The initiatives, which the institution envisages will put it in the global map, fall into five categories. ONE: Aggressive drive for membership growth, TWO: Capacity building, THREE: Welfare improvement, FOUR: Advocacy and FIVE: Mediation and reconciliation.

The overall aim is to make the estate surveying and valuation profession more prominent, more visible, more impactful and indispensable in Nigeria and beyond, where the welfare of members will be paramount, and professionalism will be sufficiently rewarded.

The new NIESV President, Sir Emmanuel Wike who revealed the agenda at the weekend during his inauguration as the 24th president and chairman of the council in Abuja, said the event marks a new beginning, renewed commitment and a new spirit to uplift the institution.

However, Wike admitted that though the task ahead is enormous as a result of the coronavirus pandemic, the problem is surmountable. “Rather than allowing the present challenges to intimidate or browbeat us into giving excuses, we would pursue creative and innovative programmes for professional and institutional transformation in the next two years.

“This is the time to dream big, time to aim high and assiduously work to achieve greater accomplishments. I firmly believe in our ability to successfully weather through the challenges and consolidate on the accomplishments of our past leaders,” he said.

Wike stressed that the institution will deliberately encourage probationer and graduate members to get elected into the professional membership grade with all necessary support and encouragement given to them on a continuous basis to initiate and conclude their elections within the shortest time possible, without compromising standards.

He said, the organisation will also undertake large amounts of research to push forward the boundaries of knowledge and frequently offer up policy challenges and solution, which can be tabled before relevant policymakers.

research, to become foot soldiers in defending our various roles, maintaining a strong bond between all segments of the profession especially Public, Academic and Private Practitioners as this relationship would help us in enjoying policies and research, which upon implementation shall be of tremendous benefit to private practitioners.

An institution such as ours should henceforth undertake large amounts of research to push forward the boundaries of knowledge and frequently offer up policy challenges and solution which can be tabled before relevant policymakers. NIESV Learning Centre and the College of Estate Management remain veritable platforms to boost researches, training, knowledge, skills acquisition and competencies. Reinvigoration of these potential capacity building outlets shall be given utmost attention and consideration.

WELFARE IMPROVEMENT: As a professional body that adds huge value to the society, the wellbeing and fortunes of our members shall be a major priority of this administration. Welfare packages for all categories of our members, including the elders and newly elected members shall be developed.

We are assuming the responsibility of frequently assessing the needs of our members, planning ahead and responding to existing trends to ensure the protection of existing privileges, while remaining open to new opportunities and responding to new threats.

Since our profession is service-based, we would make deliberate efforts to build a strong brotherhood where every one of us, particularly the young and upcoming Estate Surveyors and Valuers would be accommodated. We would fashion out means of encouraging the upcoming professional members so that they would not lose interest in the Institution. It is time to arrest “the mighty takes it all” syndrome and re-orientate along the path of professional collaboration, as against professional competition.

In other words, genuine emphasis shall be placed on members’ welfare, with better structures and strategic processes initiated within the Institution and among stakeholders to encourage and facilitate the initiative. This has become necessary in order to ensure that every Estate Surveyor and Valuer is reasonably empowered economically.

In a nutshell, we are reassuring our esteemed members of our readiness to vigorously advocate for enabling environment for practices to thrive, to influence government policies to our advantage, thereby ensuring the survival of every one of us, particularly under the current harsh economic situation in the country.

ADVOCACY: Advocacy is key, strategic and crucial to the continued relevance of our profession. Advocacy remains a fundamental responsibility of our Institution. We shall add vigor to our engagements with critical stakeholders, particularly government at all levels, ministries, agencies and parastatals, financial institutions etc. We shall ensure the improved relationship with these tiers of government and agencies in the overall interest of our profession.

A channel of communication at the three levels of government; Federal, State and Local, including the MDAs shall be opened to ensure the sustainability of our advocacy drive. The Legislature and MDAs would be penetrated to unbundle our laws with regards to Estate Surveying and Valuation Practice, with the aim of confronting undue incursion into the core areas of our practice.

For this purpose, a National Assembly/Federal Executive Council (FEC) Desk shall be opened at the Secretariat, with the desk officer liaising with the National Assembly and all the arms/tiers of Government.

Advocacy would be a mirage if we fail to build a strong media image. We shall fully and effectively utilize the media to educate the public about our various services.

