The Nation Newspaper

Category: Business

  • Auctioned property stirs row

    Auctioned property stirs row

    •Church, doctor battle for house

    The battle line is drawn over an auctioned property in Yaba, Lagos Mainland, which the plaintiff is claiming was illegally sold. Was it illegally sold as claimed by Dr Ayodeji George who alleges that the court judgment approving the sale of the house was secured in his absence? OKWY IROEGBU-CHIKEZIE.

    Was House 10 Shiro Street in Fadeyi, Yaba, Lagos Mainland lawfully auctioned? This is the issue for determination by a Lagos High Court as the ownership tussle over the house left behind by the late George Sule deepens.

    The sale of the building by the Deputy Sheriff of the Lagos State High Court to the Diocese of Lagos Mainland (Anglican Communion) of the Cathedral of St. Jude prompted the suit filed by the deceased’s son, Dr Ayodeji George. The plaintiff is challenging the sale in the grounds that the court verdict approving the auction was secured in his absence.

    Joined as defendants in the suit are the Deputy Sheriff, a buyer, Mr. Christopher Abugo and the church.

    The property, according to George, was illegally attached to satisfy the monetary judgment sum of N1.8million being legal fees of Abugo, who was hired by the beneficiaries and Trustees of the will of Late Pa George Sule.

    George is one of the children and executors of the estate of his late father, who died testate on August 29, 1994. The probate of his Will dated July 2, 1993 was granted by the High Court of Lagos on July 14, 1999 to the plaintiff and his sister, Mrs. Ajokeoluwa Odushina (nee Goerge Sule) as executor/executrix.

    The Deputy Sheriff purportedly sold to the Anglican Church by public auction, the property devised to the claimant by his late father pursuant to the wrongful and unlawful execution of the judgment sum of N1.8 in suit LD/1030/96 instituted by the second defendant, Mr. Christopher Abugo against the estate of late George Sule as legal fees.

    According to the claimant, Abugo (trading under the name and style of Chris Abugo & Co, Legal Practitioners) had instituted the suit against Mrs. Olufunke Alabi (Nee George Sule), Mr Ayodeji Gerge Sule, Mr Sunday Ogunbo and Mrs. Ajokela George Sule (for themselves as beneficiaries and as Trustees of the will of the late Pa George Sule) for N4,136,624.23 being second defendant’s bill of charges for professional legal fees in connection with the said estate, which sum was allegedly due when Abugo was debriefed.

    When the matter initially started, Ayodeji said he gave evidence against Abugo’s claim before the then trial Judge, Bode Rhodes-Vivour, before he eventually returned to the United States of America.  He said he was later informed that Rhodes-Vivour had been elevated to the appellate court having adjourned for judgment.  Unknown to him, the suit was commenced de novo before Justice S.O Ishola in May 2008.  He said he became aware of the suit recently when the occupants of the building told him that the new owner had instructed them not to pay any rent to him, thereby wrongfully and unlawfully depriving him of his bequest in satisfaction of the judgment debt awarded against the entire estate of the late George Sule.

    The claimant alleged that the judgment and the subsequent order for attachment and sale of the claimant’s devise were obtained as a result f the gross misrepresentation that the third defendant, Sunday Ogunbo, was an executor of the estate and that probate had not been granted, which he claimed to be false, as the administration of the estate had been completed since 2000.

    All through the suit before the new Judge, Dr. George said he was not aware, neither were their proper parties and that affected his right to fair hearing and to own property under the 1999 constitution, contesting that any judgment therefrom is a nullity.  He also said the property sold in December 2011 was grossly undervalued at N28.7million and that Sunday Ogunbo, who represented him does not have the locus standi, having renounced probate since 1995.

    George alleged that both the Deputy Sheriff and Mr Christopher Abugo acted in bad faith when they applied to the court for the attachment and sale of his property when they were aware that he was domiciled outside Nigeria being a practising medical practitioner in the US and had no notice of the motion for the attachment of his property.

