The Nigerian Institute of Estate Surveyors and Valuers (NIESV) has said more than 80% of lands in Nigeria are without certificates of occupancy and cannot be used for any type of financial transaction.
It went on to say that the country’s constant occurrences of fallen structures were caused by the non-engagement of core professionals in the construction industry.
Emmanuel Wike, President and Chairman of the Council of NIESV, stated this to journalists on Wednesday during the institute’s inaugural Valuation Day, themed “unlocking the nation’s wealth through valuation,” in Port Harcourt, Rivers State.
According to the NIESV president, most of Nigeria’s lands are “dead capital,” meaning they can’t be used for anything since they lack title certificates, which is Certificates of Occupancy.
He said, “It is only in Nigeria that we have 80percent of lands not titled with C of O and cannot be used for any financial transaction and until we unlock the potentials of our lands, it will be very difficult for us to use.”
Wike stated that a robust collaboration between the NIESV, other professionals in the built industry, and the Federal Government regulator would put an end to building collapses in the nation.
According to him, there are over eight professional bodies in the built industry. He said, “When you have a building collapse, it means that some of the resources used for that particular construction have gone.
“So, you need an estate surveyor and valuer to actually come to carry out the valuation of the development’ that the investor has carried out.”
The valuation day, Wike said would be marked with free valuation services for Nigerians who do not have the funds to afford the services of estate surveyors and valuers.
He stated, “Yes, we are now carrying this advocacy to let people know that there is a colossal loss of investment when there is a building collapse, and we don’t need that.
“So, people should be able to consult professionals from the design to the construction and to the use of that particular structure. Our advice is that both the professionals and the regulatory body of the government should work together for the benefit of society.
“This will reduce it (building collapse) because as professionals we will ensure that round pegs are put in round holes.”
PUNCH