We shall also build a strong economic and real estate analysis team to discuss and itemize the impacts of various government policies and programmes on real estate. This team shall be the fulcrum to examine government policies in terms of assets value in Nigeria.

MEDIATION AND RECONCILIATION:
Disagreements are normal in societies and organizations, crisis and consensus are an ongoing process, but conscious and deliberate efforts must be made not to allow conflicts to destroy our fundamental cohesion.

We are not oblivious of acrimonies, grievances within the Institution, genuine or otherwise. Over the years, our politics has become poisoned, rancorous and divisive. The truth is that our challenges emanate largely from the manner in which we have managed our politics. As we enter into a new dawn in the annals of our Institution, windows shall be opened for mediation and reconciliation to allow aggrieved members express themselves without destroying the altar of discipline, with structures instituted to address future skirmishes.

My goal is to run an administration that recognizes strength in our diversity as a people, hoping that this well-meant stance will be reciprocated. We should not squander the moment. At the end of the day, whatever we do or choose not to do must be intended to benefit all our members.
After due consultation, I hereby appoint the following into Presidential Mediation and Reconciliation Committee:
ESV (Alhaji) A. O. Shote, PPNIVS
ESV (Ven.) L. L. Eso, PPNIVS
ESV O.J.A Idudu, PPNIVS
ESV Emeka Eleh, PPNIVS
ESV Claire Chizea, FNIVS
ESV Dogondaji Shehu, FNIVS
ESV Blessing Kalu, ANIVS

Above all, we must always remember and realize that we hold and run this profession in trust. It belongs to future generations whose possibilities must never be mortgaged as a result of decisions of expediency we might selfishly make today. The unity and progress of the Institution must not be compromised. We are a strong Institution, and we shall maintain strength so sufficient that it need not be proven in combat, but on the nobility of ideas. We will be ever vigilant and never vulnerable, and we shall assertively but honourably confront centrifugal forces.

I humbly appeal to all of us to embrace each other in defining a new destiny. As we do so, we would never remain hostage to our past. ALTERNATIVE SOURCE OF REVENUE: This is another critical challenge we must confront frontally with a view to resolving one way or the other. Our profession has gone through many developments in the last five decades. While we cannot change the past, there is a lot we can do in the present and future to give our profession a different and a positive direction.

Ours is a great profession endowed with rich potentials and abounding in many opportunities for everyone who comes into it, yet the debt profile of our members is huge and intimidating. We cannot be doing things the same way and expect different results. We need to strengthen our practices to flourish, earn fees on a continuous basis because professionals live on fees. It is time to embrace Partnerships. Hundreds of businesses around the globe are running with partnerships. It guarantees a healthier chance of achievement than any of the associates practicing separately, in so much as every partner will come in with their own knowledge, strength, expertise, involvement, and contacts. Practicing partners can portion out jobs; with each concentrating in areas of their competencies.
On our part, the Council shall reinvigorate the NIESV Ventures and make it to serve the purpose for which it was established while exploring other income-generating avenues. Even governments are privatizing and commercializing businesses and services in today’s world. It is time to rebrand and repackage NIESV Ventures and make it an income-generating outfit for the Institution, and ultimately reduce the burden of subscription on our members.

NATIONAL SECRETARIAT DEVELOPMENT:
The National Secretariat building in Gudu, Abuja has been roofed. Concerted efforts will be made to consolidate on the great achievement of the immediate past administration by pursuing more vigorously the development of the Secretariat until it is completed and made functional. This would enhance the visibility of our profession as well as positioning the Institution more prominently in the Nation’s capital and the seat of power.

SECRETARIAT RESTRUCTURING: We cannot achieve our lofty goals without an effective and efficient secretariat. The secretariat is key to the attainment of our goals. It is supposed to be our ‘thinking’ faculty, where ideas shall be germinated, generated, prepared for consideration, and promptly implemented upon adoption.

The Secretariat shall be enabled to carry out its statutory roles and responsibilities. The staff shall be encouraged to be creative, and innovative in carrying out assignments that would be beneficial to our members and the Institution at large. For best performance and career growth, we will expose our employees to structured, accelerated and strategically focused management and leadership training.

Enabling the working environment shall be sustained for the staff to ensure career progression and development. Human and resources management ideology will be brought to the fore so as to make the Secretariat a source of pride to the Institution.

RELATIONSHIP WITH THE BOARD: NIESV & ESVARBON represent two sides of a coin. The regulator cannot exist without regulated and vice versa. The relationship between the two organizations has not been cordial in the recent past. Yet we need ourselves. We are compelled to work harmoniously together for the interest of the profession.