    He is, therefore, seeking that the court should declare that he is entitled and deemed the holder of the statutory right of occupancy over the property, a declaration that the purported sale of the property by the Deputy Sheriff to the Anglican Church is malicious and fraudulent and violation of his right as well as null and void.  He also wants the court to hold that the defendants are liable for trespass, having acted on wrong representation and an order setting aside the entire judgment.

    In his defence, Abugo, said Sunday Ogunbo, is the second executor of the Will of late George and is described and called “my junior brother of No. 18, Adebowale Street, Akure” in the said Will, arguing that the Deputy Sheriff lawfully sold the property by public action and was bought by the church, being the highest bidder, at the public auction in execution of the judgment of the High Court.

    The legal practitioner said the allegation of non-service cannot be sustained as the writ of summons and statement of claim were served on both Ayodeji and his sister at No 9, Ekololu Street, Surulere, Lagos and were represented by the late P.E.M Alenkhe of 10, Shiro Street, Fadeyi, Yaba, Lagos and later of No. 20, Obanikoro street, Obanikoro, Lagos, adding that they filed a joint amended statement of defence and counter-claim.

    According to Abugo’s defence, signed by his counsel, Otunba Segun Demuren, the claimant, Ayodeji George, absconded and ran away while being cross-examined by him before Rhodes-Vivour, though George’s counsel continued to make representation, adding that his counsel in open court said efforts to get his clients were unsuccessful, as they repeatedly ignored his phone calls, leading to protracted adjournments, during which the court issued hearing notices to them, submitting that it would be wrong for the claimant now to alleged deprivation of any bequest.

    Assuming George’s claim was true, Abugo, said the auctioned property’s title does not vest in the claimant, part of the estate of the late Pa George Sule even up till today.

    In his summation, Abugo said the judgment of the trial court to sell and attach the property is valid, therefore, the claimant’s claims are frivolous, mischievous, an abuse of the due process and should be dismissed with N2million cost in his favor.

    The Anglican Communion said it bought the property through a bid process, for evangelism and that the Chief Judge of Lagos State, had by the issuance of certificate of purchase of land dated March 9, 2012 transferred the right, title and interest in the property to the church.

    In its defence by its lawyer, the church said that it acted in good faith, in all honesty, without fraud, collusion or participation in any wrong doing, asking the court to hold that the claimant’s claims and prayers are frivolous, utterly baseless, vexatious and should be dismissed with cost.

    The court has adjourned till January 9, 2013.

  • el-Rufai urges professionals

    The former Minister of the Federal Capital Territory (FCT) Mallam Nasir el-Rufai has admonished professionals to uphold the tenets of service for the nation to rely on their expertise and judgement.

    Speaking at the induction of new associates into the professional cadre of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Abuja, el-Rufai charged the inductees to ‘’ensure that  they distinguish themselves and always give clients value for money’.

    ’ Represented by an aide, Mr Martins Akumazi, said the problem with professionals is their disposition towards money rather than creating a niche for themselves by building a brand around integrity and professionalism.

    He urged them to be patient, dedicated to their professional callings and also to ensure they are always in tune with agreed principles of correct moral conduct. He also urged them to eschew anything pertaining to professional misconduct and dishonesty while carrying out their professional services.

    To the newly inducted Associates, he implored them to build their profession around good name which he said is more sustainable rather than money which will always follow any one that has the quality of integrity expressed by good name.

    He also enjoined them to be forthright in their dealings with clients and colleagues in their activities.

    In her keynote address at the ceremony, the Minister of Lands, Housing and Urban Development Ms. Ama Pepple represented by Sir GTN Tanbasi, a  Deputy Director in the Ministry, challenged professionals to upgrade themselves and ensure they are on top of issues in their profession.

    He said as it is impossible for a nation to develop beyond the level of her educational attainment, so it for its citizens. She urged them to see themselves as important stakeholders in the quest for nation building.

