The Nation Newspaper

Tag: real estate

  • Lakowe Lakes ups the ante in real estate development

    A firm, Mixta Africa, a subsidiary of ARM Limited, has upped the ante in real estate development with its 308-hectare Lakowe Lakes Golf and Country Estate in Lagos.

    The estate, a gated community with an 18-hole golf course, guest cottages, corporate lodges, spa facilities, hotel and a clubhouse, offers a distinctive lifestyle in a serene and luxurious environment. The development, its promoters claimed, is unmatched by any in West Africa.

    According to the firm’s Head, Business Development, Sales and marketing, Mr. Korede Lawrence-Salu, the estate is divided into three communities – the Village, which is the luxury residential community within the estate. This consists of 18 residential homes, offering two distinct styles and specially designed to cater for a select few.

    He explained that each of the homes has amenities adaptable to residents’ requirements, with wide doorways, ramp access, handrails, lighting and security features. Home owners will also enjoy the exclusive use of a dedicated gym, mini-club house, swimming pool, landscaped gardens, bike rails, and walkways.

    “No future expansion is planned within the Village beyond these 18 unique homes,” Lawrence-Salu explained.

    The “Enclave”, which is the second community in the estate, is a premium residential community featuring a range of houses that are themed around some of the spectacular and renowned natural landforms in the country. The Enclave comprises 206 homes, delivered with roads, water, and sewage treatment plants. This section, according to the Marketing Manager, provides a unique Lakowe Lakes experience.

    “Here, residential units are offered in a range of styles to meet the diverse requirements of homeowners, including palatial retreats for executives, cozy homes for couples, corporate clients, and larger units for families,” he said.

    The third section is serviced residential plots that are delivered with facilities. In this section, intending clients are offered 10 house designs to choose from and they will be completed by only approved contractors by the firm. This, Lawrence-Salu said, is to ensure that standards are not compromised while the designs are also not altered.

    Mixta Africa Hospitality and Retail Managing Director, Mrs. Sade Hughes, said the estate was set up with as a corporate lodge facility, as well as a nature-inspired spa resort that promotes wellness, relaxation and recreation.

    Hughes said this was why it offers a perfect setting for corporate bodies looking for residential conference and retreat venues; leisure groups looking for weekend or holiday getaways; spa and wellness enthusiasts looking for one of a kind upscale experience or social parties and other celebratory events requiring a unique destination venue.

    The 18-hole championship golf course, she noted, takes advantage of the coastal forest with fairways surrounded by natural ecosystem. The golf course became functional in 2011 and had set new standards for golf courses in West Africa.

    Other golfing benefits include a gold academy, pro-shop, a 9-hole par-3 course, driving range, short game practice facility as well as a clubhouse, offering an extensive array of food and beverage to golfers and guests.

    “Lakowe Lakes Golf and Country Estate continues to offer the promise of an unrivalled lifestyle of luxurious living and security. The estate has proven itself to be more than just a place for living and playing golf; it coexists with nature; it is a place for those, who know how to define their personality,” she submitted.

  • Nigeria’s real estate set for global investment standard

    The quest for diversification of the economy and attract foreign investment is set for a boost with promoters of The Oceanna unveiling investment options for part-ownership, similar to what earned the Dubai real estate sector global appeal.

    The Group Managing Director, Palton Morgan Holdings, Adeyinka Adesope, said the hotel segment of the iconic project is open to part-ownership with flexible payment options, secure and high returns on investments. “We are opening up the real estate sector to investors both in Nigeria and the Diaspora. Having embarked on a project that has clearly redefined the real estate sector in Nigeria by setting the standard for luxury and working with globally acclaimed professionals/consultants, we now invite investors to participate,” he said.

    Information available on their website indicates that Grenadines Homes, a member of Palton Morgan Holdings, is trying to match the Nigerian real estate sector with Dubai where luxury, safety of investments, flexible financing and high returns, among other things have combined to increase global appeal to that market.