My administration shall ensure the restoration of cordiality between the two bodies by creating and fostering a relationship oiled by effective communication, mutual respect and trust, three super important parts of a healthy relationship.

POST COVID-19:
We have always demonstrated our capacity as an Institution to navigate through challenges without allowing our fundamental cohesion to be threatened or disrupted. We came out of previous challenges stronger, and I am confident of our capacity to come out of the present COVID-19 pandemic with its attending disruption of the economy and economic activities, business, and lifestyle stronger. That we successfully conducted our Council elections and we are having a virtual Annual General Meeting and the investiture of my humble self as the 24th President of our great Institution bore eloquent testimonies to the fact that we are already marching through the global calamity.

Distinguished Noble Colleagues, these are unusual times. I am assuming the leadership of our great Institution at a time when the entire world system is at its knees and confusion reigns in every aspect of the economy and life. Our country is not insulated from this downward global slide, neither is our Institution. I imagined the situation which prompted Apostle Paul to write in 2 Corinthians 4:8 that ‘’we are troubled on every side, yet not distressed, we are perplexed, but not in despair,’’. He proceeded to write in verse 16 of the same chapter that ‘’we fail not’’, despite the frightening and unpalatable experiences he had gone through.

Today by the special grace of God, my colleagues in Management, National Council and I are forging ahead in the same spirit of faith, bearing in mind that providence and the divine arrangement has placed on our shoulders the responsibility of holding the banner of leadership at a time like this, after all, the real test of leadership do not occur when everything is smooth sailing, for each new crisis is unique in its own way and require a different approach from the one used before.

COVID-19 has taught us lessons in Proactivity. It has brought to the fore the need to refocus and re-strategize, to leverage on opportunities available for professions and organizations in this passing period and thereafter. We are set to enter into a world of great changes. The old order is crumbling fast, we have to get ourselves prepared and equipped with necessary skills in order to compete favourably well in the emerging business model and make the best of it, otherwise we would be left behind. We are expected as professionals to exercise professional judgment in performing our roles so that when the time changes, we would not undertake actions that will result in the profession losing the public’s trust as service providers.

One other reality that we must embrace and institutionalize in the aftermath of the COVID-19 pandemic and the lockdown imposed by governments all over the world is the deployment of technology and digitization in the conduct of our operations and activities if we must remain relevant and impactful in this dispensation. It is evidently clear that we are entering into a digital economy, and of course, technology shall be playing a prominent role from henceforth and for an organization to survive in this dispensation, it must embrace technology. That we are conducting a virtual AGM today is an indication that we are moving in the direction of the new world order. Subsequently, we shall step up the application of technology to our practices and operations. Our professional training and professional examinations shall be tailored to follow suit.

It might be necessary to partner with a High Tech organization in the light of the foregoing, investing in relevant technology applications should be acknowledged as a step in the right direction.

CONCLUSION: At this juncture, I think it is appropriate to reiterate our resolve to offer accountability and transparency in leadership. Aside from ethical leadership, I cannot fathom any other fundamental quality that guarantees trust, professional continuity and sustainability in the real estate practice and our noble profession.

Noble Colleagues, no leader, however strong, can succeed at anything of importance or significance unless he has the support and cooperation of the people he is tasked to lead and sworn to serve. It is the people from whom leaderships draw strength and this administration is no exception. We shall run an open door administration, we shall listen to ourselves, feel our pulses, support our needs and fortify the faith and trust in us whom you elected to lead the Institution at this auspicious time.
Flexibility would be built into our operations so the machine of administration does not become one huge, ponderous stumbling block to decisions that must be made and communicated expeditiously. We shall provide numerous avenues for direct engagement with you all because we firmly believe that the inputs and involvement of every member of the Institution are required for us to succeed and deliver on our mandate.

We stand to gain a lot if we harmonize efforts and resources to build a virile and enduring Institution that can cater to the needs of each other. We will act in the interest of everyone; we will be there for all.

Noble Colleagues, we are standing on the threshold of history today. A new culture must now inform and animate our conduct. In unity, and with a common resolve, NIESV will be BIGGER, BETTER and MORE BENEFICIAL to all. Your support will guarantee NIESV’s positive growth and we shall all succeed together.

I hereby pledge to serve NIESV with love, strength and faith.
Thank you for listening.