    She said as real estate practitioners’, the nation looks up to them as those who would provide the solution to housing in Nigeria. She said now that their voice can be heard as professionals, they should not hesitate to make their input known as professional members of Estate surveyors and valuers.

    The ceremony, which took place at Ladi Kwali Hall, Sheraton Hotel, Abuja under the chairmanship of Mr A. G. Songosanya, the Chairman of Estate Surveyors and Valuers Registration Board Of Nigeria (ESVARBON) attracted other professionals.

    NIESVPresident Mr Emeka Eleh who administered the oath of office and the induction assisted by members of his management committee, was enthusiastic that professionals have the wherewithal in terms of skill and competence to meet up with global standards when called upon to render their professional service.

  • GreenSky set for lift up

    British Airways and Solena are gaining momentum in their goal of producing sustainable jet fuel with technology partners for their GreenSky London initiative now in place and British Airways confirming its financial commitment.

    GreenSky London is a flagship project that would see the construction of a state-of-the-art facility that would annually convert about 500,000tonnes of waste normally destined for landfill into 50,000 tonnes of sustainable low carbon jet fuel, 50,000 tonnes of biodiesel, bionaphtha and renewable power.

    Solena’s technology consortium continues to grow and includes: Solena Fuels Corporation will provide the high temperature gasification process that converts waste matter into synthesis gas and the overall Integrated Biomass Gasification to Liquids (IBGTL) solution. Oxford Catalysts Group/Velocys will supply the Fisher-Tropsch (FT)reactors and catalyst which will convert the cleaned synthesis gas into liquid hydrocarbons.

    Fluor has started the Pre-front end Engineering and design (Pre-FEED) for the project. Fluor is a world leader in project execution and bio-fuel projects, and is providing engineering services to support Solena.

    British Airways has committed to purchasing, at market competitive prices,the jet fuel produced by the plant for the next ten years which equates to US$500.

    Barclays has also been appointed as advisor to explore the optimal funding through Export Credit Agencies. A Competitive Letter of Interest has been obtained from one of the Agencies including associated term funding.

     

  • Firm for FTSE Index

    Eland Oil & Gas, an upstream petroleum company, will be a part of the FTSE AIM 50 Index from December 24 2012, a statement said.

    FTSE AIM 50 Index comprises the 50 largest United Kingdom incorporated companies on AIM by market capitalisation. Eland qualified for the FTSE AIM 50 by dint of its high market capitalisation (approximately £ 150 mn) and strong liquidity.

    Inclusion in the index increases the company’s visibility to investors and triggers analyst coverage; widens the investor base by attracting newer classes of investors; helps in comparing the company’s performance against a peer group and supports liquidity and future capital raising.

    Eland Oil & Gas was admitted to AIM, the London Stock Exchange’s specialised market for growth companies, on September 3 2012 having raised £ 118 million.

    It has a significant financial and operational interest in the OML-40 field located onshore within the Niger Delta.

    Commenting on Eland’s inclusion in FTSE AIM-50, Ibukun Adebayo, Head of Primary Markets for Africa at London Stock Exchange said: “Eland Oil and Gas has qualified for FTSE AIM 50, an index of top UK incorporated AIM companies, within three months of joining the market. This is a clear demonstration of the exciting growth potential for smaller Nigerian companies and testament to London and international investors’ willingness to support ambitious, fast-growing companies.”

    AIM is the London Stock Exchange’s international market for smaller growing companies. A wide range of businesses including early stage, venture capital backed as well as more established companies join AIM seeking access to growth capital, making it the most successful growth market in the world.

    Since its launch in 1995, over 3,000 firms from across the globe have chosen to join AIM.

  • How to solve power crisis, by experts

    How to solve power crisis, by experts

    As the country continues to suffer from daily power cuts, experts are looking for alternative energy-saving options. DANIEL ESSIET writes

    Despite efforts to boost electricity, homes and companies are still experiencing lengthy power outages. The government attributes this to increased electricity demand.