    According to Head, Marketing Services, Palton Morgan Holdings, Kikelomo Williams, the company desires to open up a plethora of opportunities and experiences to discerning investors with the project. “The Oceanna Hotel is more than just a location. It is carefully set out as a plethora of opportunities and experiences, but the first step is to be an investor. It guarantees a lifetime stream of income,” she said.

    She is confident that the global appeal of the iconic development is not just in beauty, “the quality team of experts and professionals working on it will excite anybody familiar with topnotch real estate across the world’’.

  • Real estate and recession

    Real estate business might not be very buoyant at the moment. The reasons are not far-fetched; the ongoing economic challenges in the country, resulting in paucity of funds and fluctuations in the value of the naira against the dollar and pounds, has made some people to put on hold investment in real estate, while a number of would- be investors have to contend with the task of locating investment opportunities in markets that offer the greatest long term growth and stability, and or investment in other endeavours.

    That Nigeria is going through a recession is no longer news. That there is a rapid drop in the prices of properties at the moment; or that prices of properties have fallen in some areas to the point where the problem of affordability has almost become a challenge of the past, or even that there are scattered and uncompleted developments in various parts of the country, with new construction projects either abandoned and, where completed, left unoccupied, and many tenants defaulting in rents payment while many houses remained vacant for very long periods especially in high rental areas of Maitama, Asokoro in Abuja, Ikoyi, Victoria Island, and Lekki in Lagos to mention a few, and that rents could not be increased while some tenants actually asked for rent reduction, all due to the current economic recession are also no longer news.

    One of my major clients invited me for a meeting recently, and in the course of our discussion, sought my opinion on whether to sell some of his properties and use the proceeds to invest in other endeavours, his reasons being low return on property investment at the moment. My explanation to him and to those who might be at a crossroad as regards investment in the real estate is that despite the economic downturn, real estate is one sector of the Nigerian economy that has a very bright future. Not quite long ago, the International Monetary Fund (IMF) revealed that strong developments in the construction, real estate, and technology sectors in developing countries such as Nigeria has supported the world economy through tough financial periods in recent years, and would continue to do for a long time to come. While mentioning Nigeria as one of the developing countries with the greatest potentials in real estate and one of the competitive players in the global real estate market that is fast becoming increasingly attractive to investors, it says that these developing nations will account for about 70 percent of world growth over the next decade, touting Nigeria as one of the developing countries with the greatest potentials in real estate.

    One distinguishing advantage for the sector is the fact that the need for real estate across strata remains extremely strong. Though it is challenging at the moment, due to the present economic difficulties, yet the difficulties present opportunities for innovations, and these will ultimately benefit the sector. Opportunities will continue to exist.

    The current low investment in the real estate sector which has seen property prices dropping at near historical lows notwithstanding, one can convincingly conclude that this is the right time to invest in real estate. I will advise investors to increase their real estate portfolio by taking advantage of the cheaper property prices, the abundant array of great deals from motivated sellers, distressed sales, foreclosed properties and several other incentives at the moment. The prevailing situation offers an opportunity for potential investors to step in, pick them up for a fraction of their real value, leverage on the sellers willingness to grant significant discounts and consider offers or terms that under normal circumstances they would not consider, including reasonable deposits and payment in instalments. On the other hand, property owners may consider taking advantage of the market by either refinancing their own properties for lower rates and better terms until the market rebounds, instead of leaving same vacant and generating no income at all. Nigerians in Diaspora should seize the opportunity presented by the current economic situation and the prevailing exchange rate of the Naira and Dollar/Pounds to invest in the real estate sector by acquiring more properties back home.

    One other notable advantage of real estate investment is the fact that real estate investment is relatively stable and possesses the ability to absorb inflation. This is a very secure investment, in the sense that you can never lose your money. It is about the only investment that rarely loses its value, and even where it does, real estate investment always has the potential to bounce back within a relatively short time. Whilst it is noted that the scarcity of funds may pose a challenge at the moment, there are several financial strategies that potential investors may consider. For instance, investors could go into partnerships or incorporate companies wherein they can pool resources which can be utilized to acquire developed properties or even large expanse of land that can thereafter be divided into plots and allocated to the partners. It is worthy of note however that the recession will not last forever, as the market will soon restore its lost value.

