on what to do with your money and assist you in having a safe transaction through their legal department.”

Lagos -based estate surveyor and valuer, Sola Enitan said there’s much to be done in the sector

His words: “There’s so much to be done for the sector. It’s not just about registration of estate agents and collection of registration fees of N150,000 and doing annual real estate fair. The real work that can earn government of Lagos State hundreds of billions of naira is left unattended to because they’re oblivious of the responsibility they are saddled with.

“First point of call is an Amendment of the LASRERA Law. Any law that was promulgated without public hearing or enacted without circulation of the publication has so much to hide. The LASRERA Law needs to be amended to function right.

There’s an entire latently rich subsector that’s been overlooked. We will keep watching them, hopefully, they will get it right soon, without consultation.”

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Lagos schedules meeting with owners of distressed buildings.

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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.

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FG threatens contractors over Enugu-Onitsha road delay

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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.

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Ekiti state government mediates land dispute between traditional ruler and family in Epe-Ekiti

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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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