    For watchers, there is too little power available. Supply isn’t catching up with the demand. Household electricity accounts for the bulk of electricity usage, followed by industry and public facilities.

    For watchers, Nigeria needs more power stations, but these take time to build and for too long the investments in updating existing stations haven’t been made.

    In response, the Managing Director of Niger Delta Power Holding Company Limited (NDPHC), James Olotu, said challenges facing power generation and energy, are traceable to the many years of ill-advised strategic planning, investment and delays in infrastructure construction.

    He said 10 new power projects, which are projected to deliver additional 4,770 Mega Watts (MW) to national grid will come on stream.

    Olotu, who stated this investment scheme during the inauguration of the 150MVA transmission station in Ikeja West, Lagos said these facilities have continued to impact positively on power supply in the country.

    He said: “This initiative is expected to bring into existence 10 more power stations that will give Nigerians not less than 4,770 MW of power, when completed. We are also building hundreds of thousands of kilometre of transmission lines across the nooks and crannies of this country, including substations to support the transmission lines.

    “We are also building several thousand kilometres for distribution in addition to infrastructure and substations to support it. These projects also include the gas pipelines within the same fund to ensure that gas flows into the generating plants.

    “Out of the 10 power plants, four are on stream, such as Olorunshogo in Ogun State, Omotosho in Ondo State, Sapele in Delta State and Alaoji in Abia State has added new units of power into the grid.”

    Total capacity from this new unit is about 1,150 MW. As part of the unit delivery, we expect that every month those power stations would be delivering the balance from their units into the grid. So that by December, we will be looking at about 1,500MW. Other six power generation stations are at about 80 per cent completed, and we will get to inaugurate them soon. So by the end of the year, we are expecting additional 2,500MW from all these stations I have mentioned,” he said.

    But watchers said all these will not tackle the consumption challenges. The savings in the form of led negawatts, a theoretical unit of power representing energy saved, would reduce the need to build more fossil-fuel power stations.

    Speaking with The Nation, he Director-General, Kaduna Business School,Alhaji Dahiru Sani said small changes, such as setting air conditioners a few degrees higher or turning off lights in unused rooms, can help reduce the load on the grid.

    He said Nigerians should look for short-term solutions to reduce the strain on the country’s electricity grids. Consequently, more Nigerians who buy a refrigerator, freezer, washing machine, air conditioner or electric water heater, check the energy labels. He said education and more awareness campaigns are needed if the country is to ever change its consumption patterns.

    He said with solar panels or wind turbines attached to buildings , even if a disaster takes out a plant, commercial enterprises will be able to continue to work.

    These ideas, Sani explained is gaining popularity in other countries where the cost of electricity is high and there is strong financial incentive to provide one’s own power.

    As the energy problem grows, he said more Nigerians need to turn to green technologies in their homes.

    According to him, the government needs to be thinking about how to create different policies to encourage innovations and improve grid reliability and resilience.

    Sani said the government should work out plans to reduce domestic and non-domestic electricity demand across the nation, beyond that expected from activities already in place, by a range of measures.

    According to him, innovative uses of real time energy consumption data combined with targeted recommendations can encourage households to reduce their electricity consumption.

    In the non-domestic building sector, he noted there appears to be significant potential to drive more electricity savings through measures such as high efficiency lighting, lighting controls and HVAC controls.

    He stressed that cutting the amount of electricity used will not only save money on bills and reduce the need for new generation capacity, nut it makes good business sense too.

    According to him, there are a number of critical input that either have to be maintained or further developed to realise the nation’s ambitious energy goals. At a national level, consumers will be required to radically evolve the way that they power, heat and light their homes.

    He urged the government to encourage micro-hydro programs to support broader community and economic growth..

    He said local residents can organize the labour efforts and took a personal stake in the project.