Long Live NIESV
Long Live the Federal Republic of Nigeria

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They called for action to avert a total collapse of the property market and measures to lessen effects on the real estate market.

Floods from extreme downpours and sea-level rise present a major threat to the survival of the property markets, especially the residential segment and could bring about a gloomy situation for owners/occupiers, developers, and real estate practitioners.

Studies generally have found that locations within a floodplain significantly reduce the property values relative to similar flood-secure housing in the same area.

Over the years, flooding has been a major concern to property owners in Akwa-Ibom, Niger, Ondo, Adamawa, Lagos and other States. Many homes especially those that are susceptible to flooding are swamped and properties worth millions of naira, experts said may still be destroyed if there is no strong political will to tackle the issue headlong.

Only recently, about 100 houses were destroyed and around 300 people displaced after flooding in Akwa-Ibom’s Eket Local Government Area in the coastal southern part of the country.

An estate surveyor and valuer, Dr. Meckson Innocent Okoro explained that the demand for properties in areas that are flood-prone will drop for sure, adding that when an average investor notice that there is flooding in a particular location, they won’t buy property in the area.

He said, “I sold a property to a client somewhere at Osapa London, Lekki sometimes last year during the rainy season. The rain was too much and that big channel around the area was blocked. The flood filled up and overran the height of the drainage and the whole street was flooded. The client that has finished paying for the property and just about to move in rejected that property till today. That is part of the consequences that you can see, there is a lot you can’t see on the Island and even in the mainland. But if you are desirous to buy property in Ikoyi or Victoria Island, knowing that flooding is seasonal, you will still buy it.”

Okoro who is the National Chairman, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Advocacy Committee and a fellow of the institution, said the local governments and states, in particular, should rise up to their responsibility and ensure that drainages within their jurisdictions are properly opened and de-flood locations.

Speaking on this development, Mr. Adedotun Bamigbola stated, “The critical thing is that individual properties that might not have appropriate drain off for water, the solid structural capacity to mitigate against flooding will definitely be affected in the prices and their values compared to others that do have appropriate drain off the system. In a place like Victoria Island, are there properties that are older developments and don’t have enough structural or drainage plan to mitigate flooding, of course, there are and there would have been the abandonment of some of those properties because they become less habitable. If there is no count of buildings affected in an area, it may be difficult to put a percentage or monetary worth.”

Bamigbola, who is the Chairman of the Nigerian Institution of Estate Surveyors and Valuers, (NIESV) Lagos Branch, expressed concerns on the absence of widespread, large, and effective flood maps in cities. He said Lagos government, for instance, has made some concerted efforts in limiting the impact of flooding, but water will always find its level and if there are no channels for it to drain off, it will always accumulate in cities before it will find a channel.

He said the government must develop the ‘political will’ to tackle flooding and the people must be ready to make sacrifices as well as do the right thing.

“Sacrifices in the sense that people must be ready to move from where they are so that the flood plain can be well channelled and water channels can be followed according to their natural course based on the flood map that would be designed. We must have a flood map. A lot of development has been done in the past especially in flood-prone areas and there have been no measures to prevent flooding. Government must be ready to do what is needed”, he said.

The Chairman, Nigerian Institution of Estate Surveyors and Valuers, Akwa-Ibom State, Mr. John Isangedighi explained that flooded areas present a pressure on the people to move away from such areas. He noted that major causes of flooding in any area is the absence of infrastructure that would have aided the smooth flow of water to a larger drain that could take a huge volume of water out of the affected neighborhood as seen in Akwa-Ibom recently.

“If people live in locations where there is no threat of flooding, it will make such area a preferred destination to buy and invest in properties. But if an area is opposite, properties values will definitely decrease and most properties may be vacant. Areas that have facilities to take care of torrential rainfalls will see high demand for properties.”

In Lagos, flooding is a source of concern to stakeholders, as the enormity of the situation seems to have defied workable solutions in Agboyi Ketu, Shomolu, Surulere, Oworonshoki, Magodo, Iyana-Ipaja, Victoria Island, Lekki, Ajah, Ogudu and in other locations.

The Nigerian Meteorological Agency, (NiMET), had predicted about 240 to 270 days of rainfall for Lagos in the earlier released 2020 Seasonal Rainfall Prediction (SRP) report. The State government has urged residents of affected areas that might likely be affected by flooding to relocate safe plains.

The state commissioner for the environment and water resources, Tunji Bello, who gave the directive at a news conference last week, did not give details where the residents are to relocate and whether the government will extend a helping hand.