    Essentially however, housing and accommodation could be the major driver if Nigeria’s real estate sector is to deliver at the rate and scale needed to contribute significantly to the nation’s economy. The housing shortage in low, middle income residential and office spaces is put at 17 million in a country of about 180 million people. And as the population increases, we will encounter further strains on an already challenged industry.

     

    • Mustapha, ANIVS, RSV, MNIM is the Principal Partner in the firm of Mustapha Ewenla & Partners.

  • Fed govt partners Academy on mortgage, real estate

    To boost mortgage and real estate business in the country, Mortgage and Real Estate Academy (MOREAcademy), in partnership with Centre for Management Development (CMD), a parastatal of the federal government, has concluded plans to hold Mortgage Industry Stakeholders Luncheon on September 19, 2017.

    Its Chairman  and  Western Atlantic Corporations Managing Director, Prince Ade Akinfolurin, made this know during the week in Lagos. According to him, the luncheon is meant to coincide with the historical outing of MOREACADEMY, an establishment of the Federal government in public-private-partnership (PPP) with Western Atlantic Corporation Limited.

    “The luncheon will flag-off the entire training programme of the Academy, and also secure the interest of the participating public in the development of the nation’s mortgage and real estate industry,” said Akinfolurin,  adding that it is meant to further instil public confidence in President Muhammadu Buhari’’s Administration that through MOREACADEMY, a new horizon in delivery of the much needed human capacity in the mortgage and real estate industry could be achieved.

    It is also expected to buttress the importance of MOREACADEMY and its trainings for the nation’s economic interest, taking into consideration the Federal Government’s mandate to various stakeholders in the discharge of their responsibilities. Most  importantly, Akinfolurin said it is a demonstration of the fact that  government is desirous of genuine partnership with the private sector to develop the economy.

    Akinfolurin assured participants of an exciting and top quality training sessions. MOREACADEMY,  he pointed out, “will provide first class trainings and workshops that are structured for the Nigeria economy; hence its relevance . The training programme is expected to draw participants from the banks, primary mortgage institutions (PMI) ; real estate developers, real estate practitioners, state governments, Federal Housing Authorities and  housing corporations in Nigeria.

    MOREACADEMY, a public-private-partnership project between CMD, a parastatal  of National Planning Commission and Western Atlantic Corporations Limited (an investment management, corporate consultancy and training company),  is said to offer courses in both Real Estate and Mortgage Education for mortgage loan originators, mortgage loan processors, underwriters, mortgage brokers, mortgage lenders, real estate brokers/agents, property managers, appraisers/valuers, and real estate inspectors/developers.

  • Stakeholders canvass standardisation of real estate agency practice

    Stakeholders canvass standardisation of real estate agency practice

    Except there is a reversal in estate agency practice, its practitioners will continue to feed on crumbs. This is because of the lack of standard in estate agency as being practised in the country. The lack of standardised practice, it is believed, explains why Nigerian estate agents are not getting juicy deals, especially from multinationals.

    “Can any of you here claim he is managing any outlet in Shoprite, or in any other multinational facility? Except you improve and up your standard, you will never play in the big league of estate agency. The best of transactions now are going to multinationals,” said Tope Ojo, guest lecturer at the Lagos State Real Estate Transaction Department (LASRETRAD) stakeholders’ conference, held  in Alausa, Ikeja, last week.

    The theme of the conference was “Standardising Real Estate Agency Practice in Lagos State.”

    According to Ojo, there is an urgent need for the review of certain provisions of the law governing estate agency in the state and country. For instance, he explained that under the Lagos State Estate Agency Regulatory Authority Law 2007, the practice is open to anybody from the age of 18 years, including having a minimum of educational qualification of secondary school leaving certificate or a proof of sufficient experience in estate agency practice.