    Sani said a pragmatic energy policy is necessary as the country experiences challenges with power generation, and this handicap has the potential of throwing the economy out of gear, as well as undermining foreign direct investment into the country. Additionally, critical industriaisation policy might be in limbo if measures are not instituted to address this shortfall. That is why, he noted, has become critical to diversify energy-generation sources.

    For a longer-term, more sustainable energy mix and set of policies, the Vice-Chancellor, Federal University of Technology, Akure (FUTA), Prof Biyi Daramola, said the government needs to explore options around renewable and clean energy generation (wind, wave, solar), energy conservation (including introduction of smart grids, smart power metering and LED lights), pumped water storage.

    He said there are several renewable energy resources in the country andthe government should encourage the development of these resources.

    Demand for renewable energy has been held back in emerging economies like Ghana by high costs, but a recent glut of solar panels on the world market has seen prices tumble downwards, much to the advantage of countries like Ghana. The country’s forward-thinking strategy puts it in a strong position to lead the renewable energy revolution in sub-Sahara Africa.

    He said the energy technology roadmaps should point the way to a sustainable energy future for the nation.

    He said the roadmaps should play an important role in helping identify opportunities and challenges, and in accelerating efforts at the national level.

    As yuletide season approaches, Nigerians have continued to groan under intense electric power outage. As if the heat accompanied by this massive power blackout is not enough, the nation’s power utility company, Power Holding Company of Nigeria (PHCN), has continued to distribute outrageously high bills, popularly known as crazy bills, to virtually all consumers.This is coming even as the Transmission Company of Nigeria (TCN), the connecting company between generation and distribution, claims that it is currently transmitting over 4,000 Megawatts to distribution companies across the country.The reasons for the current situation has been blamed on system collapse, which occurred on Thursday, November 29, due to a fault on the 330kv transmission line from Benin to Onitsha and the shutdown of Escravos Gas Plant, causing the combined nationwide shutdown of 3,716MW, the shutdown of three units of the Egbin Power Station and the closure of transmission stores, which house maintenance spare parts for PHCN facilities.

  • Owners decry attacks on fishing trawlers

    The Nigeria Fish Trawler Owners Association (NITOA) has decried the frequent hijack of fishing trawlers on the nation’s territorial water.

    Its President, Mr John Overo, said in Lagos that attacks on vessels were on the rise again.

    He said vessels belonging to his members were being attacked and their catches stolen by the pirates.

    Overo, therefore, called on the Federal Government to assist in stemming the ugly development.

    “We lose colossal investments to the pirates because they also remove valuable items in the vessels, whenever they attacked.

    “They always remove electronic gadgets on board, which include the SSB Radio, VHF Radio, Radar and Echo Sounder,’’ he said.

    Overo described the situation as worrisome and pleaded with the government to evolve measures that could checkmate sea pirates before they escalated.

    “NITOA has often called for provision of adequate security in the territorial waters.

    “This is to ensure safe operations for fishing vessels and other law abiding maritime users,’’ he said.

    Overo urged the Federal Government to provide effective security in the maritime environment in the interest of the nation.

    The NITOA chief said the appeal was necessary to save the sector from collapse due to huge overhead costs, especially the high cost of diesel.‘

    These precarious situations will likely make the sector to go under.

    “Our productivity has declined due to high cost of diesel used in operating the trawlers,’’ he complained.

    Overo said that 85 per cent of the sector operation was being run solely on diesel, thus incurring huge overhead costs.

  • ‘Why govt must tackle oil spill’

    A call has been made to the Federal Government to strengthen the oil spill agency to enhance safety, and improve environmental protection.

    A lecturer in the Department of Maritime Management Technology, Federal University of Technology, Owerri (FUTO), Chinedum Onyemechi, called for an overhaul of oil spill regulatory framework to meet the international standards; including the polluter pays all principle in under the legislation.