The Commissioner said the residents must relocate now and not wait until they are trapped in by a flood, which could cost more lives in addition to the damage to properties.

He charged residents living along the plains of Ogun River to be on the alert and take necessary precautions as the Ogun-Osun River Basin Authority, which manages the Oyan River Dam, will soon commence controlled seasonal release of water from the dam as a result of the weather forecast and the continuous heavy downpours.

Bello said the state that the volume of rainfall would be very high in June as its being experienced now and will run into July and September, urging Lagosians, however, not to entertain fears because as the government was considering measures to contain flooding that may be experienced as a result of heavy rainfalls.

A professor of Urban and Regional Planning, University of Lagos, Leke Oduwaye observed that the persistent flooding of cities and major towns could be due to the natural growth of most of these locations, which are often planned with layouts and not necessarily according to master plans.

Prof. Oduwaye lamented that many of the layouts, however, lacked proper drainage analysis of the locations stressing that the analysis of the drainage supposed to influence the road pattern but that is often ignored.

He said, “Most natural drainage lines and areas are therefore blocked and by the time the locations are 60 or 70 per cent build-up, the drainage pipes blocked will now surface and water will start to accumulate.”

Also speaking, the President, Nigerian Institute of Town Planners, (NITP), Mr. Lekwa Ezutah explained that heavy flooding being witnessed could be prevented through effective and enforceable physical planning of the cities and settlements.

“It’s either we didn’t plan or we plan and didn’t implement according to the plan. Physical planning will respect all the natural drainage channels so that when it rains, the floodwater will easily flow through the natural drainage channels”, Ezutah said.

He advised the government that while preparing physical development plans that such plan must take into consideration the topography of the areas and zone off areas and locations that are liable to flooding adding that flooding could be traced to non-application of planning principles.

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She added that port infrastructure being built by the government and assets acquired under her leadership are key in improving efficiency at the port as Nigeria look towards improving maritime sector contribution to GDP.

She made this known during the inauguration of two tugboats, MT Musawa and MT Ikoro-Ekiti, acquired by the authority.

According to her, “To achieve our objectives, we need to have tugboats that have capacity for larger and bigger container vessels to come and efficiently berth in our port.”

She added that for the effective execution of its functions in all port locations, the authority was committed to continuous upgrade of facilities and equipment that will enhance service delivery.

“This commitment is to ensure that all the six functioning seaports are prepared for optimal performance at all times. This determination accounts for the purchase of these new tugboats, MT Musawa & MT Ikoro-Ekiti joining our other fleet of four namely: MT Daura, MT Ubima, MT Uromi and MT Majiya, which were commissioned in 2017,” she added.

In his speech, the Minister of Transportation, Rotimi Amaechi, stated that if anyone was in doubt as to the importance of the maritime sector to Nigerian and global economy, the event of the past three months where ports across the world have remained open in spite of the comprehensive lockdown of virtually other sectors should instruct on why priority attention has to be given to the sector.

“Given government’s determination to develop other sectors of the national economy and reduce reliance on the oil and gas sector, we have identified the pivotal role that the maritime sector occupies in the actualisation of the fundamental objectives of the Economic Recovery and Growth Plan (ERGP) of this administration.

“We understand that not less than 85 percent of the country’s external trade passes through the seaports and are committed to repositioning the ports for greater efficiency.

“The much talked about transition from a mono-product into a diversified economy is heavily dependent on how robust we can make our maritime space and we are committed to achieving this.

“As you are aware, work is ongoing on President’s directive that all seaport locations must be linked up to the standard gauge rail line even as we are determined to link up the thirty- six (36) state capitals with the Federal Capital, Abuja with standard gauge rail services.

“I particularly want to commend the NPA for delivering on this project nine month ahead of schedule. This is the kind of efficiency that the administration wants to entrench in the polity and I am happy that we are making progress,” he said.

According to him, in line with the determination of the federal government to expand the country’s economic base, an efficient and effective port system is needed where all stakeholders are confident about receiving prompt and seamless attention, where vessels berth efficiently and cargo are evacuated smoothly.

“This is more so when we consider the size of Nigeria’s economy, its population and the prime position that it holds on the African continent as well as the global maritime space.

“It is therefore our determination to ensure the continuous improvement of the state of equipment at the ports, ensuring the effective management of channel depths as well as the constant upgrading of port infrastructure. “Towage service has been an integral part of the determinants of the efficiency of any port as it ensures expeditious passage of vessels in channels and safety in berthing them.