    Other requirements under this law include evidence of registration of estate agency business under Companies and Allied Matters Act (CAMA), including but not mandatorily being a member of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) or any other professionally recognised body or any registered association of Estate/rent/commission agent.

    However, the guest lecturer riticised the 18-year-old clause, arguing that it is very unlikely that any investor will be willing to hand over a N50 million asset to an estate agent of that age to manage on his behalf.

    Ojo regretted that the features of estate agency practice in the country are characterised by lack of adequate regulatory framework; free entry/ free exist, which requires no training nor certification; and are laden with high market risk. Others, he said, include small size of offices; lack of information on transaction; poor public perception; large presence of non-professionals; unorganised market; multiplicity of local agents association; fraudulent transaction; lack of standardisation; and largely unregulated. These features, makes the profession have perception issues among the public.

    Proffering solution, Ojo, therefore, called for a national/state body; effective regulatory framework; establishment of a licensing authority that will register all certified estate agents; professional indemnity by way of insurance of estate agents.

    There should also be categorisation of licenced estate agents into principals and ordinary agents, including creation of a state estate agency board in conjunction with NIESV.

    “This will give confidence to the profession. If a client knows an agent has insurance for professional indemnity, then he can be rest assured that if anything happens to his money the insurance will pay him back. For now, estate agents are traders and not professionals,” he explained.

    Explaining how the practice works in other climes such as South Africa, Ojo said an aspiring practitioner will first complete further education and training certificate in Real estate; undergo a 12-month internship mentored by a professional; write and pass Professional Designate Examinations (PDE); and register with the country’s Estate Agency Affairs Board. To be a principal of a firm, such person will also have to write and pass another examination. Over  40,000 Estate Agents are registered with the board.

    Earlier in his keynote address to the gathering, the Lagos State Governor, Mr. Akinwunmi Ambode, who was represented by his Special Adviser on Housing , Mrs. Aramide Giwanson, observed that over the years, the activities of estate agents have been a source of concern to government because of the several unsavoury tales people have had to tell about the sharp practices of the practitioners, which usually leads to people being defrauded.

    Ambode agreed that unethical practices has thrived in the profession because it is largely unorganised, unregulated and unprofessional. This has been further buoyed by the by the lack of a central professional / regulatory body that will set minimum standard and code of ethics for practitioners, leaving the door open to all comers including those who do not have the basic training and qualification.

    He explained that with the establishment of LASRETRAD, government hopes to redress the situation, by not only guiding the real estate agency through rules and regulations, but by also ensuring that violators of these rules are made to account for their actions.

    “We believe that this will ensure protection for citizens and reduce the tendency for fraudulent practices. In addition, it will also enable government to adequately capture data on property transactions on a regular basis as it is being done in most developed parts of the world,” Ambode said.

  • Invest in real estate now, firm urges Nigerians

    Invest in real estate now, firm urges Nigerians

    The recession presents an ample opportunity for Nigerians to invest in real estate. This is because in every adversity, there is an opportunity. This is the submission of the Managing Director of Richlife Estate and Gardens, Mr. Bankole Oluwaseyi.

    Oluwaseyi told The Nation during the sixth Richlife Mega Promo and Empowerment Summit in Lagos at the weekend, that investing in real estate had gone beyond building and living in one’s personal home. This, he said, was why his firm is encouraging people to real estate like acquiring land for long term dividend.

    “Every individual should endeavour to own a property and invest in real estate; there is no need to wait on government because housing for all cannot be guaranteed by government. Such investment guarantees an assured return in no time,” Oluwaseyi said.

    The firm’s Executive Director, Administration, Mr. Sunday Ezekiel, explained that aim of the empowerment initiative of the company is to open the eyes of Nigerians to the opportunities in real estate. For him, Nigerians need to take the bull by the horn and secure their future through investment in the real estate sector.

    “The moment you do this, then you are assured of a definite return on investment. If you buy an iPhone 7 today, the value has depreciated immediately you take it out of the store; but for real estate, the value can only go up,” Ezekiel said.

