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According to him, one sector which has not been mentioned by the President-elect, and which is always forgotten by those in power, is housing.

Fortune-Ebie, who is also a former Managing Director of Shelter Afrique, spoke at the FIABCI Nigeria’s business forum in Lagos. The gathering had as its theme: ‘Real estate in Nigeria: Modalities, opportunities and challenges’.

He said, “The last serious attempt to tackle and solve the Nigerian housing problem was during the administration of Gen. Yakubu Gowon more than 40 years ago.

“As a former Head of State, you know the problem first hand, and now in your second coming as a civilian President, you must solve the housing problem for us. It is when you have done this that Nigerians will really and most meaningfully congratulate you.”

The FIABCI Nigeria President, Mr. Joseph Akhigbe, said a recent International Monetary Fund forecast had predicted that 70 per cent of the world’s growth would come from emerging economies, including Nigeria, hence the need for more investment in real estate.

He said the country had become a fertile ground for real estate investment, particularly mega malls, hotels and office spaces.

According to him, it is apparent that foreign investors seem to be the major players in the sub-sector, while local players appear to be on the losing end.

Akhigbe said it had become pertinent to seek ways how to harness the great investment opportunities in the real estate sector and how to surmount the challenges hindering commercial real estate investment.

Some of the speakers at the forum highlighted possible areas that could aid real estate investment.

The Managing Director, Crown Realties Plc, Mr. Darl Uzu, urged developers to identify opportunities in the market as well as what to build in order to make money.

He said the step would be to find and acquire land then source for funds either through individual contributions, or loans from individuals or financial institutions.

The final step, he noted, was to assemble the team and make it work through proper management, and receive the economic benefit.

The Managing Director, FSDH Asset Management Limited, Mrs. Olumayowa Ogunwemimo, said Real Estate Investment Trust could serve as an alternative source of real estate financing in the country.

She said, “Investors in Nigeria have little or no knowledge of REITs, which are a form of collective investment scheme regulated by the Securities and Exchange Commission, by pooling capital from investors and using same in the acquisition of income generating real estate, mortgage loans, or a combination of both.

“The portfolio of underlying assets is placed under professional management to maximise returns to the investors.”

PUNCH.

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He said bankers’ confidence in valuation done by members of NIESV would be restored if the leadership of the institution could tackle the problem.

Olaoluwa said this in Osogbo on Saturday during the 45th annual conference of the institution.

The BoI boss said commercial and development bankers had been disappointed on many occasions after discovering disparity in valuation of property done by members of NIESV and the real values of the assets.

Olaoluwa also charged estate surveyors and valuers to emulate the rest of the world by adopting the use of technology to advance their practice.

He said, “There are a number of bad eggs among your members. I want you to tackle this at this conference. As bankers, we rely on valuation done by estate surveyors and valuers; but for example, there are some properties valued by some of your members at N200m but when you see the properties, their value is less than N50m.

“The institution must also ensure that it goes on along with the rest of the world because the rest of the world is going at a very fast rate. The institution must adopt technology to increase efficiency, reduce operation cost and add value to the services of its members.”

The President of NIESV, Mr. James Omeru, in his welcome address, said estate surveyors and valuers were honest, devoted, patriotic and highly result-oriented.

He stated that the theme of this year’s conference, ‘Urban regeneration as a catalyst for national development’, was picked in order to deliberate on how to proffer solutions to environmental, social and infrastructural challenges facing urban centres in the country.

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