“Tugboats are essential for effective and seamless berthing of vessels as well as containing any outbreak of fire in or during operations. As a result, the purchase and commissioning of two Damen’s 2810 model tugboats christened MT Musawa and MT Ikoro-Ekiti, respectively, are giant strides in buoying the capacity of the NPA, for more effectiveness,” he said.

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The Minister of Foreign Affairs, Geoffrey Onyeama, who made the disclosure in Abuja, added that the President Nana Akufo-Addo administration had undertaken to rebuild the structure.

The facility in question was last Friday demolished by non-state actors over alleged poor documentation.

But the country’s leader, on Wednesday, apologised for the unfortunate incident.

The minister, however, said Nigeria should be partly blamed for not legalising the property, acquired some 20 years ago.

According to him, part of the reasons for the pulling down was the failure of successive governments to submit the title deeds.

Onyeama, therefore, commended the West African nation for also pledging to prosecute the perpetrators.

He confirmed that the vandals had been charged and would be arraigned any time soon.

The minister said the Nigerian government was satisfied with the prompt response of the Ghanaian authorities.

To Nigerians, who had opted for sanctions, Onyeama stated: “There is a distinction between state and non-state actors. We cannot take action against the Ghanaian state for what the state was not totally responsible for.”

He went on: “In this circumstance, the protection given to the Nigerian High Commission might not have been of the expected standard, but other nations of the world had also gone through a similar ordeal, but the host countries were not held responsible.

“When the United Nations building in Nigeria was attacked by the Boko Haram sect, they did not take it against Nigeria, because it was a non-state action.

“Also, many foreigners have been killed in Nigeria. There are always such violent actions by non-state actors, but we have to engage the government. It is only when the government fails to take the necessary steps that actions can be initiated against it.”

“So, the actions of non-state actors cannot jeopardise the brotherly and friendly relationship we have with Ghana. We are satisfied with the action of the Ghanaian President, and all we have to do, is to pursue proper documentation of the building,” Onyeama stated.

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There were traffic gridlocks on major highways and destruction of properties, including a building collapse at Iyana Ipaja, a Lagos suburb.

The rain also forced many residents to stay indoors.

Some of the worst affected areas include Agege, Lekki, Ajah, Victoria Island, Ifako, Oworo, Ogudu, Ayobo, Gbagada, Iyana-Ipaja, Ebutte Metta and few other areas.

At Iyana Oworo, the submerged road caused vehicular traffic to stretch all the way back to Alausa, a more than 10-kilometre distance.

Residents and commuters took to various social media to share their ordeal.

In a video shared by a Twitter user, the flood took over Iyana Oworo inwards Third mainland Bridge, leaving several vehicles stuck in the water.

On Ikorodu road, vehicles were stuck in a heavy traffic gridlock with little or no movement for several hours.

At Iyana Ipaja, a one storey building housing eight rooms and 23 shops collapsed during the downpour.

In a statement by Femi Oke-Osanyintolu, the Director-General of the Lagos State Emergency Management Agency (LASEMA), he said the adjoining fence to the staircase of the building collapsed, leading to the partial collapse of the building.

When newsmen contacted Nosa Okunbor, the spokesperson of the LASEMA, he said an update would be given on the state of flood in some areas of the state.

Credit: Premium Times

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In the past five years, high vacancy rate has existed in the luxury segment of the market, especially in Abuja, Lagos and Port Harcourt, but worsened by depressed economic sentiment, and the excess supply of these properties – which is outstripping demand.

Following the global pandemic that has killed more than 500 Nigerians— and dealt a shock to the global economy, thousands of Nigerians have lost their jobs, millions more are staying home and wealthy Nigerians are seeing their stock portfolios plummet. Currently, some employers have cut salaries and prefer their workers to work from home.

The Guardian gathered that amid lockdowns and travel bans, the pandemic has severely impacted every facet of the luxury sector of the real estate market, and dip preliminary outlook for priciest homes. A growing number of sellers are offering large price reductions and incentives to buyers.

Besides, there has been a glut of new luxury residential buildings and a shrinking foreign-tenants pool as some countries such as United States evacuated their citizens in the wake of the pandemic. Expatriates from blue-chip companies and oil firms inhabit most of the posh homes in Ikoyi, Victoria Island and Lekki in Lagos.