    This thinking, Ezekiel said, informed the intervention of the firm to proffer solutions for Nigerians desirous of owning their own homes. Ezekiel explained that one of the ways the firm is doing this intervention is by going into places where people don’t think can be developed and buying large expanse of land, cutting into several plots and start developing. These plots, he emphasised, are then sold at reduced price. “Somebody has to decide that he wants to solve his own housing problem by saving money monthly or contacting us to work out a flexible payment option,” he explained.

    Executive Director, Marketing, Mr. Oladunni Adeyemi, explained that the firm is able to assist Nigerians by simply reducing the costs that is associated with house ownership. Some of these  costs, he said, are things that the firm has looked for a way to average it. For instance, to process the documentation of a land is undertaken by the firm. Equally, the problem of land grabbers (known as Omo onile) has been taken care of by Richlife; hence, a prospective buyer has nothing to lose sleep over.

    Adeyemi said Richlife offers the cheaper land in the country ranging from N100, 000 to N10 million. Besides, he said its flexible payment system is unbeatable anywhere in the country. “We are very flexible with our payment structure. When there is a default on the part of our customer, we still try to restructure the payment for them,” he explained, adding that empowering the people to own properties is the focus of their operation, including providing solution to housing deficit challenges, having known that the land mass is not increasing but population of people is increasing. The properties, which are basically in Lagos and Ogun states, are located in Ibeju-Lekki, Atan, Abeokuta.

    At the end of the summit, two people won a plot of land each. The winners commended the organisers of the event.

  • API Awards to recognise top real estate developments

    The African Property Investment Awards (API Awards), the continent’s premier real estate competition, is set to recognise innovation and outstanding achievement across the entire property industry. It will also provide distinguished developers, suppliers and owners working in Sub-Saharan Africa (excluding South Africa) with a platform to showcase their best projects and services.

    The award is scheduled to hold at the Sandton Convention Centre, Johannesburg, South Africa, on August 24, 2017.API Events have proven their commitment to the African property industry, hosting successful and insightful summits for the last eight years. As an independent organisation offering broad coverage of the African real estate sector, API Events have a reputation for fostering education, discussion and knowledge sharing throughout the industry, making them the ideal hosts for these prestigious awards.

    API Events Managing Director Mr. Kfir Rusin said that looking back on the last decade, there have been notable achievements in the development of real estate on the continent.According to him, growth in the sector has highlighted the important role both local and regional investors and developers play in the industry.

    “With this in mind, API Events has moved to introduce an awards platform that is both reputable and widely respected in order to recognize these achievements, as well as the distinction and quality of these contributions,” Rusin explained.He said that with these awards, API Events hopes to not only encourage industry players to continue to achieve these same levels in regard to both industry standards and expectations, but also to raise the development standards across the industry in future.

    “As the market evolves we want to ensure that all stakeholders strive to achieve excellence, and at the same time recognise those who are delivering on pioneering developments in Africa’s often tough development environments,” Rusin added.He stated that as the continent’s pre-eminent property investment summit, it was fitting that API Summit & Expo should recognise excellence by giving awards to the best of the best.

    According to the jury panellist and owner of W Hospitality Group, Trevor Ward, “The prestige of an API Award will undoubtedly bring an increase in quality in all fields in the property industry in Africa.”He said the panel of judges will bring together a number of distinguished industry leaders from across the continent, each member boasting a variety of expertise and experience.

    The judging panel will critically assess all entries in categories including Best Retail Development, Best Mixed-Use Development, Best Commercial High-rise Development, and Best Architectural Design.

  • ‘Infrastructure’ll drive real estate growth’

    ‘Infrastructure’ll drive real estate growth’

    The Managing Director of Cross and Churchill, Mr. Taiwo Ogunbodede, has said the full potential of the real estate sector can be better realised if the government put in place adequate infrastructure.

    Such endeavour, he further said, would also stimulate faster growth in the real estate sector.

