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Stakeholders in the real estate have said professionals should pay more attention to technology to boost investment in the industry.

According to them, the industry in other countries has embraced technology and is gradually phasing out the analogue system.

The stakeholders spoke at the second edition of ‘The Summit 2.0’ organised by the Nigerian Institution of Estate Surveyors and Valuers, Lagos State Branch.

The programme, among other things, focused on how technology could help professionals in project finance, facility management, property taxation, mortgage and insurance valuation, agribusiness and Real Estate Investment Trust.

The Chief Executive Officer, Northcourt Real Estate Investment Company, Tayo Odunsi, said technology and real estate had become intertwined, with the advantage of a self-regulated and secure system.

According to him, in some countries, many banks and investors do not engage valuers for residential valuation anymore rather, they engage machines.

“Technology can save costs and increase efficiency, as it can allow for a quick and easy transfer of assets by cutting out intermediaries, who currently hold information that is not shared. It also encourages increased transparency and fraud prevention,” he said.

Odunsi stated that valuers could respond to global best practices in real estate by embracing technology as an enhancer and not a disruptor.

According to him, real estate professionals can enhance their clients’ experience with new reporting formats based on technology, and also reduce timescales through digitalisation.

The Group Managing Director, Alpha Mead Group, Femi Akintunde, said facility management had improved with the application of technology.

Giving an insight into the importance of technology tools in facility management, Akintunde said, “Business technology is the ever-increasing reliance on information technology by businesses of all types to handle and optimise business processes.”

The Chief Executive Officer, Private Property Nigeria, Olurotimi Bajomo, stated that professionals in real estate could employ strategies to ensure zero downtime and service efficiency, especially in facility management.

According to him, this can be done through the engagement of skilled professionals and specialists in providing critical risk management services and maintenance of critical infrastructure and operational systems.

“There should be development of operations and maintenance procedures necessary to maximise reliability and increase life expectancy of facilities and services, as well as shift from the traditional reactive and preventive maintenance to predictive maintenance based on condition-based monitoring,” he added.

The Lead Consultant at Awoyokun Consulting, Nnennaya Awoyokun, also spoke on the need for extensive research by professionals in the built environment.

She stated that research remained a game changer for those aiming to make a difference in their professions.

“Your informed opinion makes you stand out and at the same time opens you up to a different playing field. Information is the foundation of all the services we render. Why not build a strong research base,” she added.

The Chairman, Fairwood Property Development Limited, Stephen Mayaki, stated that estate surveyors were the most qualified professionals to lead and direct the property development process, adding that they should create practices that would endure and outlive them.

Maureen Ihua-Maduenyi

The Lagos State Government has revealed plans to prosecute defaulters of the Land Use Charge in the state in its bid to improve compliance.

The Special Adviser to the Governor on Taxation and Revenue Matters, Mr Fatai Lasisi, stated this at a programme organised by the Lagos State Branch of the Nigerian Institution of Estate Surveyors and Valuers tagged: ‘The Summit 2.0’.

Lasisi, who was represented by the Head of Legal in his office, Olufemi Sowemimo, said the development became necessary in order to engender a culture of voluntary tax compliance.

“Arguably, the greatest failing of property tax is the unwillingness of the government to enforce it, as we know that we have a lot of high net worth individuals in our society, who have big and gigantic properties but do not pay taxes yet; none of these people has been prosecuted for failing to pay tax. Therefore, we need strong institutional support to improve property tax compliance in the state,” he said.

He added that tax education and enlightenment programmes were also important and that the government was working on enlightening people on the need for tax compliance.

Lasisi stated that under the new property law, individuals did not need to wait for the government to send the LUC to them, but could value their properties using professionals to calculate how much they had to pay.

“Those contesting the assessed value of their property can assess their property for the purpose of filing their own counter assessment, which will then be considered by the Commissioner of Finance. The line the present administration in Lagos State is toeing is to encourage self-assessment for voluntary compliance, which will be of benefit to all in the long run,” he said.

The SA added that the state government had created a complaint unit in the Ministry of Finance to deal with issues and problems relating to the LUC.

According to him, the governor has directed that complaint units be set up in all the local governments and Local Council Development Areas of the state for easy access to the members of the public who have questions on the LUC.

Other complaint centres, he stated, were the LUC Appeal Tribunal, Citizens’ Gate and the toll-free lines.