Real estate professionals in wealthy locations across the country confirmed the development, and fear the spreading contagion will deal the most severe blow to the upper end of the market.

“The property sector is suffering a decline in all sectors but most especially in the high valued luxury areas. Demand has gone down while the rate of default in payment of rents has gone up,” according to Kola Akomolede, past president, International Real Estate Federation, (FIABCI) Nigeria Chapter.

More properties remain vacant for longer time because there are no people to rent them. Most of the occupiers of these properties are corporate bodies, who have been out of business since the outbreak of the pandemic virus, they are not in a position to pay their rents or rent new ones, Akomolede explained.

It is the same story with house purchases. “To buy a house in such areas like Ikoyi, Victoria Island, Banana Island in Lagos or Asokoro and Maitama in Abuja require several millions of naira, which only the corporate bodies and the super-rich can afford. But since the economy was locked down such money is not available anywhere.”

The Chairman, Royal Institution of Chartered Surveyors (RICS), Nigeria chapter, Mr. Gbenga Ismail, revealed “Abuja market had been depressed before COVID-19 and now it will be further affected.  The luxury market, especially rental has been majorly impacted.

“In Lagos immediate impact may not be apparent, being the commercial centre luxury residential will hold its current values and may not be over affected.”

Ismail explained, some leases are not being renewed whilst the wait period to lease predictably might now be longer. This inevitably may force rental levels down.

Akomolede said: “But because of the inelasticity of demand and supply of property, it takes a longer time for this to be reflected in the prices. Hence it may not be immediately noticeable now but I tell you it is happening even if it is marginally.”

While buyers are pausing, a growing number of sellers are not taking the advice of estate agents to reduce prices, making the properties to remain in the market.

“Instead of reducing their prices, they keep on changing the agents thinking that it is the fault of the agent. This is why you see signboards changing from time to time on the same property. No agent can sell a property above what the market dictates,” the principal partner, Kola Akomolede and Company said.

The Chairman, Faculty of Housing, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Chief Chika Okafor, noted that there has been an increased uncertainty in markets all over the country but more pronounced on major cities of Abuja and Lagos. Hence, the resultant effect is that price is now usually lower than the full market price. “It is now, what we call the buyers market.”

For another estate surveyor, Mr. Samson Agbato, the Nigeria real estate market is not immune from the crisis. “The liquidity in the economy dropped and ultimately people’s capacity to purchase. There has been more focus on necessities for survival as against luxury lifestyle.”

Beyond covid, Ismail says, the economic situation may not permit luxury development and with asset value declining, it may mean that cost might overrun value. “This means the return from investment maybe negative in the short term.  Therefore only the cash rich individuals can sustainably participate in the luxury real estate market,” he added.

Notwithstanding what has happened now, Akomolede sees it differently, “the future is very bright. Investment in luxury apartment is a good investment any day. The returns are higher, the quality and reliability of the occupiers (tenants) are higher leading to lower rate of default.

“They are easier to deal with when they default because they care for their corporate image compared to those of lower-class properties.”

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The construction of five roads, were awarded to Haijag Construction Company (HICC), while the World Bank handles the 78-kilometre Maiduguri-Bama road. The roads are Dikwa-Gambouru, Bama-Banki, Maiduguri-Monguno and Ngamdu-Goniri-Damboa-Gwoza roads.

The Borno State Commissioner of Works, Yerima Saleh disclosed this during a press conference to mark Democracy Day in Maiduguri.

He said that despite awards of the contracts, activities of insurgents in Sambisa Forests and Lake Chad region have prevented the completion of roads.

On the 213-kilometre Maiduguri-Bama and Maiduguri-Monguno roads, he said: “No contractor would be willing to mobilize to project sites, because of insecurity to both lives and construction equipment and machines,” noting the contractors could have completed the roads linking neighbouring countries of Chad, Cameroon and Niger.

“In 2019, the completion of 593-kilometre Maiduguri-Kano dualisation project was delayed for two years, because of terrorists’ activities in Borno and Yobe states.

“Over a dozen heavy duty constructions machines and trucks were torched by insurgents in the Jakana/Mainok axis of Borno state,” he said.

He said that Governor Babagana Zulum has accorded priority to infrastructure, transport and economic development sectors of economy.

According to him, the abandoned Damboa-Chibok road would also be completed before the end of this year. He explained that five
kilometre of road, has already been asphalted.