    Speaking at a lecture entitled: “Oil Spill Contingency Planning and Control Techniques” Onyemechi, who is also Chairman, Port Technology Consultancy Services, stressed the need for the government to enforce a sustainable oil spill plan, incorporating a control system where oil spill consciousness was properly internalised by corporations working in the oil industry and exclusive economic zone (EEZ).

    Because of increasing cases of oil spills, he maintained that the marine environment and the seashore are at risk of pollution .

    To this end, he urged coastal state governments to ensure that a workable emergency plan was put in place to stop oil spill incidence.

    In addition, he canvassed a supervising national body whose role shall be ensuring that all major petroleum carrying facilities including, refineries, and ships endorse and implement an oil pollution emergency plan.

  • Residents urged to monitor physical development

    Residents urged to monitor physical development

    Lagos residents have been urged to help the government to arrest unwholesome physical development and prevent further collapse of buildings by monitoring their neighbourhoods for distressed structures and non-conforming developments.

    Officials of the state government and other stakeholders gave the advice at an interactive session for residents of Oshodi Local Government Area, as well as Ejigbo and Isolo Local Council Development Areas (LCDA).

    The forum,organised by the Lagos State Physical Planning Permit Authority, was meant to enlighten the residents on the implementation of the Lagos State Urban and Regional Planning and Development Law, 2010, as well as seek their input into it.

    The Commissioner for Physical Planning and Urban Development, Mr Olutoyin Ayinde, said the state government was committed to taking the local governments along in the implementation of the law.

    As part of measures to make things easier, he said the government had increased to 57 the recommending officers for processing building applications from the initial 20 to cover the local government areas and LCDAs, adding that this was to demonstrate its preparedness to collaborate with the third tier of government.

    Ayinde said though physical planning was the responsibility of the government, development was the role of everybody in the society.

    He said: “We should all be concerned about developments in our areas. Government officials cannot be everywhere. We are opening up ourselves for people to reach us. We should be interested in developments around us and report any aberration to appropriate authorities when necessary.

    “We cannot achieve sustainable development without the collaboration of the government and the governed. We must work concertedly to ensure that infringement of physical planning laws is curtailed.”

    The commissioner advised intending developers to always engage the services of relevant professionals in the built industry before commencing developments, while developers should obtain relevant development permits.

    He advised stakeholders to ask questions that bothered them, while developers must put physically challenged people into consideration when building.

    The General Manager, LASPPPA, Mr Toyin Abdul, said the task of making Lagos a sustainable city was a collective responsibility of stakeholders and that to achieve this, physical planning rules and regulations must be strictly adhered to.

    Abdul said: “The authority, between January 2012 and October 2012, received 1,569 building applications; 1,327 of these applications were approved, five were turned down for various reasons, while 289 are at various stages of processing.

    “In the same breath, the authority has equally commenced the monitoring of developments without development permits with a view to reducing the number of buildings that are unfit for human habitation and thus minimise incidences of building collapse.”

    The Vice-Chairman, Oshodi Local Government, Mr Daisi Oso, said the area was a cardinal access point to different areas of the state, and decried the taking over of some portions by hoodlums.

    He also advised that experienced physical planning officers should be posted to local government councils to advice the authorities on physical planning matters.

    The Permanent Secretary, Ministry of Physical Planning and Urban Development, Mrs. Oluwatoyin Ajayi, said the 2010 law stipulated that physically challenged people must be provided for in public buildings, parking lots and toilet facilities.

    The Chairman, Lagos State House of Assembly Committee on Physical Planning and Central Business District, Mr Muftau Egberongbe, said it was hazardous for people to develop without obtaining necessary building permits and advised stakeholders to report distressed buildings in their environs to appropriate authorities.

    The Chairman, Ejigbo LCDA, Mr Kehinde Bamgbetan, said local governments should be entitled to some percentage of the revenue from development permits, while the state government should curb the activities of corrupt town planning officials and put signposts of its landed property across the state.