“Tax and development run hand in hand. It should, therefore, be taken as a sure deal that the more revenue government has access to, the greater the development potential of that state or country. Evidence from the member counties of the Organisation for Economic Cooperation and Development supports the fact that there is a correlation between tax and development,” Lasisi added.

Maureen Ihua-Maduenyi

The Accountant-General of the Federation, Mr. Ahmed Idris has pledged the support of the office of the Accountant-General of the Federation to assisting the nation’s foremost mortgage finance institution, the Federal Mortgage Bank of Nigeria, (FMBN) to realise its mandate.

Mr. Idris gave this assurance recently when he received in audience the management team of the bank at the Treasury house in Abuja led by the Managing Director/ Chief Executive, Arc. Ahmed Musa Dangiwa.

The nation’s treasury boss, described as gratifying the recent efforts of the bank to deploy ICT in managing its operations especially with regards to its contribution to the National Housing Fund (NHF) which are contributed by public servants across the nation.

“Leveraging on our experiences in the implementation of the nation’s public finance reforms, which has been largely ICT driven and which has been widely acclaimed as successful, we will be ready to provide the needed support and guide in helping you achieve this all important step, which I believe will bring renewed confidence to your customers and contributors” the AGF emphasized.

He further explained that the IPPIS platform on which the payment are carried out is constantly being improved to meet all the staff needs as it captures details of deductions and contributions made on the salary of staff, assuring that the Office will do all it can to assist the mortgage bank ensure transparency in handling the NHF, which is 2.5% of the basic salary of contributors.

“The synergy that has existed between us would be deepened for the mutual benefit in our organisation” the AGF maintained.

Earlier, the Managing Director/ Chief Executive Officer of the FMBN, Arc. Ahmed Musa Dangiwa expressed his appreciation to the Account-General of the Federation for what he described as “the smooth operation” of the Treasury Single Account and other reforms being implemented by the Treasury since Mr. Ahmed Idris assumed the saddle of leadership at the Treasury.

He called for more collaboration with the FMBN to enable them succeeds in delivering their mandate.

Sundiatapost

Delta state government has entered into partnership with several key players in the housing industry to provide over 11, 500 housing units to Deltans.

Housing commissioner, Arch. Joseph Ajiri Ogeh who disclosed this during a media briefing in Asaba, listed the major players to include LARFARGE (Green house) which is to provide ten thousand housing unit.

Others include Shelter Afrique and the Nigerian Sovereign Wealth Fund for 1,000 and 650 housing units, respectively, the commissioner said.

Other achievements of his ministry, he said, include the execution/ renovation and completion of 154 3-bedroom and four bungalows at N2.9billion, renovation of government quarters for N500million, Head of Service Complex for N577million, and office building for DSIEC for N244.3 million.

Others are remodelling/rehabilitation of governor’s lodge Abuja for N244.2milliom, development of new central secretariat complex Asaba for N13.6b.

Ogeh the construction of new secretariat complex was awarded to North China Nigeria Limited and is expected to be completed in the next two years.

When completed, the complex will house 28 agencies (MDAs). The commissioner said this will help the state government to drastically reduce rent paid for offices.

Alphonsus Agborh

Land owners at Mpape 1 Annex in Abuja have threatened action against the Federal Capital Territory Administration over what they call ‘unlawful re-allocation’ of land allocated to them in Mpape District.

In a statement by their counsel, I.M. Gadzama of Silver Shield Chambers, the property owners claim that the FCT Minister, Malam Mohammed Bello had reallocated their lands to mainly members of the National Assembly without prior notification.

“Our clients are the bonafide title owners of the properties situated and lying at Mpape 1 Annex with registered title documents and the properties are at various levels of development duly approved by the minister’s office since 2003.

“Sixteen years thereafter the present minister of FCT in connivance with the National Assembly members and others redesigned substantial part of the Mpape District as Maitama II comprising originally of 1,300 plots into 2,300 plots of same and now reallocated same to themselves,” the statement said.

The statement said the beneficiaries of the ‘unlawful’ allocations were already selling the plots to general public “causing chaos between existing allottees and the subsequent purchasers.”

The property owners rejected reallocation of plots and have called for reversal by the FCTA saying “treat this as our client’s notice of intention to sue in the event of refusal, neglect or any inadvertence.”

Malikatu Umar Shuaibu