While the Northeast first Flyover Bridge awarded to Eighteenth Engineering Company (EEC) at N4.3 billion has reached completion stages.

He said the completion will ease traffic congestion and free flow of vehicles and trucks in Maiduguri and into neighbouring countries of Cameroon, Chad and Niger.

Meanwhile, the state government has completed 65 housing projects for the ‘return and resettlement’ of 1.8 million Internally Displaced Persons (IDPs) to 22 Local Government Areas.

While announcing completion of 2,040 houses and 1,000 emergency shelters, the Commissioner of Reconstruction, Rehabilitation and Resettlement (RRR) noted that council secretariat complexes, lodges and high courts; including palaces of traditional rulers were also completed for return of monarchs and IDPs.

While speaking on insecurity, Gubio said: “The rebuilding or completion of houses and public structures destroyed in Abadam, Guzamala, Kala-Balge and Marte councils; requires military clearance.

He said the ongoing housing projects, are located at Damboa, Warabe, Koibe, Ajiri, Wulgo; Marte, Monguno and University of Maiduguri Teaching Hospital (UMTH).

He added that the former Ministry of Land and Survey had be remodeled and become Borno State Geographical Information Services (BOGIS), adding that the remodeling of ministry adhering to the building plans of Maiduguri Metropolis and its environs.

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For instance, the Lagos Tenancy Law 2011 made it unlawful for the sitting tenant to offer or pay rent in excess of one year for a yearly tenant and six months for a monthly tenant. The penalty for both landlord and tenant involved in such an arrangement is a fine of N100, 000 or three months imprisonment. But in reality, this is not enforced.
 
Findings show that the provisions of the rent control laws in Nigeria have been held in disobedience for many years due to the shortfalls in supply of new housing units.
  
Already, the housing sector is battling with the challenges of un-liberalised process of land acquisition, high taxation on building materials, high interest rate for housing development loans and lack of favourable contract enforcement mechanism among other issues.
 
An estate surveyor and valuer, Mr. Kunle Awolaja said that rent control won’t be effective in Nigeria as housing delivery is done mostly by private sector.
  
Besides, Awolaja stated that lack of mortgage makes it difficult for rent control law to positively impact the housing industry.
 
He said, “It’s actually the forces of demand and supply in the market that ought to regulate it. If there are shortages in supply, you are going to have a high demand and then the price will reflect the forces of demand and supply.”
   
A lecturer at the Department of Estate Management, University of Lagos, Dr. Austin  Otegbulu explained that the ineffectiveness of the existing rent control law was because it is considered a misnomer and aberration in the property market. He stressed that attempting to control what ‘you don’t provide’ will amount to failure.

“That law or edict is honoured more in the negative side. Most landlords don’t obey it, it has created a black market in the housing sector.”
 
Dr. Otegbulu noted that the challenge for the agents may not be in trying to rent out houses but when the tenants move in and refuses to pay rents. He said should the tenant be sued or if asked to pay the agreed rent, he can insist on paying the controlled rent and that could blow up a big case in the court.
 
He called on the federal government to ensure improvement in the provision of social housing, mortgage, production of local building materials to cushion effect of cost push inflation, and fixing the exchange rate among other measures.
 
The Chairman, Niger State branch of the Nigerian Institution of Estate Surveyors and Valuers, Dr. Kemiki Adebowale said that before the enactment into law by some state governments, it has always been general belief that it would work because it just like creating law for a system that is not so organised and full of informal sector or informal market.

According to him, “Most of the housing stocks that we have are owned by the private sector so it is difficult to regulate them even though you say a room shouldn’t go more than N20m or N10m for example, they will keep their house and people that need it will go back and beg them later to even give it out more than that.

“In Lagos where such law was introduced sometimes ago, it was even sectionalised, exempted some properties in Ikoyi, Ikeja, certain parts of Victoria Island and others. Nobody is even aware of that law as at today, everybody is doing their own business. If you can afford what I am selling, you bring your money and if you can’t you go for another like a free market.”
 
He pointed out that what the Nigerian government should be interested in at every material time is in boosting supply of housing, stressing that when government strengthen the supply, the prices of accommodation in the country will fall.
 
Essentially, he said the government should look at the various platforms to strengthen the supply of housing stocks by making loans available, credit facilities at a reduced price just like government has done for the Agricultural sector.
  
Dr. Adebowale affirmed that the challenge the law posed initially for housing agents when it came into effect, and was referenced by renters, has however, been surmounted by the elapse of time.

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