    Ogunbodede, also the Chairman, Real Estate Developers Association of Nigeria (REDAN), Southwest chapter, with adequate infrastructure in place, people do not necessarily have to live in cities at exorbitant costs.

    “Housing will come into being when the Federal Goernment begins to put in place infrastructure. I like what Governor Akinwunmi Ambode of Lagos State is doing around Epe Division. The entire road network in Epe is on another scale. It means that you can live in Epe and work in Ikeja or on the Island. Coscharis is in Awoyaya, who would have thought that such a firm will come to Awoyaya? That is the effect of having good infrastructure in place,” he said.

    According to Ogunbodede, there is and there will always be demand for housing in the country. However, he said, what is lacking is the housing units to fit peoples’ pockets, and the housing type people put demands on. For instance, he explained that in the years the stock market boomed, people sold houses at N140 million to N150 million, because they made good returns on their stocks within a very short time. But things have since changed now meaning that developers and potential home investors have to check their pockets.

    On the increased survey fees being put in place by the Lagos Chapter of the Nigerian Institution of Surveyors (NIS), Ogunbodede said it is sending a dangerous signal to other professional bodies in the built environment. For instance, he explained that if a client is interested in buying a land for N4 million and he is being asked to pay N300, 000 as survey fees, then such a client can back out of such transaction.

    “I think it is not a fair thing to do at this time of recession; things like this can be a disservice to affordable housing which we all are trying to achieve,” he said.

  • Seven reasons you should invest in real estate

    Seven reasons you should invest in real estate

    In a bid to attain financial stability, many search for proper investments with their income. Real estate is one of the most robust investment options, especially in the long run. Jumia Travel, the leading online travel agency shares 7 reasons you should take advantage of this robust investment option and invest in real estate.

    It’s as Safe as Houses

    “Safe as houses” is a popular slang in real estate that basically means real estate investments are perfectly safe because of the paying character of house property as an investment. Property value tends to increase without the volatility of the share market which makes it an all-round safer investment. When you factor in the return and risk associated with buying property and shares, property is considered a far safer investment.

    It Doesn’t Need Specialist Knowledge

    You don’t need specialist knowledge to start investing in real estate. It is easier to research than stock and shares. Understanding the stock market requires a lot of education as well as research brokers and fund managers to help. Investing in property is however a lot simpler: it’s as simple as jumping online to start looking for properties from legitimate and registered realtors, real estate firms or property and real estate listing websites. A significant amount of research can be done online, by visiting open houses and auctions or contacting realtors and real estate firms – without needing to have vast specialist knowledge beforehand.

    Technology Has Made Things Much Easier

    Today, technology has made real estate investments a lot easier. For example, advertising your property is as simple as tweeting about it, sharing a post about it on Facebook or posting an ad on a property and real estate listing website like Jumia House, Nigeria Property Center etc. There’s so much technology readily available to real estate investors, that you can easily manage a portfolio of properties without really needing to leave your home all the time.

    It’s a Remarkable Flexible Investment

    With property, regardless of your financial aims you are mostly able to find an investment strategy that works for you. There’s the long-term capital growth strategy where in the long-term the property purchased delivers capital gain (provided the right area with correct supply/demand ratio and demographics is selected). Then, there’s the positive cash flow strategy where you can rent out the property for cash flow. There’s also the adding value strategy where you can renovate, subdivide or even alter the use of an existing property to develop, create or increase the value of the property.

    Full Control

    For property investments, once you’re done paying for the property and settling legal requirements, you directly own the asset and have virtually complete control over it. You can directly influence the asset worth (by adding value to it) and cash flow (e.g. by raising rent).

    There’s an Investment for Every Budget

    If you do some research you’ll see various offers from realtors and real estate firms offering affordable entry points for real estate investment. The only thing required is for your income flow to be stable enough to support payments in installments till you fully own the property. If you buy smartly, you can even expect equivalent or better growth on these affordable assets than more expensive assets.

