Property B7 Stories by Babajide Okeowo In a bid at putting a stop to quackery in the real estate sector in Nigeria, The Estate, Rent, and Commission Agents Association of Nigeria (ERCAAN), has warned those who have no genuine intention for the profession to stay clear of the practice rather than constituting a menace to its growth.”This is even as the association called on the government to review the Land Use Act as this would help to improve real estate business in Lagos and Nigeria at large The association made the call at the Lagos State Chapter’s 21 An-
Daily Times Nigeria Friday, October 20 , 2017
How to put an end to quackery in real estate - ERCAAN nual Conference 2017, with the theme celebrating the 50 years of real estate business in Lagos State, held in Ikeja recently. According to the Lagos state Chapter Chairman of the association, Godwin Alenkhe ‘the real estate environment is now polluted with all sort of people who lacked basic training and knowledge of the profession, saying that the
time has come for the association to find a lasting solution to the issue’. Alenkhe stated further that ERCAAN totally agrees with government policies by encouraging members to obtain real estate business licenses, establish offices and go for regular training to update their skills professionally to be at par with global best practices.
Also speaking at the conference, The Chief Executive Officer (CEO), United Auction House Limited, Dr. Jogun Onabanjo, who spoke on the impact of the auctioneering on real estate business, said training an auctioneer would help those who are into real estate business to sell more property. He also appealed to the Lagos State government to as a
matter of urgency adopt the statutory law of real estate as it was established in the Lagos State Agency Authority and all other matters. It would be recalled that ERCAAN was set up to tackle the menace of quackery in the real estate sector of the country which has mitigated against the growth of the sector.
Experts canvass different approach to housing financing Experts in the real estate sector in Nigeria have called for a different approach from the existing conventional housing finance to cooperative and sustainable mortgage financing culture which will boost inclusive housing. They made the call at the Lagos Development Envision Lab (LAGDEL) hosted by the Arctic Infrastructure and the Heinrich Boll Stiftung Nigeria in which young professionals in the built environment and youth from different lowincome communities in Lagos were pre-selected. Leading the call at the event, which also brought together community groups and professionals under the same knowledge platform, project director, AI, Mr. Lookman Oshodi underscored the relevance of the programme to the future governance, administration, and management of large city like Lagos by bringing youth from different background together to review common challenges and predict future of the city.
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He said the programme was conceptualized to close the huge gap observed in the human capacity to effect development changes that could respond to the needs of most of the residents while modeling different development scenarios for the city of Lagos in the next 15 to 20 years. According to him, the Lab focused on “Housing in the Larger Development of Lagos”. The four-day residency training programme brought together selected talented youth from informal settlements with young professionals from the built environment to share knowledge on the fundamental problems and alternative development strategies for the city of Lagos. The Master’s Students of the Department of Architecture, Stuttgart State Academy of Art and Design, Stuttgart, Germany joined the youth in the programme. In his remark, Mrs. Monika Umunna of Heinrich Boll Stiftung Nigeria outlined inclusive housing approach for the city of Lagos as one of the recommendations of the Lab.
L-R: General Manager, Commercial and Business Development, Powergas Africa, Sumeet Singh; Director, Engineering &
FHA set to develop FESTAC Phase II Ïj ƗƆƋƈƒƆƏ ƢǀƠè ƠƠƠ ƌƆ Barring any lastminute change, The New FESTAC Property Development Company Limited (NFPDCL), in conjunction with the Federal Housing Authority (FHA), Southwest Zone, have concluded plans to commence the development of the FESTAC Phase 2 Project in FESTAC Town, Lagos. The project upon completion is expected to develop 350,000 homes, a feat the Executive Vice Chairman of NFPDCL Isaac Chuks said would be a fantastic help to Lagos in view of bridging the housing deficit gap in the state. “The city will be unique because of its proximity to the rail projects from Badagry, there will also
be a road linking it from Ikeja airport, a kindergarten and secondary schools will be established, including a proposed university, which will afford children to start and complete their educational career within the city. He assured that the firm has done all the necessary groundwork to kickstart the project, including taking care of the issue of the land grabbers (Omo onile), Chuks revealed that the major off-takers are groups coming from South Africa, Egypt, United Kingdom and China, among other countries. These foreign investors, he explained, will buy and develop the land, just as a German and Swiss firm has also indicated interest
in building Disney Island, on more than 40 hectares of land space within the city. The company secretary, Mr. Odein Ajumogobia, of Ajumogobia & Okeke, a firm of legal practitioners, described the project as “a mixed development,” in a new city concept, which he said is comparable to EKO Atlantic City in Victoria Island axis of Lagos. Ajumogobia, a former Minister of State for Petroleum Resources, said the timing for the project was perfect because of the new Badagry Express Way being built, which he said would open up the area. The marketing consultant to the project, and founding partner, M.I. Okoro and Associates, an
Estate management firm, Mr. Meckson Okoro, said: “The only way we can engage the Artisans is when the government encourages massive investment in housing development because housing development ensures that all kind of skilled and unskilled labours are fully engaged. He expressed optimism that by the time the project is completed, it will bring a good return on investment.” The president of BETONIQ JV Nigeria Ltd, one of the companies providing the technical support for the project, Air Vice Marshal Monday Morgan (retd) expressed optimism that the project will reduce the number of housing deficit in the country.