    There were messages from the chairmen of the state chapters of the Nigerian Institute of Town Planners, Nigerian Institute of Architects, Nigerian Institute of Building and Nigerian Institution of Structural Engineers.

  • Empower indigenous operators, says NSE chief

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema, said indigenous operators need financial support to move into new areas and explore opportunities in the oil and gas sector.

    Speaking at the Annual General Meeting of the Financial Markets Dealers Association(FMDA) in Lagos , Oscar said, indigenous firms need to explore opportunities offered by the capital market to invest in upstream assets.

    According to him, several local firms have are posed to make significant investments in marginal fields and seize opportunities to participate in the oil and gas business.,

    He said indigenous oil and gas producers need to meet some conditions to develop marginal fields and also boost indigenous production.

    He said the capital market is favourable for oil and gas companies, adding that financially robust companies are reducing debt, increasing the capital available for other companies.

    Consequently, he said the Nigerian Stock Exchange (NSE) is engaging marginal oil field operators and other indigenous oil and gas firms to use the capital market to source funds. He said the market provides patient capital that is well suited to capitalize these opportunities and assist a new generation of oil and gas value creators to achieve their potential.

    Onyema said the NSE was also considering opportunities inherent in the Local Content Development Act to encourage Nigerian-owned oil and gas firms to list their shares.

    He expressed hope that the passage of the Petroleum Industry Bill(PIB) will enable other subsidiaries of the Nigerian National Petroleum Corporation(NNPC) to be listed separately . He noted that the government needs to encourage companies to list on the NSE through incentives and amenable legislations.

  • ‘Our neglect bane of construction sector’

    ‘Our neglect bane of construction sector’

    Quantity surveyors have said the neglect of their core competence in the construction sector has led to the massive corruption witnessed in the sector and the incessant cases of abandoned project.

    They spoke at their induction at Lagos Sheraton Hotels & Towers, Ikeja.

    The guest speaker at the event and former Director of Research, Nigeria Institute of Advanced Legal studies, Prof. Bolaji Owasanoye, who spoke on The quantity surveyor and national development, said most projects are overrun  at the execution stage because  in some cases  both government and individuals overlook the total cost  of the project before embarking on such.

    He noted the poor rating of the nation in this year’s Corruption Index as a fallout of the weight of corruption in the economy, especially from construction projects.

    He said: “Quantity surveyors as construction cost experts hold the key to stemming corruption in construction and infrastructure development projects in Nigeria because their skills in the pricing and structuring of projects can easily expose the underbelly of corruption that attends the contracting and costing of projects in Nigeria. It should be noted that no grand corruption is ever conceived or implemented without being linked to a construction of infrastructure development project. The big money is in construction and quantity surveyors can assist the nation by shedding light on the true cost of projects as opposed to the lies often sold to the public by corrupt government and their collaboration in the private sector.”

    Owasanoye also accused the quantity surveyors of not doing enough to fight corruption by not speaking up on over bloated projects. He urged them to join other advocates and stakeholders to demand that government not only provide the name of contractors and amounts at which construction and infrastructure developments projects are awarded in order to do a critique on it.

    Chairman of the occasion Alhaji  Femi Okunnu advised on the need for the restructuring of the Land Use Act and the need for  states to have control of their land  to enable faster and proper transformation of the state’s.

    He criticised the control of  certain land by the Federal Government depriving  a state the use of its land for development. He  recalled how  as a federal  Commissioner of Works in the General Yakubu Gowon regime, he fought to give professionals in the built environment their pride of place through Charter registration of bodies, such as the Nigerian Institute of Architects and Council of Registered Engineers of Nigeria (COREN).

    Earlier the Chairman, Mr.  Olayemi Shonubi said they are willing to partner with the government in its transformation agenda and to fight corruption in the construction sector. He said his target is to find space for graduate quantity surveyors in consulting firms and help them in job placements and for the older generation he  promised to  help them  horn their skills in training through workshops and seminars, particularly on new developments in the profession.