    A Few Years from Now You’ll Wish You Did

    Investments typically take time before they yield large returns. This is why if you start today and invest smartly, you’ll be patting yourself on the back a couple of years from now for a job well done. To be honest, we are at a point where real estate investments just make sense. But, like any other investment, please be sure to understand what you are doing and be diligent enough to do your work and research to find the 1-in-100 deals that make sense. Some suggestions on real estate companies to consider for this research are Elegant Court, WhiteBricks, Propertylink Real Estate Investment Limited, Cappa and D’Alberto PLC etc.

     

  • ‘Real estate can pull Nigeria out of recession’

    Nigeria Institution of Estate Surveyors & Valuers (NIESV), President, Dr. Bolarinde Patunola-Ajayi has called on the Federal Government to use the real estate sector  to exit recession.

    He regretted that the nation has not succeeded in unlocking the hidden wealth in the sector, noting that it is the only robust solution to grow the economy.

    “Real estate business is about management of all land resources which give the support for all activities of man. Every business is done on land, human life and basic needs are dependent on land; hence Nigeria must pay attention to real estate, except we are not prepared to come out of our economic woes. Real Estate investment is the pedestal for economic development and growth, and many developing nations that understand this,like Singapore, Dubai, and others have seen the positive impact on their economies,” he said.

    He wondered why the government thinks the economy can only be diversified through agriculture and film and fashion industry rather than the real estate sector.

    According to him, even government’s focus on agriculture has not been well handled to ensure stable development because government has failed to do sufficient work in surveying every parcel of land in the country.

    While calling on government to make and enforce laws on land administration, Patunola-Ajayi was emphatic that infrastructural development like roads, rails, water-ways, and even airways, goes along with real estate development because they are avenues through which products, services and people move easily to make the economy vibrant.

    Patunola-Ajayi said real estate investment resonates as an edge against inflation with its value increasing with time.  He appealed to government to put more attention into the real estate  sector, especially housing  projects, noting that government housing programmes must have a touch of socialism to touch the lives of people.

    To this end, government, he advocated, should provide land, infrastructure, building plans and approval at subsidised rates to encourage developers, and investors. Besides he advised the federal government to have an effective management of land information, which will generate revenue to its coffers, while states as presently obtains, will continue to generate revenue from the subsequent transaction, with  local government’s generating revenue from rating  assessment and administration.

    Meanwhile, in a related development, NIESV,last Thursday inducted 28 members to the prestigious class of “Fellow.” The induction took place during the 23rd John Wood Ekpenyong Memorial Lecture and Fellow’s Induction held inside the auditorium of the Civic Center, Victoria Island, Lagos.

    The theme of the lecture was: ‘Deployment of corporate governance systems and processes to the professions: The estate surveyor and valuer’s perspective.’

    The guest lecturer, Mr. Gersh Henshaw, who also doubled as the Chairman, Interim National Council on Induction of Fellows, charged surveyors to give consideration to business systems and processes on an on-going basis and not simply when problems start to occur.

    He remarked that if high standards of professionalism is to be sustained in estate surveying and valuation, and to earn public respect, NIESV and the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) must educate her members on the importance of good corporate governance, especially at this time that the country is undergoing what he calls “technical and economic recession.”

    “Those planning to set up their own practice have been advised to think carefully about the quality of the system and processes from day one to avoid the possibility of future problems and un-expected expenditure later on in the business life,” he said.

    Patunola-Ajayi, urged professionals should go back to the drawing board as foreigners had taken over almost all professions in the country. However, he charged his colleagues to do things rightly if they are to remain relevant in the profession.

    The chairman of the Lecture, Mr. Nweke Umezuruike, eulogised the late  John Wood Ekpenyong, who was the first President of NIESV at its inception in 1969, for his qualities and efforts at making the profession noble. “It is right to give honour to whom honour is due. This annual lecture was instituted to celebrate Ekpenyong who was the first Fellow and president of the institution and a representative of the founders of the profession,” he explained. He served in that capacity until 1972.